A pop quiz: What backstops $2 trillion in mortgages, earns $1 billion-plus per year but still doesn’t have a permanent boss?

Have Federal Reserve policies, and the flood of refis that they’ve created, permanently altered MBS markets?

What might the new Biden administration do with Fannie and Freddie? Good things ahead for Ginnie? Let the speculation begin.

The latest transaction is an actual loss deal issued through a trust; previous Multifamily Structured Credit Risk deals were structured as fixed-severity deals issued as corporate debt.

The agency guaranteed $749 billion in MBS in fiscal 2020, a sharp increase from $453 billion in 2019. Credit: the refi boom.

After a slight blip higher in early-stage delinquencies in November, late-payment rates fell in December for all three agencies. (Includes data chart.)

In 2020, mortgage records were broken all over the industry. MBS trading, meanwhile, had its best year since 2010.

When Wall Street lines up to lend you money, that’s a good thing. Figure has a new LOC from JPM and is planning its first MBS deal.

New loan-level information in the MBS disclosures will include delinquency status and payment plan history.

On Wednesday, it was bedlam in the nation’s capital. Former Ginnie Mae President Michael Bright and others weighed in.