High-balance loans accounted for 4.4% of total agency MBS issuance in the third quarter.

The Housing for the 21st Century Act includes a number of provisions that overlap with the ROAD to Housing Act in the Senate.

“The council is working with member agencies to consider where aspects of the U.S. financial regulatory framework impose undue burdens and where they harm economic growth, thereby undermining financial stability,” Scott Bessent, secretary of the Treasury Department, said of the Financial Stability Oversight Council.

“There is no investigation into Bill Pulte,” wrote Pam Bondi, U.S. attorney general.

Some large lenders are seeing their cash-window availability capped or being cut off altogether, according to trading advisors. Communications from the GSEs and FHFA on the matter are vague.

Issuers of utility recovery bonds want the SEC to treat the asset as corporate bonds. They raised concerns about a recent flip by the SEC to treat URBs as ABS, though the SEC notes that it has considered some URBs to be ABS for years.

Some $13.26 billion of high-balance mortgages were included in agency MBS issued during the third quarter of 2025. Nine months into the year, agency high-balance sales were down somewhat on an annual basis, with the decline concentrated in sales to the GSEs. (Includes three data tables.)

The Senate-approved ROAD to Housing Act was dropped from a 2026 defense bill. However, House Republicans indicated that they’re working toward legislation to address housing affordability.

Interest rates on mortgages are expected to remain in a narrow band in the next few years.

Fannie and Freddie issued separate updates aimed at identifying and preventing fraud in mortgage transactions.