Ginnie issued around $27.10 billion in MBS with single-family mortgages in January, a 5.7% decline from December and notably smaller than that month's decline of 14.2%.

Lodging was the only major property type to get traction in the fourth quarter.

Management shelled out $23 million during 4Q to cover severance payments to laid off workers and for property consolidation.

Government-insured lending looked almost alive in comparison...

Overall, Fannie/Freddie MBS issuance in January was down 73.1% from a year ago.

On an annual basis, the increase in gripes regarding credit reporting are even more imposing.

Mortgage brokers using table-funding fared slightly better with a 31.2% sequential decline...

The Fannie official began his presentation with the top 10 defects discovered by his QC team...

Note: Once upon a time, Wells regularly was the top bank in the business...

Ginnie, by the way, ranked as the top agency MBS issuer for the fifth straight month.