The shift is tied to GSE PSPA amendments, which came in January...

Mark Calabria: "Just like other large financial institutions, these plans will provide Fannie Mae, Freddie Mac and FHFA with a roadmap for preserving business continuity should they fail again."

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.