Keep in mind that, Ginnie MBS is back-stopped by the full faith and credit of the U.S. government. By comparison, Fannie Mae/Freddie Mac MBS carry an “implied” guarantee.

Common sense dictates that the larger the MSR portfolio, the steeper the pain will be...

Those in favor of the concept include: JPMorgan Chase, PennyMac Financial Services, the Housing Policy Council and the Structured Finance Association…

The VA program saw the sharpest spike in refi activity, shooting up 69.7% from the second quarter.

The new MBS differs in some ways from previous expanded-credit issuance from Annaly, including a reduced reliance on mortgages from Banc of California and an increase in investment-property loans.

Sources indicated that Kasper was hoping to be nominated as permanent president; but, in what has become a pattern for the Trump administration, the nomination notice never came.

“We’re trying to be holistic about this,” said FHFA Director Mark Calabria, “which obviously means it takes time.”

Expanded-credit MBS issuance (the sum of nonprime and Alt A) hit $9.90 billion in the third quarter, a 60.8% jump from the previous period.

The lender argued that a financial institution that is subject to a pending enforcement action by an unconstitutionally structured agency is entitled to meaningful relief.