HousingWire Daily MBA’s Pete Mills on GSE reform and legislative priorities
Oct 9, 2025
Join Pete Mills, Senior Vice President of Residential Policy at the Mortgage Bankers Association, as he untangles the intricate world of GSE reform and housing finance. He dives into how a government shutdown can disrupt key agencies like Fannie Mae and Freddie Mac. Mills contrasts two reform paths and discusses the critical need for market stability. Discover the GSEs' pivotal role in mortgage liquidity and the potential impacts of regulatory changes on the industry. Plus, find out how the MBA is advocating for member needs during agency shifts.
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How Shutdowns Affect Different Agencies
- During shutdowns, Fannie and Freddie operate largely as normal while FHA, VA and Rural programs face varying disruption.
- Rural housing grinds to a halt without direct endorsement, while IRS transcript access remained open after past advocacy.
Plan For Shutdown-Driven Verification Issues
- Prepare alternate verifications for borrowers during a shutdown, especially for federal employees and furloughed workers.
- Track agency system availability like flood insurance and IRS transcripts to avoid last-minute delays.
Two Parallel Tracks For GSE Release
- Treasury is running two parallel tracks: creating an investment exit and protecting market stability.
- Those tracks must converge to avoid disruptive timing and policy gaps.