First-quarter earnings reports suggest the reduced size of Fannie Mae’s guarantee book of business may be impacting its market share vis a vis Freddie Mac.

Fannie remains profitable in a tight mortgage market, even though below-the-line expenses shave a little off net income.

Although consistent rent payments over time are one of the best indicators of a borrower’s ability and willingness to repay a mortgage, GSE programs that exploit that information are woefully under-utilized.

FHFA Director Bill Pulte didn't participate in Freddie's first-quarter earnings call, as he did for Fannie's on Wednesday, but his presence was felt.

FHFA's new director made an appearance at Fannie Mae's first-quarter earnings call.

There was also a slight year-over-year decline in Fannie servicing.

The researchers said, "Despite these large effects, we find no evidence of an offsetting increase in lending for primary residences.”

Chase Home Financial remained the largest GSE servicer with a portfolio of $589.62 billion at the end of March. But Mr. Cooper came in a close second. (Includes two data tables.)

Like most GSE reform plans, the hedge funder’s plan to privatize Fannie and Freddie starts with Treasury writing down its senior preferred shares and FHFA sharply reducing the capital requirements for the GSEs.

FHFA’s director alleges that New York State Attorney General Letitia James lied on mortgage applications in order to qualify for GSE loans.