Actions by the Fed to help the mortgage market haven't don't much for non-agency MBS. Issuance ground to a halt and a number of lenders suspended production.
Homebridge Financial’s wholesale division and theLender both announced suspensions to their non-QM lending operations. Others will follow, rest assured...
And therein lies a chief fear for the mortgage industry: as the economic damage caused by the spreading coronavirus piles up, will nonbank Ginnie issuers have enough liquidity to make those payments in the months ahead?