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.

Veteran stock analyst Richard Bove upgraded the common shares of Fannie and Freddie to “hold” from “sell.” Last week, analyst Bose George had downgraded the stocks to “underperform.”

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.

In addition to a couple of traditional K-deals, Freddie Mac offered sustainability bonds and deals based on supplemental loans and small-balance loans.

Losses loom for the CRT investor as the 180-day forbearance period on millions of mortgages comes to an end.

Mortgage insurers have endorsed the proposed guidelines, even arguing the process should be made more transparent and objective. However, Quicken believes it will stifle innovation by the GSEs.

The FHFA is looking for stakeholder views on the risks faced by the GSEs and the supervisory and regulatory framework necessary to meet these challenges.

Freddie’s multifamily structured credit risk notes are structured on actual losses. Previous issuances were based on a fixed-severity formula, which created a gap between when losses were booked and reimbursed.

In September, the FSOC endorsed the FHFA’s capital rule, even urging the agency to use tougher, more bank-like standards. What the report didn’t say was how the council reached its conclusions.

Under the final rule, Fannie and Freddie will have to hold slightly more than $283 billion in capital. That’s $49 billion more than what FHFA had estimated when it re-proposed the rule in May.