Uncertainty on the future of Fannie Mae and Freddie Mac has caused some lenders to deliver their agency-eligible production to the non-agency secondary market.
Combined issuance of Fannie Mae CAS and Freddie Mac STACRs came to $8.31 billion in 2024 — the lowest total since 2013, the year GSE CRT activity started. (Includes data table.)
STACR and ACIS activity in 2025 is expected to be similar to 2024, or slightly higher, due to a larger pipeline of loans eligible for inclusion in CRT.
The Federal Housing Finance Agency in recent years has done a better job than Ginnie Mae in interagency planning for a hypothetical nonbank crisis, according to the Government Accountability Office.
The Trump administration has initiated an effort to end leases on office space used by the federal government. Some properties in commercial MBS have government leases but few deals face elevated exposures, according to S&P.
Actions by the Federal Reserve are helping to reduce volatility in the agency MBS market. Investors are comfortable with current conditions, with supply and demand seen as being in balance.
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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