The Federal Open Market Committee meets today, its penultimate meeting before a March 31 deadline to end its buying of fixed-rate mortgages in the secondary market. Because Ben Bernanke’s re-appointment is in the news this week, the media is worrying over whether the Fed’s exit will push up mortgage rates, as in the Washington Post story yesterday.

This urgency and hand-wringing may be misplaced: Things may not be as dire for the mortgage market as supposed.

I spoke with Gabe Poggi of FBR Capital Markets, a real estate equity research analyst who on November 25 opined the Fed Reserve could use a form of “reverse REPO” to continue to support the mortgage market even if it exits as planned.

Poggi believes things could actually be just fine even...