Acting Ginnie Mae President Michael Bright handed in his resignation this week, creating yet another vacancy in the Department of Housing and Urban Development hierarchy, and sparking discussions on what his departure might mean for reform of Fannie Mae and Freddie Mac.

Several rating services have received gentle warnings from the Securities and Exchange Commission for failing to follow policies and procedures, according to the latest annual report from the federal regulator.

New mortgage- and asset-backed securitiza-tion production totaled $1.504 trillion in 2018, the lowest annual output in five years, an exclusive new analysis by Inside MBS & ABS reveals. [Includes three data charts.]

Late last month, the Securities Industry and Financial Markets Association held a meeting that could impact the future of the Federal Housing Finance Agency’s single security initiative.

The new year has arrived and along with it a bond market rally that’s causing interest rates to fall, sparking hope that first-quarter mortgage originations and securitizations might turn out to be better than anticipated.

After having initially been brushed off as unnecessary, a pilot program that allowed Freddie Mac and Fannie Mae to help finance single-family rental activity is now being hailed a success.

A new regulation set by the European Union for MBS and ABS issuance took effect at the start of the year. Though the rules don’t directly apply to U.S.-based deals, issuers here might have to comply if they want European investors to buy into their bonds.

Ginnie Mae again failed to correct an accounting flaw in its financial statements, prompting the Department of Housing and Ur-ban Development to withhold its opinion on the agency’s 2018 financial statement for the fifth consecutive year.

Seasonal factors slowed production of Fannie Mae and Freddie Mac MBS during the fourth quarter, although the refi sector showed some resilience in cash-out transactions. [Includes three data charts.]