When panic first set in over the economic impact of COVID-19, investors sold off historically large volumes of MBS and Treasuries. As a result, liquidity and pricing efficiency both took a beating. It was the Fed’s gluttonous appetite for these securities that brought markets off the cliff.

K-deals totaling more than $2 billion hit market.

The Supreme Court is likely to give the president the power to replace the FHFA director for any reason, much like it did in the Seila Law v. CFPB case, according to Cowen analyst Jaret Seiberg.

In its S-1 filing, Quicken (not surprisingly) said it’s powerless to modify the rules that govern its relationship with the GSEs.

The panel this week heard testimony that servicers failed to inform borrowers of their right to forbearance, offered less assistance than required by law and provided inaccurate information on lump-sum repayments.

Since the financial crisis, Fannie’s single-family book of business has posted a loss rate of 31.5 basis points. In contrast, residential loans at commercial banks averaged a loss rate of 86 bps, 5.7 times higher.

Freddie Mac returned to market in July with a $425 million ACIS deal and $1.1 billion STACR, leading GSE watchers to conclude the CRT market has returned from the dead. Others are not so sure.

Allan Merrill and Paul Schumacher will be joining the board of the mortgage giant.

The high court decision could impact how other independent federal agencies — such as the Federal Housing Finance Agency — operate.

Time is of the essence if FHFA Director Mark Calabria wants Fannie and Freddie irrevocably out of conservatorship before a possible change in administrations in November.