Fannie Mae, Freddie Mac and Ginnie Mae produced $478.64 billion of new single-family MBS in the first quarter of 2020, a 5.6% drop from 4Q19...

Sources contend that other banks might follow Wells' lead but as the weekend approached, the situation was fluid, to say the least.

“Delinquencies are coming,” said one investment banker. “We just don’t know what the number is.”

Redwood has been able to meet margin calls but is selling mortgage securities at a loss.