Wallison was born in New York City, and educated at the Capitol Page School and Harvard University, where he received his B.A.

[3][4] Emanuel Celler appointed him a United States House of Representatives Page when he was about 14, and he served for most of his high school years.

They have three children, Ethan S., Jeremy L., Rebecca K. Mrs. Wallison develops real estate in Snowmass, Colorado.

In 1999, Wallison told New York Times reporter Steven A. Holmes that the expansion of mortgage loans by reducing the amount borrowers have to put down and extending loans to so-called subprime borrowers was creating a situation where Fannie Mae was taking on significantly more risk.

"[10] The article pointed out that the Clinton Administration had put pressure on Fannie Mae to lower standards "to expand loans among low and moderate income people."