What a difference a year can make. Last spring, the REIT was getting margin-called and selling MBS. Today, it’s buying huge mortgage banking franchises.
The Ginnie Mae early buyout game is catching on fast, with new players entering the fray. loanDepot recently increased a repo line, bolstering its ammunition.
Some $714 billion of loans were removed from Ginnie MBS last year, with about 86% of them representing borrower payoffs. Repurchases of delinquent loans were also up sharply from 2019. (Includes two data charts.)
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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