The latest delay to implementation of margin requirements for agency MBS is tied to changes proposed to Rule 4210 following FINRA’s discussions with staff at the Federal Reserve and the SEC.

Don Layton said critics don’t like credit-risk transfers because they make the GSEs stronger and more durable.

The consensus is that FHFA Acting Director Sandra Thompson wants to cut LLPAs, but if she does, how do the government-sponsored enterprises pay for it?

The regulator of the GSEs said it met most of its goals and subgoals for the past year. And once again, FHFA announced plans to significantly grow its staff.

Bridge Investment Group, a major player in the multifamily sector, said the proposed changes to the enterprise regulatory capital framework could actually increase the capital requirements for the GSEs.

Fannie and Freddie pared back their portfolio holdings designated to support future business in the third quarter. Earnings were down from an eight-year high reached in the second quarter. (Includes data chart.)

By raising the income limit for RefiNow and RefiPossible, FHFA has upped the pool of borrowers eligible for a refi by nearly a third. What that does to prepayment speeds depends on the uptake of the programs.

Fannie paused its CRT issuance in 2020 after the FHFA proposed changes to the capital treatment of CRT transactions. Freddie continued to issue deals, but Fannie wasn’t persuaded to return until a proposal by the FHFA in September.

The Fed will stop being the hog at the MBS trough, one of these days. Ramifications and opportunities for other buyers?

Issuers are still stocking non-agency MBS with GSE-eligible mortgages for investment properties. Lenders and issuers are considering their options following a suspension of limitations placed on the GSEs.