A full plate of agenda items and a lack of experienced leadership makes a GSE exit from conservatorship unlikely under the new administration.

Rithm issued seven MBS deals last year and expects to continue growing its securitization business in 2025.

FHFA may push Fannie Mae and Freddie Mac to increase LLPAs on mission-adjacent loans to drive more loan sales to the private market.

FHFA must turn conservatorship directives into regulations before releasing the GSEs from conservatorship, according to former agency director Mark Calabria. But an explicit guarantee is unnecessary, he said.

Responding to written questions from the Senate Banking Committee, Trump’s new Treasury secretary gave the mortgage industry limited insight into his views on GSE reform.

Trump’s nominee for FHFA director has drawn strong support from some quarters, but also some reservations.

It was largely business as usual for Fannie Mae and Freddie Mac in the fourth quarter. But going forward, the Trump administration could make moves to reduce the two GSEs’ activity. (Includes data table.)

Given the financial and political hurdles that stand in the way of releasing Fannie Mae and Freddie Mac from conservatorship, it may be only a second- or third-tier issue for the Trump administration.

Lenders doubt the changes agreed to by FHFA and Treasury will hasten the end of the conservatorships; they may even delay it.

Treasury and FHFA agreed on some guidelines for how the process of getting the GSEs out of conservatorship will work. But they didn’t set that process in motion.