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.

Trump noted that Fannie and Freddie are “doing very well and throwing off a lot of CASH.”

The pilot survived as the Trump administration ended a number of pilot programs at the GSEs in recent months.

FHFA Director Pulte said he found $100 million in cost savings at Fannie Mae alone.

The FHA/VA share of primary MI volume increased from 60.5% of activity in the fourth quarter of 2024 to 63.8% in the first quarter of 2025.

Social and green bonds from the GSEs have seen strong demand.