With their unguaranteed subordinate tranches, the K-series was the first enterprise security to transfer credit risk to private investors.

The GSEs’ latest SEC filings reveal a combined capital shortfall of $359 billion at the end of the first quarter. But combined earnings were a healthy $8.21 billion for the quarter. (Includes data chart.)

Fannie and Freddie addressed FHFA complaints by adding more rigorous and measurable goals to their plans to improve liquidity in underserved mortgage markets.

Freddie disclosed that prepayments on mortgages in 50,000 pools were sometimes not passed through to bondholders.

The GSEs’ regulator renews efforts to collect preferred language information from borrowers.

The Freddie veteran replaces Deborah Jenkins, who left in October.

New rules entitle manufactured home renters to be notified before rent increases or changes in community ownership. Manufactured homeowners receive more leeway to sell their homes, even if they’re in default.

Fannie and Freddie issued CRT on a record $1.052 trillion in UPB in 2021. That’s despite Fannie staying away for the first three quarters.

Megabanks topped the list of GSE servicers in the first quarter of 2022, but they continued to lose market share to nonbank servicers. (Includes two data charts.)

Early comments suggest widespread concern that the proposed increases in liquidity and capital requirements for GSE seller/servicers are unnecessary and maybe counterproductive.