In the early years of Fannie/Freddie conservatorship, investors were seeking an explicit guarantee of GSE MBS as part of any reform effort. More recently, they have shown an acceptance for maintaining an implicit guarantee.
Originations of home equity loans in 2025 are on track to top HEL production in 2022, which was the post-2008 peak. The HELOC share of home equity lending is down somewhat from 2022 but still dominates. (Includes three data tables.)