"Individual investor appetites wax and wane over time," but Ginnie isn't seeing a mass pullback in demand, according to Joseph Gormley, executive vice president at the agency.

"It's difficult for the market to know what to do with this news," said Michael Bright, CEO of the Structured Finance Association.

Trump noted that Fannie and Freddie are “doing very well and throwing off a lot of CASH.”

Among many other provisions, the tax reforms included in the bill passed by the House would make the mortgage interest deduction permanent.

The pilot survived as the Trump administration ended a number of pilot programs at the GSEs in recent months.

Annual home price appreciation in April 2025 increased at the slowest rate since 2012.

Some $11.98 billion of office-property financing was securitized in the first quarter, more than six times the volume in 4Q24.

Among the top 20 Ginnie issuers in April, just two were federally insured depositories.

Social and green bonds from the GSEs have seen strong demand.

It will be the second issuance this year from Chase on its non-QM shelf, following one deal in 2024.