Private MIs insured $60.97 billion of refinance loans delivered to Fannie and Freddie in 2019, more than triple their total for the prior year.

The FHFA has enormous sway over the CSS because of its role as regulator and conservator of Fannie and Freddie. However, once (if) the two are recapped and released, that won’t necessarily be the case…

Stronger GSE earnings will bolster retained capital, which could juice the recap-and-release debate even more…

There’s some skepticism regarding how quickly the FHFA and Treasury might act in 2020…

Meanwhile, when it comes to the top seller/issuers, Quicken Loans was not too far behind market leader Wells Fargo: $126.9 billion to the megabank’s $132.4 billion…

Any new offering of stock by the GSEs likely won’t commence until 2021, though the situation is fluid...

New MBS production was up 32.0% from 2018 as an unexpected wave of refinancing business continued to pour into the secondary market.

The Layton paper also considers Treasury’s roughly $240 billion of senior preferred equity in the GSEs…