In late 2020, Fannie came back into credit-risk transfers with a bespoke deal with one of its largest nonbank sellers. Freddie continued full speed ahead with more traditional STACR issuance. (Includes data chart.)

Due to COVID-related forbearances, Freddie faced a $2.2 billion increase in its provisions for losses in 2020. However, that expense was more than offset by an across the board increase in revenues.

Trade group officials believe by opening a dialogue with regulators they can fix the GSE cash window “problem” that is looming.

Have Federal Reserve policies, and the flood of refis that they’ve created, permanently altered MBS markets?

What might the new Biden administration do with Fannie and Freddie? Good things ahead for Ginnie? Let the speculation begin.

In 2020, mortgage records were broken all over the industry. MBS trading, meanwhile, had its best year since 2010.

Fannie Mae, Freddie Mac and Ginnie Mae reported improvement in loan-performance rates in November. But early-payment defaults were up. (Includes data chart.)

Spreads between mortgage rates and interest paid on MBS have fallen to about 75 basis points. The long-term average is closer to 110 bps.

As the clock winds down on the Trump White House, the GSE regulator continues to pull levers. Just not the big one. Credit: Steve Mnuchin.