It’s not clear how the Federal Housing Finance Agency’s decision to cut the DEI and ESG programs at the GSEs will impact MBS issuance.

CMBS securitizers can exploit an exemption in risk retention rules to unload riskier tranches. Researchers said this may signal lower loan quality to investors.

Among other changes, Fannie and Freddie increased the cap on interested party contributions from $500 to $2,500.

Researchers say that, at any given credit score, the cross-subsidies inherent in GSE pricing favor higher-income borrowers over lower-income borrowers.

“I think we’ve referred five or six different people to the DOJ, just in terms of Chinese and North Koreans working in the companies,” Pulte said.

There are more questions than answers on how the Trump administration will end the conservatorships of the GSEs.

Mortgage loan acquisitions by Fannie Mae and Freddie Mac accelerated in April, driven in part by a jump in refinance lending. (Includes two data tables.)

Freddie’s guarantee book of business rose from $3.104 trillion at the end of 2024 to $3.115 trillion as of the end of March. Fannie’s fell from $3.622 trillion to $3.610 trillion. (Includes data table.)

FHFA Director Bill Pulte made some media appearances recently, explaining some of the actions he’s taking and detailing priorities involving the GSEs and Federal Home Loan Banks.

Critics say capital is not necessarily the main impediment to ending the conservatorship. A bigger problem is the lack of planning on what the GSEs should look like after they exit.