The CSS board now has four GSE-appointed members and five independents. Fannie and Freddie warned that this new majority will have the final say on any matter during conservatorship and on a number of significant matters following conservatorship (if they ever exit).
Although GSE single-family business volume declined from January to February, the market remained at historically high levels, especially for refinance transactions. (Includes two data charts.)
The Fed and commercial banks purchased a combined $1 trillion in agency MBS over the past 12 months, more than 145% of the net supply. (Includes data chart.)
Spikes in amortization income, guarantee-fee income and credit-related expenses are all closely tied to the government’s intervention in the coronavirus crisis. (Includes data chart.)
In addition to a couple of traditional K-deals, Freddie Mac offered sustainability bonds and deals based on supplemental loans and small-balance loans.