Pulte said that any exit by the GSEs from conservatorship “must be carefully planned to ensure the safety and soundness of the housing market without putting upward pressures on mortgage rates.”

PennyMac has marketed an average of one non-agency MBS with GSE-eligible mortgages for investment properties per month since November.

The share of specified pools of GSE MBS increased from 40.7% in 2023 to 44.4% last year.

The February lull is a common seasonal occurrence.

Originations of agency high-balance mortgages increased by 48.6% to $53.83 billion in 2024.

The Mortgage Bankers Association is eager to see McKernan and Pulte confirmed.

A portfolio manager said if agency MBS investors aren’t kept in mind during the GSE reform process, the changes could hit investor demand for GSE MBS, having a negative impact on homebuyers.

Most of the fourth-quarter activity came from the Federal Reserve’s efforts to enhance its holdings of Freddie Mac paper.

The first Trump administration didn’t take many actions to boost the non-QM market, so the outlook is murky.

HUD has no oversight authority over the GSEs, but it looks as though the HUD secretary will have a seat at the restructuring table.