In a scenario that Fannie and Freddie exit conservatorship, Urban Institute analysts believe that the courts will allow the uniform MBS to persist, even though it requires coordination between the GSEs that could invite antitrust litigation.

Industry observers note that, despite its bold pronouncements about a public offering for the GSEs, the Trump administration still has not addressed the key issues that make this a risky proposition.

FHFA’s efforts to monetize the securitization platform of the GSEs may provide entre to Wall Street banks and other competitors.

Housing finance stakeholders continue to debate whether the Trump administration can safely release Fannie and Freddie from conservatorship.

Former Fannie and Freddie CEOs question the durability and utility of the uniform MBS in a post-conservatorship mortgage market.

Executives from Annaly and Two Harbors worry that ending the conservatorships of the GSEs could fundamentally change the buyer base for their mortgage-backed securities.

Would exiting conservatorship expose Fannie and Freddie to more or less risk from political meddling?

The controversial proposed capital rule for large banks sets a 75% loss given default rate for GSE debt issued but not guaranteed by the GSEs. For the debt guaranteed by the GSEs, the LGD rate will be 25%.

A new request for information asks stakeholders whether expanding social bonds from multifamily to single-family will help or hurt borrowers and investors.

The Fannie/Freddie regulator indicated it will review the impact of the ERCF on the UMBS market, but for now won’t delay implementation of the new fee.