Although the outlook for mortgage-investing REITs has improved since the Fed began buying agency MBS in March, it has not necessarily been evident in their dividends.
According to figures compiled by Inside Mortgage Finance, consumers owe roughly $11.168 trillion on their home mortgages, which (based on the MBA measurement) means $947.1 billion in residential debt is at risk.
“The agency may therefore continue to operate, but its director, in light of our decision, must be removable by the president at will,” according to the majority opinion, written by Chief Justice John Roberts.
Timing is everything. The majority of the loans, 63.0%, went into forbearance status in April and many of these borrowers may have already made their May payment.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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