The trend of sharply declining repurchases commenced in 2014 as investors and sellers began settling buyback claims on mortgages dating back to before the financial crisis.

Fun fact: Among the top 10 wholesalers, not one is a depository…

Mortgages in the deal have an average combined LTV ratio of 87.8%.

Rep. Andy Barr of Kentucky: “Important sectors of our economy, including hospitality, conventions, entertainment, retail and commercial real estate, remain in stress."

The Fed boosted its MBS holdings by a stunning 39.7% in 2Q20 while commercial banks posted a mere sequential gain of 1.6%...

Although the forbearance program was extended by the FHFA, it still looks expensive to lenders at 500 to 700 basis points...

When was the last time the market saw a publicly traded wholesale-only lender?

Once again, the NFIP is on the brink. Will Congress ever get its act together? 

Meanwhile, depositories upped their production game by 48% compared to the first half of 2019...

One last observation: Over the past month we’ve talked to no one who believes 2021 will be a train wreck. Several expect it to be a strong year, just but not as good as 2020…