Freddie Mac

On a combined basis, the GSEs performed better under this year's scenario than they did in 2021, but the Federal Housing Finance Agency said changes were still needed.

Following their largest drop in over a decade one week ago, averages rapidly swung upward as recession talk receded.

The move builds on the government-sponsored enterprise’s previous program that facilitated the collection of more rent payment records from tenants who work with its multifamily borrowers.

Recent remarks from Federal Reserve Chair Powell suggest more upward movement is ahead.

The latest Federal Reserve move to combat inflation led to a weekly increase of more than 50 basis points.

A positive employment report, robust consumer spending and Fed comments on inflation counter measures drove rates upward.

With anticipated Federal Reserve moves already factored in, inflation and jobs data could play a bigger role in driving movement over the near term.

In addition to the Russia-Ukraine conflict, persistent inflationary pressures and expected monetary policy moves are contributing to volatility.

The effect of the conflict and upcoming Fed announcements have left much of the industry guessing about what happens next.

Its modifications aim to help two government-sponsored mortgage investors manage risk and rebuild capital while retaining enough flexibility to fulfill their affordable housing missions, said the Federal Housing Finance Agency’s acting director, Sandra Thompson.

Strong economic data was countered by international political developments, sending the 30-year rate lower for the first time in a month.

However, leadership noted that 2021 was the second record year for new single-family mortgages and also discussed how the government sponsored-enterprise plans to further rebuild its capital.

Inflation data showing a 7.5% increase in consumer prices will likely lead to Federal Reserve moves that apply continued upward pressure.

DeVito takes over on June 1, replacing interim CEO Mark Grier, who returns to his seat on the government-sponsored agency's board.

Only $89 billion of the $362 billion in new single-family volume came from purchase mortgages.

New assistance for renters may help but past efforts, while necessary, failed to get relief to renters in an expedient way, said David Brickman, who is now the head of a new agency lending platform backed by Barings and Meridian Capital.

The company is still searching for someone to fill the roll on a full-time basis, but the $600,000 annual salary cap may limit the candidate pool.

Some applaud the agency's recent delay of the mandatory compliance date for a new Qualified Mortgage standard. Others say it leads to more uncertainty for lenders, opens the door to additional changes and enables some companies to loosen their underwriting.

The agency issued a proposal moving the compliance date for the Qualified Mortgage rule revamp to October 2022.

The $16.9 billion in issuance marked the biggest annual number seen since the government-sponsored enterprise reconstituted its risk sharing program in 2013.