Several factors will likely limit changes in prepayment activity in Ginnie MBS as the VA implements a new loss-mitigation program.

You thought rates would be falling by now, causing the MBS you own to spike in value. Right? It didn’t work out that way, but it might now. Advice: Bet on a rate cut from the Fed by the fall.

Uncertainty about interest rate cuts has led more auto ABS issuers to consider clean-up calls.

KBRA found that new multifamily construction could increase risks for MBS concentrated in certain cities.

The collapse of commercial real estate during the 2008 financial crisis wasn’t the result of poor underwriting by lenders, but due to a widespread misperception of risk, according to a new Fed paper.

Ginnie to increase reporting requirements on defaults, loss mitigation; Fitch prepares to rate commercial PACE securitizations; loans for hotels near Disney World head into commercial MBS; FHA extends waiver tied to Ginnie multifamily MBS.

Refinance volume was up across the board in first-quarter agency business, but the sharp spike in VA activity caught the most attention. (Includes three data tables.)

Critics argue the new second mortgage program is another attempt by Freddie Mac to expand its footprint. But GSE insiders say it’s already allowed under its charter.

United Wholesale Mortgage was the largest lender in 2023. Only 19 of the top 100 lenders increased their production during the year. (Includes data table.)

VA Secretary Denis McDonough pledged to be transparent with lawmakers on the new VA loss-mitigation program. He said congressional oversight will strengthen performance of the program.