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%.

As might be expected, the move rattled lenders who are now trying to figure out the ramifications of a patch-less mortgage world...

Some $81.01 billion of non-mortgage ABS came to market in the first quarter, a hefty 85.8% gain from the previous period.

The two government-sponsored enterprises saw a steeper 20.4% drop in purchase-loan volume, while the government-insured market fell 16.9%...

Bottom line: These smaller shops will need to make additional capital investments to effectively compete against larger seller/servicers.

At press time, mortgage stocks were mixed (up or down slightly), with the exception of Fannie Mae and Freddie Mac. Both were up about 5%...