If the coronavirus crisis goes on for more than six to eight weeks, FHFA Director Mark Calabria sees mortgage servicers under “a lot of stress.”

Deliveries of refinance loans into Fannie and Freddie MBS pools fell sharply in February. But record lows in interest rates promise a huge influx of business in coming months. (Includes two data charts.)

The hiatus in the net worth sweep added $12.53 billion to the GSEs’ combined net worth over the last six months of 2019, including fourth-quarter profit of $4.27 billion at Fannie and $2.45 billion at Freddie. (Includes data chart.)

All applications for LIBOR-based single-family and multifamily ARMs must be dated Sept. 30 or earlier or they won’t be eligible for sale to the GSEs.

SIFMA said the Ginnie-like market structure proposed by FHFA isn’t appropriate for conventional MBS. Moreover, the plan doesn’t address the continued misalignment of MBS issued by Fannie and Freddie.

The latest multifamily transaction continues the enterprise’s move toward Secured Overnight Financing Rate-based bonds.

Fannie and Freddie in 2019 topped the $1 trillion mark for the first time since 2013 thanks to an unexpected surge of refinance business in the second half of the year. (Includes two data charts.)

Freddie upped its share of GSE single-family MBS issuance with a 7.5% increase from September, while Fannie’s monthly volume slid 3.0% last month. (Includes two data charts.)