In the conventional-conforming sector, the securitization rate rose to 71.4% from 68.8% as Fannie Mae and Freddie Mac churned out new MBS faster than the market was making new loans.
Freddie MBS represented 3.7% of the collateral backing Fannie Supers in the second quarter, the highest level of commingling since the GSEs imposed new fees on such activity a year ago.
Activity by Fannie Mae and Freddie Mac involving shared equity loan programs has been limited to this point and the FHLBanks are currently prohibited from acquiring mortgages in shared equity programs.
Late last year, Ginnie seized the mortgage servicing assets of Reverse Mortgage Funding after the company filed for bankruptcy, citing liquidity issues.