Note: It doesn’t appear that banks are selling MBS in any grand way.

Private MI and VA saw the biggest declines during the period.

Ginnie issued around $27.10 billion in MBS with single-family mortgages in January, a 5.7% decline from December and notably smaller than that month's decline of 14.2%.

Lodging was the only major property type to get traction in the fourth quarter.

Management shelled out $23 million during 4Q to cover severance payments to laid off workers and for property consolidation.

Government-insured lending looked almost alive in comparison...

Overall, Fannie/Freddie MBS issuance in January was down 73.1% from a year ago.

On an annual basis, the increase in gripes regarding credit reporting are even more imposing.

Mortgage brokers using table-funding fared slightly better with a 31.2% sequential decline...

The Fannie official began his presentation with the top 10 defects discovered by his QC team...