Who will take up the slack when the Fed is no longer the dominant buyer in the MBS market?

One veteran GSE investor and housing-finance system critic believes the $6 trillion book of business is actually worth more than $11 trillion.

Freddie’s new When-Issued certificates come with a couple special conditions.

When-Issued certificates allow the enterprise to advance fund the guaranteed portions of its signature K-deals. That means Freddie can transfer market risk while pooling collateral for its MBS.

While Fannie and Freddie look to be reclaiming lost investor-property loan business, seller execution tactics haven’t changed much in recent months. Volume fell 14% from October. (Includes two data charts.)

If the Senate fails to resolve the debt ceiling in time, the federal government’s credit rating will likely be downgraded to “restricted default.” So, too, will the ratings on GSE debt.

Mike Gill was part of the team brought in by former FHFA Director Mark Calabria to prepare CSS to issue securities for potential competitors of Fannie and Freddie.

Fannie issues its first CAS deal in nearly a year and a half, following a decision by FHFA Acting Director Sandra Thompson to double the capital relief available for CRT transactions.

Freddie’s refinance-based green MBS program leapfrogs past Fannie’s more mature program based on newly built homes. (Includes data chart.)

Fannie and Freddie have issued a combined $25.1 billion in long-term debt so far this year. That’s compared to $338.7 billion in the first six months of 2020.