Since 2013, CRT has cost Fannie Mae and Freddie Mac a combined $15 billion, but provided just $50 million in benefits, according to a new FHFA report.

MBS trading is drifting lower in a rising rate environment, but the outlook remains cloudy as mortgage bankers wonder how many more months they have left before refis drain for good. Or will they?

Analysts argue that resolutions plans for the GSEs are purely theoretical devices because the government will never let them fail.

Also, first-quarter results from Invitation Homes and Americans Homes 4 Rent — the two corporate SFR giants — show an increase in business.

CPRs are headed in the right direction for MSR and MBS investors but for how long? Some forecasters see a rate decline coming in the fall.

Economists looked at security issuance, guarantee fees and prepayment speeds to gauge the market impact of the uniform MBS.

The secondary market is active this spring with an MBS backed by MH communities, plus Ginnie EBO activity remains brisk. Selling more NPLs: Fannie Mae.

Freddie Mac accounted for most of the monthly gain in single-family agency MBS issuance, which rose to $372.9 billion in April, a new all-time high for the market. (Includes two data charts.)

Notes backed by MSRs could become plentiful if a strategy employed by PennyMac Financial and its sister company catches fire.

The Ginnie early buyout game is still afoot with whole-loan auctions fanning the flames. But how much longer can the gravy train last?