In no month since quantitative tightening began last June has the FOMC approached the $35 billion monthly cap on its planned MBS reduction. The latest action by the Fed won’t change that.

New disclosure portal for Freddie MBS investors; Ginnie details LIBOR transition plan for multifamily MBS; Andrew Davidson offers prepayment analysis for specified pools; DBRS proposes revisions to rep and warrant criteria.

MBS spreads to Treasuries continue to be fat at roughly 140 bps. But what if there’s a government debt default? Might the equation turn or will it be so ugly it won’t matter? Analysts are trying to make sense of it all.

Removals from Ginnie MBS were few and far between in the first quarter of 2023 as elevated interest rates limited loan payoffs and other withdrawal activity. (Includes data chart.)

Industry stakeholders believe Farmer Mac could face risks arising from climate change. However, the government-chartered company took issue with a proposal to amend and strengthen its capital framework.

AGNC CEO is comfortable with FDIC’s plans for sales of MBS held by failed banks; Morgan Stanley revives jumbo MBS; UBS prepares for legacy residential MBS action by DOJ; Chase offers RPLs in non-agency MBS.

Sure, big banks have sizeable unrealized losses from MBS classified as held-to-maturity. But as long as the banks don’t sell the MBS, the losses remain unrealized.

The hedge advisor’s automation of the assignment-of-trade process allows lenders to save on bid-ask spreads and increases efficiencies for correspondent investors.

Ginnie officials meet with government and private finance entities in Taiwan and South Korea; Chase hopes to use securitization to reduce capital requirements; Fitch downgrades PacWest’s credit-risk transfer deal; KBRA gives all clear on bank exposure in non-agency MBS.

Fannie and Freddie captured a smaller share of the conventional-conforming market last year, and non-agency issuance dropped sharply in the second half. (Includes data chart.)