It’s easier for banks to complete buyouts of mortgages from Ginnie MBS than nonbanks due to banks’ funding advantages. Nonbanks are also increasingly modifying mortgages rather than offering partial claims.
Despite various penalties for early prepayments, FHFA believes multifamily MBS issued by Fannie and Freddie present risk for the FHLBanks. Fannie thinks otherwise.
MBS trading is drifting lower in a rising rate environment, but the outlook remains cloudy as mortgage bankers wonder how many more months they have left before refis drain for good. Or will they?
Mortgage trading narrowed this spring at a time when rates were rising. Lo-and-behold, rates are headed south once again. But inflation fears are accelerating. What’s an MBS owner to do?
Most of the increase in Ginnie loan removals came from borrower payoffs, but servicer buyouts for loss mitigation and foreclosure rose sharply. (Includes data chart.)
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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