Apartment dwellers must be given the “flexibility” to repay back rent over time. However, the new guidance shouldn’t be interpreted by tenants as a get-out-of-jail-free card. As FHFA Director Mark Calabria put it: “If tenants are able to pay their rent, they should continue to do so.”

In the announcement extending the policy, FHFA Director Mark Calabria offered a defense of the stiff surcharges, saying, “Lenders have a responsibility to ensure that borrowers can make their monthly payment.”

The added cost associated with servicing a mortgage in forbearance gives servicers an incentive “not to follow the mandates of the CARES Act and implementing guidance,” investigators said.

Fannie, Freddie and Ginnie issued a combined $742 billion of single-family MBS in the second quarter, smashing a record set back in 2003, the mother lode for mortgage business.

“CRT secondary markets have remained open throughout this crisis,” Freddie Mac's Mike Reynolds told Inside Mortgage Finance. “They were dramatically impacted by the COVID liquidity technical, as all markets were, but I think its important for your readers to know that trading still occurred."

According to Monday’s decision, the president can fire FHFA Director Mark Calabria at will – whether it’s the current president, or a potentially Joe Biden...