House Republicans said they’re drafting legislation that would end the conservatorships of Fannie Mae and Freddie Mac.

The portfolios include both MBS and mortgages, with MBS holdings at Fannie Mae and Freddie Mac up nearly 60% on a quarterly basis in the fourth quarter of 2025.

David Spector, CEO of Pennymac Financial Services, said the firm’s correspondent aggregation platform is facing increasing competition from the GSEs’ cash window.

MBS holdings in the retained mortgage portfolios of the GSEs doubled between June 2025 and the end of the year. And that’s before President Trump directed them to buy $200 billion of MBS. (Includes data table.)

Fannie Mae and Freddie Mac appear to be using aggressive pricing at the cash window to boost whole loan purchases, then retaining the most attractive coupons.

A $2.29 billion reversal in net interest gains and a $1.29 billion provision for losses dampened net income in 2025.

The big homebuilders are purportedly planning to build a million starter homes to sell through a rent-to-own program. The Trump administration has distanced itself from any such proposal.

Former Freddie CEO believes most prospective remedies to the affordability crisis will benefit only borrowers who don’t need the help.

The refi share of GSE business saw its first monthly decline since July, slipping from 37.9% in December to 37.4% in January.

Profits declined by 9% compared with the third quarter.