Calabria’s remarks were part of a broader outline summarizing the impact the crisis has had on mortgage markets and the actions the FHFA has taken in response.
Those 21 states accounted for $919.3 billion of single-family business funneled through Fannie Mae, Freddie Mac and Ginnie Mae into mortgage-backed securities issued in 2019.
Actions by the Fed to help the mortgage market haven't don't much for non-agency MBS. Issuance ground to a halt and a number of lenders suspended production.
We’re still waiting to hear word on pending legislation to provide economic relief to consumers and businesses affected by the pandemic. Included in the bill is a funding mechanism for nonbank servicers.