FHFA released its first-ever report on the extent to which Fannie, Freddie, and the FHLBs meet their statutory mission. Although the report does address other mission issues via a brief discussion of fair lending and the GSE-conservatorship scorecard, its focus is almost exclusively on housing. Fannie and Freddie meet their goals via a series of programs described at some length in the report. While the FHLBs have not yet had their housing and community-investment activities fully approved, the report suggests that they will soon enjoy like-kind approbation. We expect no policy, program, or political changes in response to the report, although it’s sure to come up if Congress turns to considering the GSEs any time soon.