Over the last decade, the U.S. has averaged nearly 56,000 wildfires a year, covering more than 6.5 million acres, and destroying thousands of homes. The problem is acute enough that discussions are underway to create a reinsurance market for wildfire damage.

The new strategic plan lays out three objectives. However, the agency’s parameters are both general and vague. Don’t bet on legislation.

SOFR-linked debt is vulnerable to much higher rate volatility than those referencing LIBOR. This risk was highlighted last month when surging repo rates sent SOFR briefly to a record 5.25%.

Although the non-QM portion of the non-agency market accounted for less than $10 billion in 2018, it could absorb more than $50 billion in former patch loans if it continues its current annual growth rate.

A major influx of refinance business pushed Fannie and Freddie MBS issuance to $120.25 billion in August, their biggest monthly production since January 2013.

The bond market is upside down. Since Aug. 27, all Treasury notes with maturities of one year and lower have had greater yields than the 10-year.

Fannie still accounted for nearly 62% of GSE single-family servicing out-standing at the end of June, but Freddie has been growing its business more quickly.

Freddie Mac saw its share of new MBS issuance climb to 48.5% in the second quarter, though heavy lender sales of seasoned loans accounted for some of the gain.

The indictment of apartment mogul Robert Morgan and several of his associates may have accelerated the prepayment speeds of dozens of Fannie’s and Freddie’s multifamily MBS.

One of the last legal dramas from the subprime crisis took a surprise turn last week when FHFA sued Wells over a case that had been settled earlier this year. At stake: more than $1 billion in RMBS issued 13 years ago.