The GSEs were already quietly adding MBS to their portfolios before Trump directed them to purchase $200 billion more. Investors may now be paying a price for that intervention.

Some critics argue that forcing Fannie Mae and Freddie Mac to intervene in the mortgage-backed securities market may indicate their recapitalization and release from conservatorship is now on hold.

The administration’s firing of FHFA’s acting inspector general comes on the heels of the departure of several GSE executives and news that most of the ethics and internal investigations team at Fannie have been laid off.