Thanks to a booming origination market, Fannie and Freddie posted strong earnings for the second quarter despite the economic carnage caused by the pandemic. Their capital positions also improved.

Fannie Chief Financial Officer Celeste Brown credited the recently adapted current expected credit loss (CECL) standard for the improved showing because the mortgage giant now looks at lifetime losses whereas before it would have just looked ahead two years.

According to the S-1 initial public offering documents filed with the SEC, Rocket’s total share count (public and private) is roughly 1.9858 billion shares. At $22 a unit (the upper end of the range) that works out to a cool $43.69 billion. In short: Wow.

The added cost associated with servicing a mortgage in forbearance gives servicers an incentive “not to follow the mandates of the CARES Act and implementing guidance,” investigators said.

Higher mortgage rates in six months? No one sees it...