Once major supporters of alternative mortgages, Fannie Mae and Freddie Mac now proudly tout their preference for plan vanilla mortgages. Michael Williams, Fannie’s president and CEO, said the GSE is setting new standards for credit quality in the mortgage industry with the shift in acquisition activity... [includes one chart]

The House has approved legislation that would end the Home Affordable Modification Program, though the legislation is unlikely to progress beyond the House. The Senate has introduced companion legislation, but is unlikely to pass such a bill... [includes one chart]

The Obama administration’s proposal to reform the government-sponsored enterprises was largely endorsed by participants in the non-agency market. However, a significant resumption in the issuance of non-agency mortgage-backed securities still appears to be years away... [Includes one graph]

Federal regulators are moving toward establishing national servicing standards, which could have a major impact on subprime servicers. An estimated $630.0 billion in subprime mortgages were outstanding at the end of 2010, according to a new ranking and analysis by Inside Nonconforming Markets... [includes one chart]