Much of the decline was the result of a change in how Freddie Mac classifies loans subject to a repurchase claim for which the seller has provided a remedy.

The re-proposal elicited just three comments, unlike the flood unleashed by the initial proposal.

The Congressional Budget Office looked at eliminating the high-cost loan limit or extending an add-on to the guarantee fee charged by the GSEs.

Joshua Rosner, managing director at Graham Fisher, a consulting firm, suggested that calls for an explicit government guarantee for GSE MBS are absurd.

In the third quarter, conforming jumbos accounted for 5.4% of total agency business.

“For MBA, the most critical issue to address before releasing the GSEs is the establishment of an explicit federal backstop for mortgage-backed securities,” according to Bob Broeksmit, president and CEO of the Mortgage Bankers Association.

The GSE loan limit for high-cost areas will increase to as much as $1,209,750 for one-unit properties in 2025.

The baseline conforming loan limit for a one-unit property will be $806,500 for 2025.

The new plans from FHFA focus on efforts for rural markets, manufactured housing and first-time homebuyers.

The big question: Who will Bessent hire at Treasury to make the GSE (release) dream happen?