In a new book, James Lockhart, FHFA’s first director, outlines the events leading up to the conservatorship of Fannie Mae and Freddie Mac. More than a decade later, the events and debates are still relevant.

Second-level GSE MBS issuance involving excess spread from servicing increased in 2022. Private-equity firms and real estate investment trusts are among the investors buying excess servicing.

In a book released this week, former FHFA Director Mark Calabria provides insight into some of the key policy decisions during his abbreviated tenure.

Agency MBS industry insiders recently discussed specified pools, prepayment rates, home price growth and problems with ESG investing.

Investors are pleased that FHFA has improved the capital treatment of commingled securities. The overall industry response to the proposed rule change, though, has been a resounding “meh.”

Freddie Mac saw a big fourth-quarter increase in Supers issuance that appeared to make up for lost ground earlier in the year. All three agencies posted declines in new REMIC production in the fourth quarter. (Includes two data charts.)

Would social bonds backed by single-family loans rather than multifamily loans still comport with the GSEs’ mission without impacting safety and soundness? FHFA issued a request for input on the matter.

A new report outlines the risks CSS poses for the GSEs and the secondary mortgage market.

While the GSEs are under mandates to shrink their retained portfolios, Freddie’s holdings increased in the final three months of 2022. (Includes data chart.)

The government-sponsored enterprise has warned seller/servicers that the improper use of ESG and other data could violate fair lending laws.