Fannie Mae and Freddie Mac issued a combined $65.85 billion of single-family mortgage-backed securities last month, a 1.0 percent decline from their June total, according to an Inside The GSEs analysis of MBS data. Compared to the first seven months of 2017, the GSE single-family business was down 7.4 percent as of the end of July. Most of the month-to-month slump was at Freddie, where MBS production fell 8.9 percent from June. Fannie managed a 5.0 percent increase in July. Both GSEs are off about the same on a year-to-date basis. [Includes two data charts.]

Select Portfolio Services will handle the monthly servicing chores for Angel Oak.

But we will remind readers that wholesalers refinancing clients (via a retail arm) originally brought to them by a broker is a decades-old complaint…

Among those subprime MBS investors: Fannie Mae and Freddie Mac.

On July 23rd, Fannie announced Mayopoulos would depart as CEO before yearend. The heavily redacted FHFA IG report is dated July 26.

CEO Mat Ishbia: “We are not sure why Quicken Loans has decided to bring UWM into this situation."

We know of one large subservicer that’s for sale (Ditech Financial), but a second processor may also be considering offers.

The biggest increase has been in the new breed of Alt A securities…

Overall, RBS underwrote $261.1 billion of subprime securities during the go-go years...

Mayopoulos didn’t even earn a performance bonus in 2017, despite a companywide pre-tax profit of $18.4 billion.