Mortgage credit supply in August fell to its lowest level in six year, driven by a reduction in supply from both conventional and government segments t, according to a recent tally by the Mortgage Bankers Association.

Fannie Mae, Freddie Mac and Ginnie Mae issued $321.83 billion of single-family MBS last month, according to an Inside MBS & ABS ranking and analysis.

Loans in the first non-QM MBS from Wells have seasoned for an average of 15 months.

The deal will mark the fifth MBS Angel Oak has issued since mid-May, all of which have been stocked with mortgages originated before April.

MBA's Mike Fratantoni: “The share of Ginnie Mae loans in forbearance increased again ... as the current economic crisis continues to disproportionately impact borrowers with FHA and VA loans."

Fannie Mae, for one, believes the proposal could prompt a 20 bp increase in g-fees.

the good news: Mortgage servicers so far have been advancing principal and interest on missed payments to the secondary markets...

Securitization of purchase loans rose 16.2% from July to August, including an 18.2% increase in VA loans. FHA still accounted for the biggest share of government-insured purchase loans, 53.0% last month.

TD Bank and Charles Schwab continued to dominate the sector, accounting for a combined 45.2% of industry ABS holdings despite pulling back somewhat during the pandemic-stricken second quarter.

It may seem hard to believe, but the high level of impairments hasn't prompted material losses on MBS, at least not yet...