The renewed interest in CRT was especially pronounced at Fannie, as the GSE avoided issuing Connecticut Avenue Securities in the fourth quarter.

"I’ve got to be careful with what I say," Pulte said.

Leaders at Fannie Mae and Freddie Mac detailed how Bill Pulte, director of the Federal Housing Finance Agency and new chairman at the GSEs, is influencing activity at the companies.

Upsizing typically indicates exceptionally strong demand for a securitization.

"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.