REIT industry holdings of agency MBS have climbed 8% higher than they were when COVID forced many firms to shrink, but investment in non-agency MBS remains depressed. (Includes data chart.)

Freddie had one of its busiest quarters ever in issuance of new STACR credit-risk transfer securities in the first quarter of 2021. Fannie remained out of the market. (Includes data chart.)

Mortgage banking firms have been emulating some of their customers by taking advantage of rock-bottom rates to borrow as much as they can. Should anyone be worried?

The GSEs reported a modest decline in net interest income, which includes earnings from MBS guarantee fees. The surge in g-fee income from the adverse market fee implemented in December will be spread over the expected life of the loans. (Includes data chart.)

Most of the increase in Ginnie loan removals came from borrower payoffs, but servicer buyouts for loss mitigation and foreclosure rose sharply. (Includes data chart.)

Top life insurance companies increased their ABS holdings substantially in 2020 and commercial MBS investment was up as well. But residential MBS portfolios declined. (Includes data chart.)

Banks reported substantial gains in their holdings of consumer ABS and deals backed by vehicle loans, along with steep drops in credit card and commercial securitizations. (Includes two data charts.)

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.)

In late 2020, Fannie came back into credit-risk transfers with a bespoke deal with one of its largest nonbank sellers. Freddie continued full speed ahead with more traditional STACR issuance. (Includes data chart.)

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.)