The White House may face some opposition from its own party if it moves toward major GSE reform without Congress.

Mergers caused deliveries of conventional mortgages from Rocket and Bayview to spike, reshuffling the leaderboard for GSE sellers. (Includes two data tables.)

The GSEs were already quietly adding MBS to their portfolios before Trump directed them to purchase $200 billion more. Investors may now be paying a price for that intervention.