Layton notes that in the first full quarter under the new UMBS regime the Freddie discount fell to just 1 basis point, 80% off its historic average, and dramatically lower than the 10 bp gap in 1Q19.

The share of QM patch loans at the GSEs — that is, loans exceeding 43% DTI — has dropped dramatically in the past year.

The NPL sold by the enterprises had an average delinquency of three years and a loan-to-value ratio of 92%. Fannie accounted for 78,281, or two-thirds, of these sales between Jan. 1 and June 30.

Part of the problem is that the current proposed rule was a product of the previous director and much has changed since the rulemaking began a year ago.

The plaintiffs had accused 16 major financial institutions of exploiting their market dominance to manipulate bond prices.

Prosecutors allege that co-owners of a company that offered assistance to borrowers going through short sales illegally charged fees for negotiating the sales.

ARRC language would ease the transition from LIBOR to an alternative index based on SOFR.