Any reform to the executive compensation structure at Fannie Mae and Freddie Mac should be made with an eye toward the companies eventually exiting conservatorship, the trade group said in a comment letter to the FHFA.

Commentators seem to agree that stronger capital positions are good for the Ginnie Mae business in general, but getting there is the hard part.

The company’s $450 million issuance has a 30-month term and is backed by houses purchased directly from homeowners.

The two restaurant chains will use the ABS proceeds to largely pay down their previous deals. The Taco Bell issuance received a higher rating than Hooters.

Will prepayment speeds on agency product continue to decline? No one knows for certain, but the UMBS 2.5 is waiting in the wings to be the new kid in town.

Loans in Freddie multifamily securities rarely default; but when they do, the distribution of those defaults can be quite interesting.

Purchases of refinance loans since December 2020 generated roughly $6.6 billion in adverse market refi fees for Fannie and Freddie, boosting them to a seven-year high in net income in the second quarter. (Includes data chart.)

With new restrictions on GSE sales, lenders are increasingly turning to the non-agency MBS market to sell mortgages for investment properties. Issuers include new and established participants.

Why compete against the Fed for agency MBS? Sometimes, shrinking is a better strategy, which is what the mega "mREITs" are doing.

Late last month, inter-dealer brokers began using SOFR for dollar swaps, allowing ARRC to finally recommend use of Term SOFR.