All totaled, the new tax law will result in Treasury – which owns the senior preferred stock of the GSEs – forking over $4.01 billion to aid Fannie and Freddie...

Prior to release of 4Q17 results, the GSEs had an “account balance” of $103.0 billion with Uncle Sam: $291.4 billion of dividends paid to Treasury versus $188.4 billion of assistance received.

Joshua Rosner, managing director of Graham Fisher & Co., states: “This sounds like the early stages of a utility model..."

The DTA hit Fannie took and the resulting net loss was fully expected and likely won’t cause an uproar on Capitol Hill. However, one lobbyist quipped: "Ah, the first taxpayer bailout of a large financial institution since the Great Recession."

Under this arrangement, the FHLBanks would be “jointly and severally liable” for the obligations of any single-family guarantor formed under the new system…

As National Association of Realtors Vice President Joe Ventrone put it: “It’s an unintended consequence of the tax bill rather than falling into the bailout narrative.”

Borrowing from the FHLB advance window would save REITs a ton of money…

The GSE-eligible loans have an average unpaid principal balance of $549,259 while the non-agency mortgages have a UPB of $703,898…

The average credit score on loans in expanded-credit MBS issued in 2016 and 2017 was 704.9, according to a new analysis by Inside Nonconforming Markets.

The Treasury Department's goal is to right-size federal housing programs...