A group of 15 top mortgage REITs increased its agency MBS portfolio by $20.9 billion during the second quarter of 2019, although non-agency MBS investment slipped modestly.

New issuance of credit-risk debt notes by the GSEs fell 25.5% sequentially in the second quarter, but surging MBS production in recent months will likely spur increased CRT activity in the second half of the year.

Mortgage-investing REITs continue to tap the equities market. And it’s occurring at an odd time: The Dow Jones Industrial Average is gyrating like a drunken puppet.