The CSS board now has four GSE-appointed members and five independents. Fannie and Freddie warned that this new majority will have the final say on any matter during conservatorship and on a number of significant matters following conservatorship (if they ever exit).

The GSEs’ regulator heard testimony on the risk climate change poses to Fannie, Freddie and the broader housing market.

Critics argue the GSEs’ resolution plans must acknowledge the PSPAs and the government’s contractual obligation to support.

Every single division of the FHFA is expected to see a spike in payroll in 2021. The biggest change will be in the enterprise regulation unit.

Treasury’s stake in the GSEs should be used to create a joint venture focused on affordable housing. Also, to ensure success, Fannie and Freddie should be converted into utilities, two industry pros recommend.

USMI criticized the increased use of appraisal waivers for refis with high-LTV ratios, which help determine g-fees and insurance premiums.

HUD’s Housing Trust Fund and Treasury’s Capital Magnet Fund will get a combined $1.09 billion, more than double their take in 2019.

Spikes in amortization income, guarantee-fee income and credit-related expenses are all closely tied to the government’s intervention in the coronavirus crisis. (Includes data chart.)

Freddie Mac’s Voluntary Early Retirement Program resulted in 600 buyouts by the end of 2020, but salaries and benefits expenses actually rose in the short term.

Fannie may no longer be competing with Freddie when it comes to CRT market share. It may now be chasing JPMorgan Chase for second place.