![1-mbasecondary17coverslide.jpg](https://arizent.brightspotcdn.com/dims4/default/d81f9da/2147483647/strip/true/crop/2584x1900+0+0/resize/748x550!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F43%2Fb9%2Ff8a38f0d4e978564ed77a9f4c2cf%2F1-mbasecondary17coverslide.jpg)
![2-ryan-bob-fhfa.jpg](https://arizent.brightspotcdn.com/dims4/default/97a2d78/2147483647/strip/true/crop/616x408+0+0/resize/616x408!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F90%2F77%2F1d7744fd48f39ca2a102cc6b5df6%2F2-ryan-bob-fhfa.jpg)
Housing reform becomes urgent as GSEs' capital buffer nears zero
MBA's Stevens slams calls to 'recap and release' GSEs
![4-lowman-david-freddie-bl.jpg](https://arizent.brightspotcdn.com/dims4/default/bb21469/2147483647/strip/true/crop/3000x2000+0+0/resize/825x550!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F19%2Fec%2F721f6c2448d3ab94a58d4c8e51d2%2F4-lowman-david-freddie-bl.jpg)
GSEs want to do more single-family rental financing
![5-volume.jpg](https://arizent.brightspotcdn.com/dims4/default/331c1a4/2147483647/strip/true/crop/5616x3744+0+0/resize/825x550!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F87%2F9c%2F29c570a14020bf33b1d49066c85a%2F5-volume.jpg)
Consensus on total origination volume…
![6-purchase.jpg](https://arizent.brightspotcdn.com/dims4/default/7678599/2147483647/strip/true/crop/3450x2509+0+0/resize/756x550!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2Fcd%2Ff1%2Fd97d18e54c1389e08cbf0c135253%2F6-purchase.jpg)
…But not on purchase volume
![7-app growth.jpg](https://arizent.brightspotcdn.com/dims4/default/3e84898/2147483647/strip/true/crop/5616x3744+0+0/resize/825x550!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F5e%2F2c%2Fe24d881747cca287fbbec8156a30%2F7-app-growth.jpg)
A slower pace of purchase app growth
![8-increases.jpg](https://arizent.brightspotcdn.com/dims4/default/32dbe2d/2147483647/strip/true/crop/728x516+0+0/resize/728x516!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2Ff7%2Fd3%2Faae5780b4ae9bdc2b064b4da7145%2F8-increases.jpg)