Daily trading volume in agency MBS hit its lowest point earlier this year.

FHFA Director Bill Pulte deferred to President Trump when asked if FHFA plans to revise capital requirements for Fannie Mae and Freddie Mac.

“There are lots of risks to the downside if this is not done in a deliberate way,” said Libby Cantrill, a managing director and head of public policy at PIMCO.

ARMs accounted for less than 1% of total FHA originations in 2024.

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.