The July-September cycle was the strongest production level since the second quarter of 2008, when ABS issuance hit $73.42 billion.

David Brickman, Frater’s counterpart at Freddie, expressed similar sentiments: “Costs have changed. Risks have changed. We’ve put in place an appropriate and prudent response to that change in the external environment for us to support struggling homeowners.”

Commenting on the stubbornly high Ginnie measurement, MBA's Fratantoni noted it shows that recovery is not uniform “and that many are still struggling to gain their footing.”

The proposed rule defines a new activity as any new business line, business practice, or service that the GSEs offer to the market.

Quicken takes another trip to the repo well...

It was the highest three-month production reading in the program’s history, continuing a run in which the past five quarters represented the five highest Ginnie totals ever.

Might GSE seller/servicers see changes in LLPAs during the coming months? Stay tuned... 

The prime jumbo space saw the strongest rebound, with new issuance jumping 168.1% from the second to the third quarter.

While the supply of VA loans in Ginnie MBS continued to grow during the third quarter, the volume of securitized FHA forward mortgages fell 2.7% from the end of June.

Most loans are removed from Ginnie pools because the borrower paid off the loan. Then there's the matter of EBOs...