George Mangiaracina: “Without getting into specifics ... margins are 50% better in GSE than they are non-QM.”

No press release on Freddie's website regarding Brickman's resignation. Why?

Year-to-date production, $1.852 trillion as of Halloween, was up 131.5% from last year. It’s a foregone conclusion that Fannie and Freddie this month will top the current $1.912 trillion annual record for GSE MBS issuance set back in 2003.

For its part, Fannie has stayed away from new CRT issuance other than some reinsurance transactions...

Brickman took over the CEO role in July 2019. His final day will be Jan. 8.

Despite this "relief" measure, the GSE regulator has been sharply criticized by lenders because the fee is so steep: 500 basis points for first-time buyers and 700 bps for everyone else.

Quicken is an active and major player in the Ginnie Mae EBO game as well...

A basic question is posed: If Fannie and Freddie are earning so much money, why do they need to impose the fee?

As Brown and Reed point out, unless Fannie and Freddie specifically require it, the parties purchasing these loans are under no obligation to provide forbearance to the borrowers.