Regulators have been trying to price Fannie Mae and Freddie Mac out of their dominant shares of the secondary market for home loans. After a pair of giant price increases, the strategy may soon bear fruit.

The fees Fannie charges to guarantee new mortgages have nearly doubled over the last year, far surpassing levels that prevailed the previous decade. Prices for private-label mortgage bonds (those without federal guarantees) already make them a financially sensible destination for a sliver of high credit-quality originations, some analysts reckon.

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