Of the total in COVID deferral status at the end of March, 91.56% of loans were current. Another 3.76% were one or two payments past due, and 4.69% were three or four payments late.

Both companies — wards of the federal government since the fall of 2008 — have benefitted from record originations, which in turn have juiced secondary market transactions, and subsequently their profits.

On the plus side: revenues at Freddie increased 4.9% from the fourth quarter of last year...

There’s just one catch: the refi option won’t be available until the summer...

FHFA chief Mark Calabria: “The reality is that, in the short run, there will be a pinch on the market, if you will."

One big rah-rah fan of the GSE utility model is the National Association of Realtors...

The combined overall delinquency rate for Fannie and Freddie dropped to 2.57% at the end of March...

Fannie’s RPL activity has consisted entirely of whole-loan sales. Freddie, on the other hand, continues to focus its RPL activities on the securities side of the business.

Amazingly, there were no bulk transfers of Ginnie MSRs. None.

Historically, rich and poor borrowers have had roughly the same likelihood of refinancing: a probability of 1.14%.