Quarterly profits were up at both Fannie and Freddie, but were down significantly on a year-to-date basis due to a weak first half of 2025. (Includes data table.)

FHFA’s bid to reduce the GSEs’ low- and very-low-income benchmarks was praised by some lender groups, but disparaged by affordable housing advocates.

The changes impact mortgages on manufactured homes, the treatment of rental income, undisclosed liabilities and single-closing construction-to-permanent loans.

According to an analysis by a former FHFA economist, GSE market share ranges from 14.5% in Eagle Pass, TX, to 67.0% in Boulder, CO. Except for Puerto Rico, these disparities are widest in the South and Southwest.

Some economists argue that allowing originators to pick between VantageScore 4.0 and Classic FICO will lead to score inflation and lower revenue for the GSEs.

The administration’s firing of FHFA’s acting inspector general comes on the heels of the departure of several GSE executives and news that most of the ethics and internal investigations team at Fannie have been laid off.

Fannie and Freddie see the sun set on the CARES Act; Freddie executes EXPO transaction.

While the Fed is moving away from purchases of agency MBS, portfolio managers at PIMCO believe additional purchases are warranted. In the meantime, the GSEs are increasing their investments.

The Trump administration continues to tease a 2025 capital raise for the GSEs but industry experts remain skeptical this can be done in a safe, sound manner.

New rep and warrant relief at Fannie; ADUs for manufactured homes at Freddie.