The Federal Reserve is allowing its MBS holdings to run off in a predictable manner; Ginnie provides more details on change to buydown policy; Cerberus affiliate issues securitization of closed-end second liens.

It’s not clear how the Federal Housing Finance Agency’s decision to cut the DEI and ESG programs at the GSEs will impact MBS issuance.

GSE watchers believe that, to appropriately compensate the taxpayer for their government guarantee, Fannie and Freddie would have to pay a commitment fee as high as $46 billion a year.

Housing finance aficionados like the prospect of a GSE exit from conservatorship that includes the retention of the Treasury’s PSPA, especially if done in conjunction with a sovereign wealth fund.

Plaintiffs in Berkley Insurance v. FHFA may finally receive a $612.4 million jury award granted in August 2023.

Three former CEOs of the GSEs this week debated the impact of federal conservatorship, what steps must be taken to safely end the oversight and what the GSEs should look like afterwards.

FICC proposes volatility event charge; securitization-as-a-service offering from Financely; Morningstar acquires DealX.

Trump’s nominee to head FHFA didn’t do anything to embarrass himself at his confirmation hearing this week, but he also didn’t demonstrate a deep understanding of housing finance.

But Fannie Mae and Freddie Mac pursued different strategies in their retained mortgage portfolios. (Includes data table.)

Treasury Secretary Bessent’s cautious remarks about the prospect for GSE reform heighten industry skepticism about the release of Fannie Mae and Freddie Mac from conservatorship.