But will the central bank act decisively? “Powell’s remarks were encouraging,” one veteran industry lobbyist noted.

Keep in mind that Treasury controls the senior preferred stock of Fannie and Freddie. If the government-sponsored enterprises go up in smoke, Treasury’s investment will be worthless…

However, dark clouds are on the horizon for rate-and-term deals: Refinance applications dropped 19%, reversing a 25% increase the week before.

Specifically, Ginnie is permitting a note structure, which allows for the securitization of servicing cash flows through a trust.

FHFA's stance has mortgage bankers perplexed, to say the least...