Previous industry changes — the Uniform Mortgage Data Program, the single security initiative and the transition away from the London Interbank Offered Rate — took longer than expected to put into place and caught some stakeholders flat-footed.
Fannie Mae and Freddie Mac issued a combined $2.34 billion in CRT securities, excluding reinsurance deals, in the second quarter. That was down 18.0% from the first quarter.
Loose IT security controls could have made it possible for a malicious employee, or an external party with access to that employee's account, to gain full control of the FHFA network.