bivey@imfpubs.com 

The Federal Housing Finance Agency has reduced its “active workforce” by more than 25%, according to Bill Pulte, director of the agency. He said that exceeded the staff reduction expectation set by the Department of Government Efficiency. 

“We’re consolidating divisions to focus on building more homes and strengthening safety and soundness,” Pulte said in a post on X. 

At the end of September, FHFA had 728 employees. The agency’s budget for fiscal year 2025 could support 869 positions... 

Mortgage applications increased by 20.0% on a weekly basis last week, according to the Mortgage Bankers Association. Refinance applications spiked 35% and applications for purchase mortgages were up 9%. 

The uptick in demand was likely short-lived. The 10-year Treasury rate, a major input in mortgage interest rates, was above 4.40% today after falling to as low as 3.86% on April 3... 

FHA announced Tuesday that a foreclosure moratorium that applies in areas impacted by Hurricanes Helene and Milton will be extended from April 11 to July 10. 

“Due to the extent of damage from Hurricanes Helene and Milton, [the Department of Housing and Urban Development] is further extending its foreclosure moratoriums,” the agency said. “HUD believes that borrowers need the additional time provided by the moratoriums to access federal, state, or local housing resources.” ...

Redwood Trust started marketing a $471.5 million prime non-agency mortgage-backed security Tuesday. It’s the first prime non-agency MBS to hit the market in the second quarter of 2025 as demand for non-agency mortgages in the secondary market has diminished amid financial volatility tied to tariff policies.

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A Complete History of GSE Buybacks, Seller by Seller

Since 2009, Fannie Mae and Freddie Mac have secured $96.1 billion in repurchases on loans sold into their mortgage-backed securities. Another $86.2 billion in repurchase demands was withdrawn or otherwise kicked to the curb in the same period. GSE Repurchase Activity: Cumulative to Fourth Quarter 2024 looks at the GSE buyback record lender by lender and year by year, providing details on every lender who has faced a buyback demand from either Fannie or Freddie since 2009. You’ll find out how much they paid, how much of it relates to each vintage of MBS, and how much they got Fannie and Freddie to back down on.