Since the launch of the single security, investors have increasingly turned to the use of specified pools rather than the TBA market, said Bob Ryan, a former FHFA official and one of the architects of the UMBS.

FHFA Director Mark Calabria walked back the idea of using a consent decree as part of the agency’s plan to recap and release Fannie and Freddie from conservatorship.

Analysts ponder whether the administration is committed to making key reforms to the GSEs in the midst of an election year.

Senate Banking Committee members are seeking more information on the administration’s plan to release the GSEs from conservatorship.

In a partial ruling, the U.S. Court of Federal Claims has allowed a collection of lawsuits challenging the net-worth sweep to go to trial.

The re-proposal means the industry can expect extensive revisions. Nevertheless, the FHFA said the move will not affect the timeline for the recap and re-lease of Fannie Mae and Freddie Mac.

Craig Phillips, the former Treasury point man on housing reform, told industry insiders that the recap and release of Fannie and Freddie should “really respect the rights of the current shareholders.”

FHFA Director Mark Calabria said to exit conservatorship Fannie Mae and Freddie Mac will have to be adequately capitalized and make appropriate changes to their culture.

One of these days, the two mortgage giants will commence with a new stock offering. Right? The market seems to be betting on the fact, as are the government-sponsored enterprises.

Contrary to recent reports, McKinsey will not help Freddie develop a plan to exit conservatorship. The contract is a routine part of stress testing.