Profits in the fourth quarter weren’t enough to offset losses incurred earlier in the year by Annaly and Two Harbors. Meanwhile, a REIT with a non-agency focus turned a profit.

Net interest income for the capital markets business came to a measly $522 million for the year. The segment posted actual losses from investments and other sources, producing just $25 million in net revenue.

There was still gas in the tank in January as agency MBS issuance rose slightly from the previous month. Fannie saw the biggest gain, while Freddie business fell. (Includes two data charts.)

One of the largest REIT investors in the MBS market took a loss of $266 million in 2020, with gains in the final three quarters unable to wipe out the red ink posted in the first quarter. Still, officials at AGNC are optimistic about the future.

Trade group officials believe by opening a dialogue with regulators they can fix the GSE cash window “problem” that is looming.

International third-party examiners have endorsed the enterprise’s green and social bonds.

Some $714 billion of loans were removed from Ginnie MBS last year, with about 86% of them representing borrower payoffs. Repurchases of delinquent loans were also up sharply from 2019. (Includes two data charts.)

Gov. Andrew Cuomo’s 2022 budget proposal includes language that formalizes the inevitable shift from LIBOR to SOFR for most financial institutions.

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?