The MBS liquidity crisis is over. Was it ever serious? We may never know and you can thank the Federal Reserve.

Sellers delivered a record $253.3 billion of single-family loans into agency MBS during May thanks to a continuing surge in refi business. Strikingly, several of the top seller-issuers saw significant declines in monthly volume. (Includes two data charts.)

With Ginnie Mae forbearance requests now at 13% of outstandings, FHA has introduced a “temporary” policy to cover loans in progress.

The market for REITs that invest in agency MBS is looking a lot better than it was in April. Meanwhile, AG Mortgage Investment Trust reached a $5.0 million settlement with Royal Bank of Canada.

A secondary market is developing for COVID-19-related forbearance loans where the mortgage has already funded but the consumer has asked for relief from their monthly payments.

Nonbank Ginnie Mae issuers increased their borrowings under the PTAP program in May but not significantly. Next up: FHA’s forbearance policy on loans in progress.

Directed by its regulator to curtail non-insurance front-end risk transfer deals, Fannie is piling into CIRTs instead.

Banks and thrifts held a record $2.11 trillion of residential MBS at the end of March as the pandemic began to mushroom. JPMorgan Chase upped its MBS by $52.9 billion in the first quarter.

The new FHFA-sponsored capital rule is finally here. But how long will it take for Fannie and Freddie to meet the standard before they can be released from conservatorship prison?

Certain nonbanks in the MBS market can tap liquidity through new borrowings but terms can be pricey. Case in point is New Residential.