Out of the $3.158 trillion unpaid principal balance in Fannie’s population of outstanding MBS, $201.3 billion would be eligible for a refi under the new program.

Even though the GSEs actively support small lenders on the single-family side of the house, critics say their multifamily businesses continue to favor larger financial institutions.

The GSEs’ aversion to projects that include transient rental income has riled investors and second-home buyers in some resort communities.

The program will be rolled out to GSE borrowers with incomes at or below 80% of a geographic area’s median income. One stipulation: no more than one missed payment in the past 12 months.

The amended PSPAs require Fannie and Freddie to abide by the new QM rule, even though the rule doesn’t formally go into effect until Oct. 1, 2022.

FHFA says appraisal waivers may subside after the agency reviews comments in its outstanding RFI. However, the cash window caps may be here for a while.

Release of the transcripts from FHFA’s listening session on the GSEs’ housing goals was delayed for weeks, but the comments from affordable housing advocates remain fresh.

The January amendments to the PSPA require the GSEs to follow the new QM rule, even though CFPB may not enforce the rule until October 2022. That means Fannie and Freddie will no longer purchase GSE patch loans after July 1.

Mortgage industry observers increasingly argue that Fannie Mae and Freddie Mac should be regulated as utilities. But conservative critics say, “Not so fast.”

FHFA says it has not “extended” the fee because it never announced an end date. Nevertheless, it will review the financial situation in October.