Credit-risk transfer activities at Fannie Mae and Freddie Mac wobbled in the second quarter after a modest increase in the first three months of 2025. Issuance fell for STACRs but not for CAS notes. (Includes data table.)

Refi deliveries declined by 22.4% from June.

A footnote in Fannie’s second-quarter earnings presentation explains the calculation.

Single-family mortgage securitization by the GSEs declined by 9.7% on a monthly basis in July, with refinance business down sharply. (Includes two data tables.)

Industry insiders worry that mixed signals from the Trump administration makes complex decisions, like ending the conservatorship, more difficult.

The FHFA director detailed his priorities for the GSEs at a webinar this week.

The CHOICEHome product, previously only available for multisection factory-built homes, is now available for single-wides. It’s expected to improve housing options in rural and underserved areas.

The GSEs will now be able to invest a combined $4 billion a year in LIHTC affordable housing tax credits. At least half of that investment must be in difficult-to-serve LIHTC communities.

Fannie Mae posted an “illustrative” return on equity of 9.5% during its second-quarter earnings call last month. But that was based on the enterprise’s required capital rather than the capital actually on hand.

A new audit commissioned by FHFA’s OIG detailed weaknesses in the agency’s cybersecurity protocols. Most of the findings were previously identified in OIG audits, one of which dates back to 2020.