The bulk of Fannie Mae’s and Freddie Mac’s prevention actions were aimed at home retention, with 20,370 loans modified, repayment plans negotiated on 5,965 delinquent loans and 3,328 units receiving some sort of forbearance.

The move gives the regulator more direct control over Common Securitization Solutions, which is responsible for issuing and administering the uniform MBS.

The percentage of private mortgage insurance sales tied to the GSEs’ low-downpayment programs dropped from 20% in July to 12% in December, with industry players pinning the fall on lower income thresholds.

To make sure property markets aren’t creating excessive systemic risk, it’s important for regulators to look at the issue broadly, said FHFA’s Mark Calabria. That’s where an activities-based approach is critical.

The loans covered by the GSEs’ loan performance data have much lower default rates than those in their full book of business, according to the AEI.

The year is young but already MBS and ABS deals are being prepped. Meanwhile, the mortgage market is waiting to see the FHFA’s capital proposal for Fannie and Freddie.

FHFA Director Mark Calabria walked back the idea of using a consent decree as part of the agency’s plan to recap and release Fannie and Freddie from conservatorship.

Analysts ponder whether the administration is committed to making key reforms to the GSEs in the midst of an election year.

Any new offering of stock by the GSEs likely won’t commence until 2021, though the situation is fluid...