“Fannie Mae and Freddie Mac acting more private but still being in conservatorship might be the best of both worlds,” said Mat Ishbia, president and CEO of United Wholesale Mortgage.

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

CHLA said FHFA could direct the GSEs to establish subsidiaries to evaluate the creditworthiness of borrowers.

“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.

In a Tuesday social media post, the president conflated the concepts of an implicit guarantee and an explicit guarantee for the GSEs.

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

FHFA will make “some decisions” regarding credit score costs shortly, according to Bill Pulte.

"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.

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