California remains the mother lode for Fannie Mae and Freddie Mac. In the first six months of 2019, the GSEs purchased $58.1 billion in loans from the Golden State.

The Federal Home Loan Bank System saw a 21.2% decline in earnings during the second quarter of 2019.

Both GSEs posted their highest monthly volume of single-family MBS issuance since January 2017. Purchase-mortgage and refinance business rose significantly.

The GSEs continue to offload delinquent loans in their mortgage portfolios, bringing the tally of loans sold since 2014 to 117,466 with an unpaid balance of more than $22 billion. Page 9.

Seller repurchases of defective loans dropped to the second-lowest total on record, but Freddie repurchases remained significantly higher than Fannie's. The volume of unresolved claims was up from the fourth quarter.

Fannie's MBS issuance was up significantly from April to May while Freddie posted a smaller monthly gain. Purchase mortgages and refinancing both rose substantially.

Larger banks pull back on advances as mortgage lending cools.

The Golden State's high concentration of broker loans and refinancing is reflected in its top two sellers: United Wholesale Mortgage and Quicken Loans.

Fannie saw significant gains in both purchase and refinance business in April. Wells Fargo was dethroned as the top GSE seller for the month.