Among other differences, Congress doesn’t appear to be budgeting for a reduction in force at HUD.

While home prices are up, the average loan balance on mortgage applications is declining.

Nonbanks handled 60.7% of GSE servicing as of the end of June.

AGNC Investment took a $140 million loss in the second quarter of 2025.

"Your behavior raises significant questions about your judgment and commitment to operating FHFA in a responsible, competent and lawful manner," Sen. Elizabeth Warren, D-MA, wrote to FHFA Director Bill Pulte.

The bureau noted that it wouldn’t implement the rule if it received “significant adverse comments.”

The latest regulatory review centers on banking operations, capital and the Community Reinvestment Act.

There was a sharp 20.6% decline in transfers of high-coupon MSR exceeding 6%.

Income declined somewhat at the REIT in the first quarter and losses tied to the value of MBS holdings and hedging jumped compared with the first quarter, with extreme volatility early in the second quarter tied to tariff policies.

“We have far too many long-term assets on our balance sheet,” said Federal Reserve Governor Christopher Waller.