Fitch said the deal comes with “an irrevocable and unconditional guaranty,” courtesy of the Development Finance Corp. That means the securities, and any obligations associated with them, enjoy the full faith and credit of the U.S. government.

The White House responded quickly to SCOTUS’ Wednesday ruling that the FHFA director can be fired at will. Within hours, Mark Calabria was shown the door and Sandra Thompson was appointed acting chief.

The U.S. Development Finance Corp. is guaranteeing an offering of securities backed by Ecuadorian mortgage loans. Huh?

The Supreme Court’s decision in the long-delayed Collins case sets the stage for a swift change in leadership at FHFA but it may not end the shareholder lawsuits over the GSEs and the net worth sweep.

Asked whether the administration would acquiesce on the changes, CHLA Director Scott Olson — a former denizen of Capitol Hill — said he’s “somewhere between hopeful and confident.”

One veteran warehouse executive could be headed to the front lines of the M&A battle. Meanwhile, the Juneteenth holiday scuttled loan closings, but was the damage all that bad?

In a mixed decision, the Supreme Court ruled that even though the leadership structure of the FHFA is unconstitutional, the statutory claims of shareholders are invalid for any actions the director took while acting as conservator of the GSEs. Now, a lower court will have to decide if that applies to the Third Amendment and the net worth sweep.

FICC, which provides clearing services for most to-be-announced trades, says its existing margin methodologies failed to provide adequate credit protection during the market turmoil last spring.

Freddie’s multifamily unit issues a social bond backed by hundreds of single-family loans that fund the development of community-based group homes.

Fannie imposes a draconian 3% cap on NOO loans for some lenders to ensure it meets the 7% cap required under the PSPA. Freddie, already under the cap, puts its threshold at 6%.