With FHA loan performance relatively strong and the spike in interest rates this year, early buyout activity from Ginnie MBS is limited. Overall, removals are slowing thanks to elevated interest rates. (Includes data chart.)

Freddie recorded the biggest decline in the agency market, while Ginnie dodged the worst of the downturn. Agency multifamily MBS issuance was up, however, as was non-mortgage ABS production. (Includes three data charts.)

Portfolio holdings of agency MBS fell mostly due to lower market value for the assets. REITs also recorded a significant drop in TBA investments as agency MBS issuance declined. (Includes data chart.)

Volume increased in the risk-transfer deals issued by Freddie and Fannie. However, unpaid principal balance on the covered pools declined. (Includes data chart.)

Fannie Mae’s first-quarter earnings declined due to higher loan loss provisions, while Freddie Mac posted higher profits on the back of credit-related income. (Includes data chart.)

Loan repurchases from Ginnie MBS in the first quarter of 2022 neared pre-pandemic levels as delinquency rates declined. Loan removal trends vary among the top servicers. (Includes two data charts.)

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.)

Overall securitization rates declined in 2021 as the historic wave of GSE and government business began giving way to increased non-agency lending. (Includes data chart.)

The GSEs combined netted $7.93 billion in fourth-quarter profits on $13.21 billion in net revenue while shrinking their retained mortgage portfolios by $4.45 billion. (Includes data chart.)

Loan payoffs through refinancing and the like declined during the fourth quarter while buyouts plummeted. On an annual basis, loan removals were largely flat. (Includes data chart.)