After a record year of mortgage originations, the GSEs released their Q1 earnings for the year on Thursday and Friday, revealing that Fannie Mae and Freddie Mac are still riding the tail end of the market’s highs.

With both enterprises posting strong quarterly and year-over-year results, earnings calls reminisced of a quarter that had yet to be hit by pandemic-driven woes. Whereas Q4 conversations discussed the possibilities of exiting conservatorship, 2021’s Q1 results looked closely at their ability to provide for families in forbearance, and the uncomfortable adjustments that came with amendments to the Preferred Stock Purchase Agreements.

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