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.

Some critics argue that forcing Fannie Mae and Freddie Mac to intervene in the mortgage-backed securities market may indicate their recapitalization and release from conservatorship is now on hold.

Testimony from both liberal and conservative housing industry observers questioned the Trump administration’s policy regarding the future of Fannie and Freddie.

Don Layton, under whose leadership Freddie rolled out the first CRT transaction in 2012, said cracks in the GSEs’ CRT programs expose them to systemic risks. The cure: a new capital rule.