Personnel moves at GSEs; Pulte warns lenders; GSE capital markets update; new reports from FHFA’s OIG.

Fannie reported a 3.6% increase in seller repurchases during the fourth quarter, while Freddie volume was essentially flat. For the year, lender buybacks were down 36% from 2023. (Includes three data tables.)

FHFA under the leadership of Bill Pulte has rescinded, deleted or closed at least eight agency directives without providing notice on the agency’s website or announcing the changes in a press release.

The new FHFA director’s whirlwind first week resulted in widespread staffing cuts at the regulator and a dramatic change in leadership at the GSEs. So far, criticism has been muted.

Former Fannie and Freddie CEOs question the durability and utility of the uniform MBS in a post-conservatorship mortgage market.

Trade groups want FHFA to conduct a cost/benefit analysis before implementing the long-awaited shift from Classic FICO to FICO 10 T and VantageScore 4.0.

Lenders can now expect a streamlined feedback certificate and faster identification of rep and warrant relief.

An OIG report noted that FHFA has been following appropriate procedures when it reviews GSE proposals for employee retention awards.

Three Democrats joined Senate Republicans in a vote to make Bill Pulte, the grandson of the founder of homebuilding giant PulteGroup, the chief regulator of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

Executives from Annaly and Two Harbors worry that ending the conservatorships of the GSEs could fundamentally change the buyer base for their mortgage-backed securities.