Some credit-risk transfer deals explicitly exempt forbearance losses due to natural disasters. Freddie Mac clarified that it considers the coronavirus a natural disaster. Fannie Mae has yet to provide guidance.

When it comes to pandemic-related bailouts, the Fed is running the table. But the mortgage industry would like to hear something concrete on servicer liquidity.

In the five weeks since March 16, the Fed has purchased a net of $486 billion in agency MBS.

The OIG identified four areas where the FHFA will have to improve if it hopes to supervise the GSEs absent the powers of a conservator.

In the end, the Federal Reserve will step in to fund nonbank MBS servicers if push comes to shove. At least, that’s what the mortgage industry is banking on.

Velocity Financial raised capital by selling stock after plans to issue MBS were disrupted by volatility from the coronavirus. Several REITs also provided updates on their financials.

In an effort to add liquidity to the market for servicing advances, Ginnie Mae is permitting a note structure, which allows for the securitization of servicing cash flows through a trust. First user: PennyMac.

Ginnie Mae temporarily waives in-person signatures and takes other precautions in response to the pandemic.

The non-mortgage ABS sector stood alone as the only market to post increased production in the first quarter, but activity came to a near standstill in March. (Includes three data charts.)