Things aren’t back to pre-crisis levels by any means. In 2006, quarterly non-agency MBS issuance averaged over $285 billion every three months. It will take a miracle to reach that level for all of 2021.
It was never entirely clear to conventional lenders why the LLPA was installed in the first place given the relatively low COVID-related forbearance readings on GSE loans.
Combined MBS issuance by the three agencies fell $38.26 billion during the second quarter. Sales of California loans to the agencies dropped $36.94 billion from the first quarter.
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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