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.

There was also a slight year-over-year decline in Fannie servicing.

Since he was appointed by President Trump as FHFA’s leader, Pulte has revamped board membership at the GSEs and fired Freddie’s CEO.

Because they’re currently in conservatorship, S&P still rates GSE senior debt as if it were the sovereign credit of the U.S., at AA+.

Pershing Square founder Bill Ackman says both GSEs could exit conservatorship by the end of 2027 if certain assumptions are met.

A number of Democrats in the Senate demanded that Pulte appoint qualified independent board members to bring the GSEs back into compliance with the law.

Reperforming loans sold by Fannie had an unpaid principal balance of $558.7 million.

FHFA's move alleviates industry concerns of duplicative oversight of lender compliance with unfair or deceptive acts or practices requirements.

Freddie President Michael Hutchins will step in as interim CEO.

Christopher Stanley, a security engineer at SpaceX, is the first member of Elon Musk’s Department of Government Efficiency to join a GSE board.