The great irony: As federally insured banks continued to lose residential lending market share to the Quickens and the Freedom Mortgages of the world, their investment banking units benefitted by arming the competition.
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.
According to FHFA’s own performance and accountability reports, the number of employees at the agency grew from 609 in 2019 to 635 in 2020. More tellingly, FHFA has budgeted for an additional 113 employees in 2021.
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.
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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