Despite remarkably stable revenues and meaningful improvements in mortgage rates, below-the-line factors at Fannie and Freddie took a significant bite out of profits in 2025. (Includes data table.)

The White House may face some opposition from its own party if it moves toward major GSE reform without Congress.

The Federal Housing Finance Agency said other agencies are already responsible for enforcing fair lending and fair housing laws. However, critics argued that the administration has been steadily eviscerating the enforcement arms of those agencies as well.