The prospects of a year-end stock offering didn’t prevent the wholesale reshuffle in Fannie Mae leadership.

Although the Trump administration says it wants the GSEs to help accelerate development by the big homebuilders, the topic barely registered during recent earnings calls.

If Fannie capital had been at mandated levels, the enterprise would have had an annualized ROE of 10.3% in the third quarter.

“Treasury is focused on ensuring that modernization of our capital framework ends the arbitrage that drives bank lending to nonbanks,” said Treasury Secretary Scott Bessent.

The FHFA chief urged investors to review the GSEs’ SEC filings to understand the risks involved.

If the merger of Rocket Mortgage and Mr. Cooper had been completed in time to include third-quarter numbers, the resulting company would have had a GSE servicing portfolio approaching $1.0 trillion.

Fannie Mae Chief Operating Officer Peter Akwaboah will serve as acting CEO, pending a search for Priscilla Almodovar’s successor. EVPs Brandon Hamara and John Roscoe will serve as co-presidents.

Mortgage industry stakeholders pump the breaks on GSE reform while the administration still seems to have its foot on the gas.

Allowing the GSEs, under certain conditions, to purchase up to $300 billion in agency MBS each could reduce mortgage rates by as much as 30 basis points, lender groups say.

Because VantageScore 4.0 typically yields higher credit scores than Classic FICO, it’s possible lenders will choose VantageScore, leading to higher scores and lower LLPA revenues.