Citadel has contributed non-QMs to MBS issued by other firms while never issuing its own security. Meanwhile, an MBS from MFA Financial with loans from Citadel is on hold.

FHFA Director Mark Calabria: “Homeowners who are in COVID-19 forbearance but continue to make their mortgage payment will not be penalized. Today’s action allows homeowners to access record low mortgage rates and keeps the mortgage market functioning as efficiently as possible.”

Fannie Mae: “The financial advisor will work closely with the company and the FHFA to consider business and capital structures, market impacts and timing, and available capital raising alternatives, among other items.”

A year ago, IRRRL activity totaled just $1.99 billion. In the first three months of 2020, it rocketed to $42.01 billion.

Last month, Impac agreed to sell a $4.1 billion Freddie Mac servicing portfolio to PNC Bank for an undisclosed sum...

Selling servicing rights, Ginnie Mae or otherwise, is no easy task these days, given the financial damage caused by the pandemic. However, green shoots may be emerging.

How to pay for the risk of backing FHA loans in progress where forbearance has been invoked? The industry is still waiting for answers.