Fannie and Freddie issued essentially zero long-term debt in 2021, dramatically lowering their total outstanding debt.

Market growth in 2022, though more restrained than in 2021, should give Fannie and Freddie plenty of runway to hit their multifamily caps for the year.

The mortgage industry has resigned itself to no administrative end to the Fannie and Freddie conservatorships. It’s still unclear what happens to the GSEs’ capital requirements.

Fannie Mae failed to implement new NPL reporting requirements in 2018, as required by its regulator.

Depositories made up some ground on the nonbanks with a combined fourth quarter market share of 31.2%.

Advocacy groups representing these underserved markets sharply criticized the plans, arguing the GSEs actually proposed reduced loan targets...

With volumes down slightly for the quarter, depositories experienced a slight increase in their market share. But nonbanks still account for more than 68% of total GSE loan sales. (Includes two data charts.)

Biden’s FHFA nominee Sandra Thompson has made it clear that the agency can’t end the conservatorships without help from the Departments of Treasury and Justice and, most importantly, Congress itself.

In April, Fannie and Freddie will begin charging sharply higher LLPAs on second-home and high-balance mortgages. The change is likely to expand non-agency securitizations at the expense of Fannie and Freddie.

Fed Chair Jerome Powell told the Senate Banking Committee that the central bank could begin to reduce its portfolio of Treasuries and mortgage bonds later this year.