The longer it takes Congress to react after a debt default, the bigger the impact will be, according to Cristian deRitis, deputy chief economist at Moody’s Analytics.

Since quantitative tightening began in June 2022, the Fed hasn't come close to the $35 billion monthly cap on its MBS runoff.

Rithm owns NewRez, Caliber Home Loans and Shellpoint Mortgage Servicing, among other units.

Improvements in loan performance were seen across Fannie Mae, Freddie Mac and Ginnie Mae.

The banks had weathered volatility in March and April.

Servicing drove earnings while lending generated a loss.

Servicing still looks more attractive than lending at the moment.

Resuming purchases of newly originated loans and taking part in a January securitization, Angel Oak Mortgage experienced a slight boost to start the year.

Locks for both purchase mortgages and refinances declined.

Freddie's profitability remains a tale of loan loss reserves, with net income rising and falling according to the size of the provision for losses.