Things aren’t back to pre-crisis levels by any means. In 2006, quarterly non-agency MBS issuance averaged over $285 billion every three months. It will take a miracle to reach that level for all of 2021.

It was never entirely clear to conventional lenders why the LLPA was installed in the first place given the relatively low COVID-related forbearance readings on GSE loans.

Will Fannie and Freddie ride Ginnie's coattails and usher in higher capital standards as well?

The $224 million MBS is stocked with 30-year mortgages underwritten based on debt-service coverage ratios.

To be fair, Kaplan didn’t suddenly come to this conclusion. He’s been pushing the Fed to consider tapering since at least early spring.

Combined MBS issuance by the three agencies fell $38.26 billion during the second quarter. Sales of California loans to the agencies dropped $36.94 billion from the first quarter.

Ginnie has been working on the change in requirements for well over a year...

At the other end of the spectrum, deliveries of refi loans with credit scores of 740 or higher fell 20.1% from the first to the second quarter...

The Ginnie market actually held up fairly well with a slim increase over the first quarter...

The hope is that the non-agency market will now be on closer to equal footing with the GSEs in terms of compliance burdens relating to the CFPB...