No. I’ve originated mortgages for 8 years. Fannie Mae and Freddie Mac do mostly “A-paper” loans. There is an element of “subprime” in what they call “Expanded Approval” (Fannie) and “A-Minus” (Freddie) but that’s not a huge percentage of their portfolio, and, at least in my experience, are mostly fixed-rate loans.
Yes, these two entities have loosened guidelines over the years primarily as they’ve gone to automated underwriting, that has some odd matricies in the software that approves loans well outside the traditional debt to income ratios...but that’s not what is being targeted here, for the most part.
I don’t know for sure, but I would expect most of what is being targeted here consists of subprime 2/28 and 3/27 ARM’s, which have a fixed period of 2 or 3 years respectively, then adjust. These have never been purchased by Fannie or Freddie.