Issuance of agency real estate mortgage investment conduits/collateralized mortgage obligations was essentially flat in 2021, with Ginnie sharply increasing its volume while GSE issuance declined. (Includes data chart.)
Issuance of non-agency MBS with deals backed by mortgages bought out from Ginnie Mae MBS has increased in recent months. Once they’re reperforming, those loans can be re-delivered to Ginnie.
Nonbank boosters continue to fear Ginnie Mae’s final capital rule may not accurately reflect the intrinsic value of MSRs. Others fear it could be too soft.