But the rule change that has generated the most confusion is one that limits acquisitions of loans secured by investment properties or second homes. One bugaboo: the start date.

As a result, the four board members appointed by Fannie and Freddie are now outnumbered by the five named by the FHFA.

The record $114.44 billion total for Fannie, Freddie and Ginnie represented a 33.7% gain from the third quarter.

Only a handful of non-QM MBS took losses. The reason: Investors were protected by credit enhancement...

Over the past three quarters, several Ginnie issuer/servicers have turned a nice profit by purchasing delinquent FHA (and to a lesser degree VA) mortgages out of MBS pools, rehabilitating the notes and then repooling them.

Deals are on the way from Redwood Trust, Quicken Loans and Wells Fargo.

The irony: As banks trimmed their holdings, mortgage servicing rights increased in value...

If MBS returns go negative, that means lenders will have to hike rates to entice investors. Right? Consequences?

The agencies issued $304.15 billion of new single-family MBS in February — the fifth straight month over the $300 billion mark, a level never seen until August of last year.

Mortgages in the $272.3 million MBS have seasoned for an average of six months.