Fannie and Freddie, the linchpin of the nation’s MBS market, may never get out of conservatorship. Right? Actually, they might. A pending risk-based capital rule could play a role in the drama.

Industry insiders are speculating whether former FHFA Director Mark Calabria delayed the release of the 2020 stress tests results because they contradicted his proposed capital rule.

The $500 million deal allows financing of non-QMs. Moody’s placed a preliminary A1 rating on the deal, while it typically gives a AAA rating on warehouse funding securitizations that focus on GSE-eligible loans.

Ginnie Mae has issued nearly $2.1 billion of MBS backed by digital collateral this year.

MISMO and SFA are separately working to update the ASF dataset for non-agency MBS; BNY Mellon is offering new agency MBS service; a relatively rare downgrade for commercial MBS.

Most of the modest gain in bank ABS investment came from a handful of large banks buying deals backed by unsecured consumer loans, a fast-growing market. (Includes two data charts.)

Thanks to restrictions placed on the GSEs, investment-property mortgages are flowing into non-agency MBS. Some lenders are issuing deals on their own while others are turning to aggregators like Credit Suisse.

MBS trading has been relatively quiet the past two months and much lower than early in the year. Then again, traders have other things on their minds, namely what might be said Friday regarding central bank tapering.

Are Ginnie Mae servicers still making 500 basis points to 600 bps on early buyouts? So we hear. Also, there’s an angle for smaller players.

An affiliate of Fortress Investment Group is set to issue its first single-family rental securitization.