Testimony from both liberal and conservative housing industry observers questioned the Trump administration’s policy regarding the future of Fannie and Freddie.
Freddie multifamily acquisitions more than doubled from the second quarter to the third, suggesting the GSE was responsible for most of the $27.84 billion spike in multifamily debt held in federal agencies and GSE portfolio and MBS.
Trump seeks to bar Wall Street from the single-family market; more turnover in the FHLBank San Francisco C-suite; AI version of Trump narrates Fannie Mae ad.
The president wants Fannie and Freddie to buy $200 billion in agency MBS to lower interest rates and reduce the cost of buying a home. Initial reaction from MBS analysts was mixed.
Housing advocates say the new, lower benchmarks generally favor middle- and working-class borrowers at the expense low-income and very low-income borrowers.
A negative profitability gap means the guarantee fees on newly acquired loans weren’t enough to cover the expected cost of guaranteeing the loans and earning the expected return on capital.
Although FHFA, under Director Bill Pulte, has shied away from the green and climate priorities of prior administrations, UAD 3.6 still allows green and energy efficiency features to impact valuations.
Between 2022 and 2024, Fannie’s open multifamily fraud investigations spiked from 14 to 193. In the same interval, actual fraud findings went from 3 to 87.
Recent buyback data suggest the 2024 vintage is one of the most pristine in modern GSE history, although repurchase volume was up in the third quarter of 2025. (Includes three data tables.)
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