Fannie Mae and Freddie Mac this month completed implementation of the latest round of guaranty fee hikes, this one mandated by their regulator as a move to reduce the footprint of the government-sponsored enterprises and draw more private capital into the mortgage market. Experts say the 10 basis point fee hike will have a slight positive impact in the near term, but future moves in the same direction could help close the gap between agency and non-agency mortgage-backed securities. The Federal Housing Finance Agency ordered the GSEs to raise g-fees by 10 bps for cash deliveries starting in November, and for MBS transactions beginning in December. At the time, the FHFA said...