Looking at Freddie mortgages active as of January, researchers found that nearly 50% of Black homeowners would have saved at least $1,200 a year if they had refinanced while almost 20% would have saved at least double that amount.

A 30-year industry veteran, DeVito will fill the leadership gap created when former Freddie CEO David Brickman unexpectedly announced his retirement from the company in December.

The FHFA’s focus on agency CMBS is curious because, as the bulletin explains, these securities typically have significant prepayment protection clauses that aren’t available on residential MBS.