Most of the decline was in agency refinance business.

Neither Fannie or FHFA provided details about which employees were implicated in unethical activities or what evidence there was of potentially criminal behavior.

“We’re consolidating divisions to focus on building more homes and strengthening safety and soundness,” said FHFA Director Bill Pulte.

Expanded-credit mortgages accounted for 58.2% of collateral in non-agency MBS issued during the first quarter.

A number of Democrats in the Senate demanded that Pulte appoint qualified independent board members to bring the GSEs back into compliance with the law.

Calls to HUD field offices redirected to a national hotline. A HUD spokesperson said there were no closures.

The top three issuers of Ginnie MBS in 1Q25: PennyMac, UWM and Freedom Mortgage.

Issuance in the first quarter of 2025 declined compared with the fourth quarter of 2024. However, issuance was above the level seen in the first quarter of 2024.

The 10-year Treasury rate is declining and the possibility of a recession is growing.

Multiple factors are weighing on the spread between the 10-year Treasury rate and interest rates on mortgages.