Don Layton, under whose leadership Freddie rolled out the first CRT transaction in 2012, said cracks in the GSEs’ CRT programs expose them to systemic risks. The cure: a new capital rule.

After months of investigating Trump critics over allegations of mortgage fraud, FHFA Director Bill Pulte increasingly finds himself the target of investigations into possible episodes of misconduct and the misuse of power.

Industry observers note that, despite its bold pronouncements about a public offering for the GSEs, the Trump administration still has not addressed the key issues that make this a risky proposition.