The higher delinquency rates on FHA/VA loans are likely tied to hurricanes that struck select markets last fall.

Fannie disclosed the single-security “may adversely affect our financial results and contribute to declines in the liquidity or market value of our MBS.”

Packaging the loans into a non-agency MBS suggests that Flagstar expects better execution in the non-agency market than from delivering the mortgages to Fannie Mae or Freddie Mac.

KBR points out that risk-sharing results in premiums being shifted away from Fannie and Freddie to providers of credit risk protection.

Barry Habib, who heads MBS Highway, believe that within two years, the U.S. will be in a recession...

Originators also sold $483.13 billion of loans to unaffiliated buyers outside of the agency market…

In the first quarter, 12.61 percent of purchase loans sold to the GSEs fell into the highest risk category…

Fannie Mae's Renee Schultz said the decision to offer property inspection waivers is probably the longest running pilot the GSE has ever had…

Much of the product is projected to come from California, Florida and Texas.

GSE earnings bounced back to a profitable status, as expected, in the first quarter, with Fannie Mae and Freddie Mac reporting a combined $7.2 billion profit. That number is up from the $9.4 billion earnings hit the GSEs took last quarter due to tax reform that went into effect in December 2017. [Includes one chart.]