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

Some $714 billion of loans were removed from Ginnie MBS last year, with about 86% of them representing borrower payoffs. Repurchases of delinquent loans were also up sharply from 2019. (Includes two data charts.)

A pop quiz: What backstops $2 trillion in mortgages, earns $1 billion-plus per year but still doesn’t have a permanent boss?

Have Federal Reserve policies, and the flood of refis that they’ve created, permanently altered MBS markets?

What might the new Biden administration do with Fannie and Freddie? Good things ahead for Ginnie? Let the speculation begin.

In 2020, mortgage records were broken all over the industry. MBS trading, meanwhile, had its best year since 2010.

Fannie Mae, Freddie Mac and Ginnie Mae reported improvement in loan-performance rates in November. But early-payment defaults were up. (Includes data chart.)

Word is out: Money can be made in the Ginnie EBO space. The strategy is attracting investment funds but it’s not as easy as you might think.

Led by PFSI and Quicken, some of the nation’s largest nonbanks are entering the Ginnie EBO arena. More to come?