Secondary-market sales of agency loans followed seasonal patterns last month. Although purchase-mortgage volume saw the biggest decline, the sector still accounted for 55.8% of agency issuance last month. (Includes two data tables.)

Fannie Mae’s retained mortgage portfolio surpassed the size of Freddie Mac’s in January, a first since 2022 as Fannie is adding to its MBS holdings at a faster rate than Freddie.

Figure Technology Solutions is working to facilitate originations and sales of first-lien mortgages, touting lower costs and modern technology compared with delivering loans to Fannie Mae and Freddie Mac.

Asset managers believe agency commercial MBS is an attractive investment option following President Trump’s directive to the GSEs to buy $200 million in agency MBS.

Recent cases involving subprime auto lender Tricolor and auto parts manufacturer First Brands prompted the initiative.

The shift from senior subordinate securitizations to predominantly fully guaranteed securitizations is expected to increase revenues for Freddie’s multifamily business.

Pending proposals from the Fed would impact MBS market; Moody’s looks to rate securitizations of home equity loans.

MBS holdings in the retained mortgage portfolios of the GSEs doubled between June 2025 and the end of the year. And that’s before President Trump directed them to buy $200 billion of MBS. (Includes data table.)

Republicans are poised to introduce a bill that would codify reforms of the GSEs that have been completed administratively. The bill would also establish a utility model framework for Fannie Mae and Freddie Mac and alter how calculations are made to annual changes in loan limits.

Fannie Mae and Freddie Mac appear to be using aggressive pricing at the cash window to boost whole loan purchases, then retaining the most attractive coupons.