For the next several days I am in Florida, in mortgage meetings and the MBAF, and in Saturday’s Commentary I noted the intense flurry of conference activity this week and last (“the MBA’s Chairman’s Conference, New Jersey MBA, the MBA Florida, EPM TAG, MISMO Spring Summit, The Gathering…). One continuing theme, to varying degrees, is conjecture about Freddie Mac and Fannie Mae, and their role in lending. By many accounts, the Agencies are “driving 10 mph in the fast lane.” A focus on ending their conservatorship, which conference goers were told by FHFA Director Pulte last month in New York, would begin in earnest in 2026, apparently has moved to… “now.” (More Agency news below.) A key issue continues to be whether the government’s role in the future will include an explicit or implicit guarantee if we see another 2008. It would be helpful if it minimized the impact on Agency rates, because those rates have a ripple effect through other mortgage products. Our MBA will be focused on educating regulators and Congress about this, since most were not around during previous attempts at removing them. (Today’s podcast can be found here and this week’s are sponsored by Flyhomes. The Flyhomes Guaranteed Backup Contract, available in all 50 states, gives borrowers a bona fide purchase agreement on their departing residence, helping them exclude that mortgage from DTI calculations and remove the home sale contingency when buying their next home, all in under 24 hours. Hear an interview with First American’s Odeta Kushi on why Americans are staying in their homes longer than ever, the economic and policy forces behind this trend, and what it means for the future of housing mobility and market recovery.)