President Trump’s announcement that the GSEs will buy $200 billion of agency MBS prompted mortgage spreads to tighten by about 20 basis points and some lenders to offer mortgages below 6.00%.

Treasury Secretary Scott Bessent confirmed industry speculation that President Trump directed the GSEs to purchase $200 billion in MBS to offset Federal Reserve policy.

FHFA Director Bill Pulte delivered on some of his touted plans during 2025, with many other efforts in limbo.

Housing experts expect the market to undergo a course correction after years of rapid home price increases.

Mortgage applications are on the upswing as interest rates and spreads fall. FHFA says Trump is responsible, but critics disagree.

Mortgages tied to Ginnie Mae accounted for 18.3% of total servicing outstanding at the end of September. Some servicing share shifted away from the GSEs, though Fannie and Freddie still dominate. (Includes two data tables.)

The MBA advanced a proposal to limit the tri-merge requirements on GSE mortgages to applicants with credit scores below 700, in an effort to reduce the cost of originating loans. Some argue that the real problem is pulling scores for borrowers who are never going to qualify for a mortgage.

Kenny Smith worked at Deloitte for more than 25 years before retiring in 2020. He isn’t well known among mortgage industry participants.

Long-time industry analyst Chris Whalen said the GSE plans to disqualify some types of capital from use to calculate net worth.

The MBA continues to argue that the credit scores provided by Equifax, Experian and TransUnion are now so similar that lenders shouldn’t be required to pull all three. Credit bureaus disagree.