The situation at press time: Mnuchin said that a Fed facility was no longer warranted...

“Wait until you see next month’s PTAP draw,” suggested one official familiar with the program...

However, the question remains whether the bureau will announce significant changes to the current framework...

The flows into commercial MBS of loans backed by office properties, retail facilities, hotels, apartments and industrial properties were all down sharply from the fourth quarter, a victim of the economic damage caused by the COVID-19 pandemic.

Fun fact: Nonbanks have taken over the top-50 ranking, with only 18 depository institutions making the cut in the first quarter...

A FHFA spokesman told Inside Mortgage Finance the pricing approved by the agency is “fair and reasonable. He added: “We have heard these loans would sell for much lower prices (15-20% discounts) in private markets.”

When the going gets tough, the tough tighten their underwriting standards...

Tighter underwriting standards from wholesalers and aggregator are limiting the production flow...

Is the industry happy about today’s announcement? Some praised it but one veteran lobbyist quipped: “It’s better than nothing but it’s pretty thin gruel.”