Another day and another debt offering by a mortgage company. This time around the issuer is PennyMac Financial, a top-ranked Ginnie Mae issuer.

Ginnie Mae said it is ready to facilitate the creation of a single-class MBS backed by ARMs linked to the Secured Overnight Financing Rate.

Ginnie Mae buyouts have simmered down the past few months but the improvement may be ephemeral. And nonbanks might be leading the charge.

Facing pressure from both sides of the aisle, FHFA Director Mark Calabria said if the GSEs had come into the current crisis with sufficient capital, the adverse market fee could have been delayed for a few years.

Ultra-low interest rates are fueling both record originations and a stampede of debt offerings by mortgage firms far and wide. The latest participants: Rocket, NewRez and Fidelity National.

Citing a record $321.87 billion in agency MBS issuance in August, Wells Fargo Securities said 2020 appears poised for historic volumes.

Ginnie Mae regained some share in the agency MBS market in August, as did purchase mortgages. The top 100 sellers saw a small increase in their share of new issuance, but the market remained fragmented. (Includes two data charts.)

Some industry groups are concerned that the CFPB’s proposal to revise general QM standards contains unclear underwriting standards and legal uncertainties. They support the development of self-governance standards for the non-agency market.

Industry feedback on the re-proposed GSE capital rule underscores the need for an explicit and permanent government guarantee on Fannie’s and Freddie’s existing and future MBS.

These are not calming times for investors in Ginnie Mae MBS. Forbearance ratios are on the rise again and then there’s the buyout issue.