The Trump administration has not only proposed extending the existing g-fee surcharge, but recommends doubling it. Not to be outdone, both Democratic presidential candidates, former Vice-President Joe Biden and Sen. Bernie Sanders, D-VT, also support raising g-fees.
The New York Fed performed two separate repo market maneuvers on Tuesday: a $100 billion overnight operation and a $20 billion 14-day assignment. Both were oversubscribed.
If Treasury converts its senior preferred shares to commons and the GSEs go for a public offering, existing shareholders will take a haircut. Valuations on the commons could dip to $1/share for Fannie and $2 for Freddie.
Wells Fargo: “Like everyone, we are seeing an increase in mortgage application volume driven by lower rates. In order to help provide the best possible service to our customers, we continue to hire underwriters, processors and closers..."