Fannie Mae and Freddie Mac have dramatically increased the amount of debt they’ve issued this year due to the economic impact of the coronavirus. But the cost of their debt tells a different story.

The offering followed close on the heels of three K-deals announced the previous week.

In its S-1 filing, Quicken (not surprisingly) said it’s powerless to modify the rules that govern its relationship with the GSEs.

The nonbank accounted for 7.7% of originations in the first quarter of 2020.

The GSE priced two deals totaling $1.17 billion.

After Sept. 15, Fannie Mae and Freddie Mac will no longer accept LIBOR loan applications. Moreover, the FHFA and the GSEs expect all loan purchases linked to the London benchmark to cease by yearend.

Fannie Mae and Freddie Mac will purchase single-family mortgages that are in forbearance. But there’s a catch: steep LLPAs.

Fannie economists predict a shocking 25.3% drop in second-quarter GDP, including a 36.2% free-fall in residential fixed investment.

The list, which currently includes only four pools, will be updated weekly. It can be found on the DUS Disclose page of Fannie’s website.

Freddie Mac priced two K-deals, which include separate floating-rate tranches linked to LIBOR and SOFR.