What a difference a year can make. Last spring, the REIT was getting margin-called and selling MBS. Today, it’s buying huge mortgage banking franchises.

Securitizing mortgages can be expensive and recent PSPA changes might force the hand of smaller lenders, at least that’s how some trade groups see it. (Includes three data charts.)

The Alternative Reference Rates Committee has warned that it may not be in a position to recommend a forward-looking SOFR term rate by mid-2021.

GOP staffers on the Senate Banking Committee said remarks Tuesday by Sen. Pat Toomey, R-PA, were a sign he was willing to compromise on an explicit government guarantee of agency MBS.

Trading desks had a busy month in February as rising rates caused participants to act. Where do we go from here? Good question.

Many lenders were under the impression the new restrictions on Fannie’s and Freddie’s acquisition of mortgages for second homes and investment properties would go into effect next year. Apparently not.

The CFPB proposed extending the GSE “patch” through September 2022 while new leadership at the regulator considers revisions to the general QM standards.

Sen. Pat Toomey, R-PA, argued that the Democrats’ $1.9 trillion COVID relief bill and the Federal Reserve’s bond purchases are no longer necessary, and that more targeted, less costly measures are in order.

Fannie and Freddie both grew their portfolios of whole loans targeted for the securitization process while reducing the amount of their own MBS holdings. (Includes data chart.)

Read the tea leaves: Rising rates and a jump in MBS activity could portend trouble up around the bend.