Mergers caused deliveries of conventional mortgages from Rocket and Bayview to spike, reshuffling the leaderboard for GSE sellers. (Includes two data tables.)

FOIA documents reveal that in 2022 Fannie and Freddie business assessments determined that a single-bureau credit report would be inferior to either a tri-merge or a bi-merge.

The GSEs were already quietly adding MBS to their portfolios before Trump directed them to purchase $200 billion more. Investors may now be paying a price for that intervention.