MBA urges FHFA to consider securitization when reviewing the Federal Home Loan Bank system; Ambac’s MBS lawsuit against Countrywide goes to trial 12 years later; MISMO seeks comments on template for BWIC activity.

The federal entities appear to have accommodated many of the concerns of small and mid-sized seller/servicers, reducing some requirements and eliminating others.

FINRA and the MSRB plan to cut the reporting time for TRACE-eligible trades from 15 minutes to just one.

Changes to Form FR-2004 help distinguish between the specified pool and to-be-announced positions of primary dealers.

Interest rates have fallen recently but are now going the other way. As for MBS trading and creation, it’s not a pretty picture these days.

Agency single-family MBS issuance fell 7.3% from June to July, including a disappointing slowdown in the flow of purchase-money loans. Issuance of GSE Supers fell sharply as neither Fannie nor Freddie issued any commingled deals. (Includes two data charts.)

The Federal Reserve giveth and taketh away in the agency MBS market. And now that the central bank’s investment activity is significantly curtailed, investors are seeing some opportunities in the sector.

Both the size and the composition of the portfolios of Fannie Mae and Freddie Mac have shifted as the mortgage market slows. (Includes data chart.)

A study by the European Central Bank found evidence that rating services respond to their competitive environments by either inflating ratings or altering the strictness of their rating standards.

With FHA loan performance relatively strong and the spike in interest rates this year, early buyout activity from Ginnie MBS is limited. Overall, removals are slowing thanks to elevated interest rates. (Includes data chart.)