The same braggadocio that drove GSE stocks higher early in the Trump administration now seems to be holding prices down.

CSS takes over MBS disclosures; Calabria joins PCAOB; Treasury/Fannie veteran joins HPC.

Some critics argue that forcing Fannie Mae and Freddie Mac to intervene in the mortgage-backed securities market may indicate their recapitalization and release from conservatorship is now on hold.

Testimony from both liberal and conservative housing industry observers questioned the Trump administration’s policy regarding the future of Fannie and Freddie.

Don Layton, under whose leadership Freddie rolled out the first CRT transaction in 2012, said cracks in the GSEs’ CRT programs expose them to systemic risks. The cure: a new capital rule.

After months of investigating Trump critics over allegations of mortgage fraud, FHFA Director Bill Pulte increasingly finds himself the target of investigations into possible episodes of misconduct and the misuse of power.

Industry observers note that, despite its bold pronouncements about a public offering for the GSEs, the Trump administration still has not addressed the key issues that make this a risky proposition.

FICO 10T takes a step forward; Trump names new acting IG of FHFA; a new, old analyst for Fannie Mae.

Fannie executives were forced out after investigating evidence of potential wrongdoing by FHFA Director Bill Pulte, sources say.

Pershing Square founder Bill Ackman, who earlier this year pitched a swift end to the conservatorship, now says it could take as long as three years. He also has some near-term suggestions.