In the case of the GSEs, multifamily loans are not covered by the extension...

Assuming an average prevailing interest rate of 2.99%, Fannie Mae estimates that 64% of all mortgages are at least 50 basis points "in the money."

FHFA said it originally approved the purchase of forborne loans to improve liquidity in the market. On Wednesday, agency Director Mark Calabria reiterated that assertion: “Extending these COVID-19 flexibilities helps keep the mortgage market moving and borrowers safe during the pandemic.”

However, FHFA made it clear the agency is not cancelling the new fee, which it says is intended to help Fannie and Freddie defray the costs associated with COVID-19 relief. The agency says those actions have conservatively cost the enterprises $6 billion...