The two largest REIT investors in the MBS market added a combined $22.8 billion of agency MBS to their portfolios in the first quarter, boosting the industry to a record $308.1 billion in residential mortgage securities investment.
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Almost every GSE watcher knows Treasury counselor Craig Phillips is the chief architect of the blueprint to reform mortgage giants Fannie Mae ad Freddie Mac. But late this week, news broke that he's resigning. Now what?
The firm this week postponed a $1 billion IPO for a new REIT that will purchase MBS and related assets. Down the road, the REIT likely will dip its toe in the non-QM pond as well.
Fannie increased its issuance of credit-risk transfer debt notes in the first quarter, while Freddie production was down. Both GSEs stepped up their use of reinsurance to transfer risk.
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FHFA Director Mark Calabria has vowed not to monkey with the 30-year FRM or lower loan limits in high-cost states like California. Still, certain stakeholders worry he may try to adjust other areas of businesses.