If FHFA reduces the GSEs’ capital requirements, that would be a key signal that efforts are moving forward to end the conservatorship of Fannie Mae and Freddie Mac.

Industry watchers believe GSE reform is probably off the table until after the mid-term elections at least, as the administration’s focus has shifted to other priorities.

Trump budget ignores GSE reform; Morningstar DBRS affirms AAA ratings on GSEs; Vice Capital an early adopter of new low loan balance payment categories; Fannie to simplify income eligibility calculations for some LLPA waivers.

Experts at the bond giant criticized the random MBS purchases, GSE public offering plans and guarantee-fee reductions.

Conservative critics of the housing-finance system say preserving the status quo is more likely than a release from conservatorship or a government monopoly.

Don Layton said the recent executive order promoting better access to mortgage credit should be the stepping off point for a revamping of the GSEs’ overly conservative capital requirements.

Analysts are increasingly skeptical that the Trump administration will follow through on plans to recapitalize and release the GSEs. Some seek broader reform.

The White House may face some opposition from its own party if it moves toward major GSE reform without Congress.

The same braggadocio that drove GSE stocks higher early in the Trump administration now seems to be holding prices down.

CSS takes over MBS disclosures; Calabria joins PCAOB; Treasury/Fannie veteran joins HPC.