(RECAP: Any Federal Reserve’s exit strategy should include a plan to sell its $1.7 trillion in mortgage-backed securities holdings at a predictable pace, said Jeffrey Lacker, the president of the Richmond Fed, in an op-ed in the Wall Street Journal on Thursday. Although the Fed’s exit plan does see the eventual removal of MBS from the central bank’s balance sheet, it does not call for selling MBS except in some limited circumstances. As a result, Lacker was the only one of the 17 top Fed officials who did not support the strategy. Lacker said the sale of the MBS would help the Fed reduce its distortion of credit markets. The Richmond Fed president has long opposed the central bank’s involvement in the mortgage market. He has argued that the Fed’s MBS purchases tilted the playing field toward some borrowers at the expense of others, affecting the allocation of credit.)