Bank of America increased its MBS portfolio by a whopping $93.5 billion during the fourth quarter. Big gains were also reported by Chase, Schwab and Truist. (Includes two data charts.)

Read the tea leaves: Rising rates and a jump in MBS activity could portend trouble up around the bend.

So far, performance of the multifamily businesses of Fannie Mae and Freddie Mac in 2021 resembles 2020. It’s not clear if these similarities will persist.