FHA Commissioner nominee Frank Cassidy and Ginnie Mae President nominee Joseph Gormley testified before a Senate committee Thursday.

“We, like any business, must eliminate positions that are not core, or otherwise, to mortgages and new home sales,” FHFA Director and Fannie Mae Chair Bill Pulte said of the GSE.

The total delinquency rate on FHA loans in Ginnie MBS hit 10.90% at the end of September, up 51 bps from the end of June.

The Mortgage Bankers Association is projecting a 25-bp rate cut by the Fed in December and another in the first quarter of 2026.

The lender's gain-on-sale margin declined from 1.22% in the second quarter to 1.14% in the third quarter.

Redwood Trust reported a loss of $7.7 million for the third quarter of 2025.

Freddie Mac's income increased by 16.2% on a quarterly basis in the third quarter of 2025.

The registries were developed during the Biden administration and had faced strong pushback from nonbanks.

The spec-pool share of new GSE MBS issuance hit 47.3% in the third quarter.

If Fannie capital had been at mandated levels, the enterprise would have had an annualized ROE of 10.3% in the third quarter.