Meanwhile, refinance lending rose just 0.9 percent from the first to the second quarter, but still accounted for just over half of new originations during the period.
Who cares about large hedging losses? Not the FHFA, which so far has shown no interest in increasing the allowable amount of capital the two can retain...
Ginnie’s big advantage is that it gets all the FHA and VA loans, while the GSEs so far have not gotten much traction in their reduced-downpayment programs.