In the stock market, we trust. Right? Meanwhile: Ocwen to the rescue? (Too bad Ditech didn't survive.)

“That’s going to grow as we see more and more states that enter into a shelter-in-place status,” said Steve Gottheim, senior counsel at ALTA.

“In fact,” said GSE regulator Mark Calabria, “if this goes on for more than two months, we’re going to be looking at stress for Fannie and Freddie"...

Mortgage guarantors and regulators are keenly aware of the financial disaster that could be in the making. Conference of State Bank Supervisors President John Ryan sent a letter to Federal Reserve chairman Jerome Powell and Treasury Secretary Steven Mnuchin encouraging the creation of a liquidity facility to support residential servicers.

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.

FHFA’s move regarding appraisals was somewhat expected...

Bottom line: The Fed will keep buying agency MBS as long as it has to...

Meanwhile, mortgage wholesalers are starting to reassess their rate-lock policies for shelter-in-force states...