Fannie Mae and Freddie Mac issued a combined $2.34 billion in CRT securities, excluding reinsurance deals, in the second quarter. That was down 18.0% from the first quarter.
Loose IT security controls could have made it possible for a malicious employee, or an external party with access to that employee's account, to gain full control of the FHFA network.
The non-agency securitization market for closed-end seconds has grown substantially in the past year as lenders look to expand their product offerings with refinance business limited.