Among the more interesting changes: the FHFA, for the first time ever, is asking GSE customers to hold capital against the dollar amount of Ginnie Mae mortgages they service: 35 basis points.

Valentin joins the government agency from Compass Point Research and Trading Group where he served as managing director/equity research analyst.

The new model could prove more attractive to portfolio and jumbo lenders who sell their loans into non-agency MBS…

Ryan, though, is quick to point out that the single security initiative is largely successful, not a surprise since he played a key part in its rollout.

Industry observers believe that could translate into a delay of six to 18 months.