The trade group also argues the patch should not be tied to the end of GSE conservatorships...

Freddie recently closed on an $835 million Structured Agency Credit Risk deal that was originally sized at $735 million...

In 2Q20, Fannie and Freddie acquired $104.07 billion of loans with DTI ratios greater than 43%, up 40.9% from the previous quarter.

Apartment dwellers must be given the “flexibility” to repay back rent over time. However, the new guidance shouldn’t be interpreted by tenants as a get-out-of-jail-free card. As FHFA Director Mark Calabria put it: “If tenants are able to pay their rent, they should continue to do so.”

While the refinance market continued to go bonkers, agency securitization of purchase loans showed a bigger relative gain from June.

In a statement, MBA Chief Economist Mike Fratantoni said, “The job market has cooled somewhat over the past few weeks, with layoffs increasing and other indications that the economic rebound may be losing some steam because of the rising COVID-19 cases throughout the country. It is therefore not surprising to see this situation first impact the Ginnie Mae segment of the market.”

Fun fact: Among the nation’s top 20 residential servicers in 2Q20, just six were depositories...

An MBS that yields 1.5%? Hard to fathom.

In the announcement extending the policy, FHFA Director Mark Calabria offered a defense of the stiff surcharges, saying, “Lenders have a responsibility to ensure that borrowers can make their monthly payment.”

Given the widespread shuttering of consumer-focused businesses due to the coronavirus, it’s no surprise that securitization of loans on retail properties plummeted 90.1% to just $275.0 million.