Changes to Form FR-2004 help distinguish between the specified pool and to-be-announced positions of primary dealers.

Interest rates have fallen recently but are now going the other way. As for MBS trading and creation, it’s not a pretty picture these days.

Agency single-family MBS issuance fell 7.3% from June to July, including a disappointing slowdown in the flow of purchase-money loans. Issuance of GSE Supers fell sharply as neither Fannie nor Freddie issued any commingled deals. (Includes two data charts.)

The Federal Reserve giveth and taketh away in the agency MBS market. And now that the central bank’s investment activity is significantly curtailed, investors are seeing some opportunities in the sector.

Both the size and the composition of the portfolios of Fannie Mae and Freddie Mac have shifted as the mortgage market slows. (Includes data chart.)

A study by the European Central Bank found evidence that rating services respond to their competitive environments by either inflating ratings or altering the strictness of their rating standards.

With FHA loan performance relatively strong and the spike in interest rates this year, early buyout activity from Ginnie MBS is limited. Overall, removals are slowing thanks to elevated interest rates. (Includes data chart.)

The mismatch between falling interest income at the Fed and growing interest expense is projected to result in deferred assets of between $60 billion and $150 billion.

The two largest REITs in terms of holdings of agency MBS noted extreme volatility in the second quarter while also suggesting that market dynamics are set to improve.

A federal appeals court panel ruled that the SEC didn’t act on the whistleblower’s information about misconduct at RBS even though it passed the information to the DOJ and FHFA, which reached settlements.