The coronavirus economic assistance package is signed, sealed and delivered but concerns remain over the ability of nonbanks to pay MBS holders in the event delinquencies spike over the short term.

A resumption in quantitative easing — at a pace that dwarfs asset purchases during the financial crisis — is just one of several Fed actions to keep credit markets functioning through the coronavirus crisis.

The agency MBS will likely see a 10% increase in new issuance when the March data come in, but non-agency MBS, ABS and CMBS production has dried up over the past three weeks.