These are not calming times for investors in Ginnie Mae MBS. Forbearance ratios are on the rise again and then there’s the buyout issue.

As investors sift through the tea leaves of the bond market, the average daily trading volume in agency MBS increased 11% in July from the month prior. But where we go from here is anyone’s guess.

Ginnie Mae’s online portal will be the sole avenue to access all its systems, including GinnieNET and GMEP, from Dec. 1.

Where are all the Ginnie Mae applicants? The waiting list has dwindled to a trickle. Reason: The pandemic and related issues.

Former Ginnie President and current PennyMac Director Ted Tozer thinks so.

The average daily trading volume in MBS continues to head south as new creation proliferates and investors worry about the Dow blowing up again.

The Financial Stability Oversight Council wants to take a close look at the secondary mortgage market but isn’t letting on about its agenda. Maybe a “housing czar” will come out of this, some wonder.

With overnight funding in the agency repo market hovering around 15 basis points and term repo rates a shade above the one-month LIBOR, yields for agency mREITs could edge upward, KBW analysts predict.

The company believes delivering loans to agency MBS helps it be a “high velocity, capital light and cash generating” operation. This year, the firm has held mortgages on its balance sheet for as few as eight days.

There’s nothing wrong with buying delinquent mortgages out of Ginnie pools, but some issuers may have been getting too greedy during the pandemic.