The CFPB and the FHFA are no longer quasi-independent agencies insulated from the whims of the White House.

FHFA's proposal, last week, to improve the capital treatment of CRT has already reaped dividends.

Some of the Trump-era restrictions placed on the GSEs have been put on hold for at least a year. That includes a cap on acquisitions of mortgages for investment properties.

The blueprint would reverse capital requirements set in December, which offered few incentives for the GSEs to complete credit-risk transfer transactions.

The CRL leader has come out in favor of restructuring the enterprises as regulated utilities, something the National Association of Realtors favors...

Industry consultants are cautioning companies to take steps to ensure their fair housing compliance teams are ready to defend an expected uptick in enforcement actions.

In particular, one clause could rankle mortgage industry participants: HUD also agreed to notify FHFA of any Fair Housing Act complaints related to counterparties of Fannie and Freddie.

Nevertheless, rumors are circulating that the Biden administration is preparing to test the legal waters by having the FHA and VA extend their REO eviction moratoriums to the end of the year. These were also scheduled to end on Saturday. If that were to happen, most observers believe FHFA would follow suit.

Trump-era GSE policies that helped boost activity in the non-agency market could be reversed as Biden appointees take charge at the FHFA.