Still some milk left in the EBO cow? As Jay Bray of Mr. Cooper put it: “With forbearance programs winding down, the EBO opportunity is rapidly diminishing.”

The GSEs combined netted $7.93 billion in fourth-quarter profits on $13.21 billion in net revenue while shrinking their retained mortgage portfolios by $4.45 billion. (Includes data chart.)

Annaly Capital Management’s net income declined by nearly 20% from the third to the fourth quarter and AGNC Investment took a loss as agency MBS values fluctuated due to actions by the Federal Reserve.

An advisory group of traders and dealers counsels Treasury on what the runoff means for its auction schedule.

Borrowers with loans in various types of MBS and ABS could be stretched as interest rates increase, according to industry analysts. Prepayment rates are also likely to slow.

Prices paid for scratch-and-dent loans are favorable these days, favorable for sellers, that is.

Loan payoffs through refinancing and the like declined during the fourth quarter while buyouts plummeted. On an annual basis, loan removals were largely flat. (Includes data chart.)

Mortgage-investing REITs are treading water these days, trying to figure out their futures. A good time for stock repurchases, perhaps?

Analysts puzzle over the pace and timing of quantitative tightening, which is expected to widen MBS spreads and raise interest rates.

Fannie removed some loans from its MBS early; Guaranteed Rate restructured a jumbo MBS before issuance; the GSEs are prepping separate risk- sharing transactions.