April’s gain came mostly from a 32.2% jump in securitization of refinance loans.

“I think we’ve referred five or six different people to the DOJ, just in terms of Chinese and North Koreans working in the companies,” Pulte said.

Trump administration policies will lead to a housing boom, according to Bill Pulte, director of the Federal Housing Finance Agency.

Spec pools accounted for more than half of GSE single-family MBS issuance in early 2025.

There are more questions than answers on how the Trump administration will end the conservatorships of the GSEs.

Private MI volume in GSE MBS issuance in the first quarter of 2025 was down 20.4% from the previous quarter.

Recent comments by the FHFA director suggest the Trump administration has no immediate plans to release Fannie and Freddie from conservatorship. Rather, FHFA will continue to focus on fraud and abuse at the enterprises.

“We do believe that tariffs overall will be finalized... and I actually think interest rates will go down because of it,” said Mat Ishbia, chairman and CEO of United Wholesale Mortgage.

FHFA Director Bill Pulte didn't participate in Freddie's first-quarter earnings call, as he did for Fannie's on Wednesday, but his presence was felt.

The share of refis with low loan-to-value ratios delivered to the GSEs increased in the first quarter of 2025.