California mortgages account for the large chunk of collateral at 41.2 percent. Texas is a distant second at 10.4 percent.

Bradd Gold of Au Consulting LLC noted that in the year prior to their federal takeover, Fannie and Freddie sold $10 billion of GSE junior preferred.

Redwood CEO Marty Hughes said pricing for jumbo MBS is currently strong, with execution on issuance better than execution for whole loan sales.

Average credit scores in the FHA program drifted slightly lower, while climbing 1.9 points for VA loans.

Meanwhile, selling Ginnie Mae receivables is still a difficult task…

Moody’s said many of the contributors to the MBS are small, regional entities that lack the sophistication of larger, more established originators.

“Since reaching a trough in mid-2013, the rebound in household debt has been led by student debt and auto debt, with only sluggish growth in mortgage debt,” said one New York Fed official.

Once the GSEs turned it around and showed a whiff of profit the speculators pounced and bought the shares on the cheap...

Higher FHA delinquencies may have been caused by administrative mistakes…

Caliber Home Loans climbed into second place in the wholesale-broker market thanks to a huge 63.7 percent gain in annual funding volume.