While it may seem the Fed’s actions can directly affect mortgage rates, Wells Fargo analysts said any such effect may get counterbalanced.

The principal change in the proposed FHFA rule is to treat Ginnie mortgages differently from those of Fannie Mae or Freddie Mac.

GSE recap-and-release work will generate millions of dollars in fees for the lucky advisory firms. In a few weeks, the FHFA is expected to announce its counsel.