On the rise: cash-window purchases...

Morgan Stanley resumed issuing prime non-agency MBS in December 2020 after years away from the market.

Refinance and restructuring of previously issued deals accounted for 62.8% of first-quarter CLO and CDO issuance. A total of $47.94 billion of such deals hit the market...

It's like "free" money...

The terms of Fannie’s new RefiNow program are broadly similar to those of Freddie Mac’s new Refi Possible.

While the limit is near the level of GSE acquisitions of non-owner occupied properties in recent years, the way the cap has been implemented is prompting lenders to seek new outlets.

Did anyone really think the gain-on-sale margins of 3Q20 and 4Q20 would last forever?

Presumably, the pandemic has fueled the increase in gripes...

Fannie Mae continues to take a dim view of the capital relief it gets for CRT activities under the enterprise regulatory capital framework...

Sometimes, big isn't always better...