U.S. depository institutions remained key players supporting the MBS market, but their combined holdings declined in the fourth quarter. Mutual funds and life insurers picked up the slack. (Includes three data tables.)

Analysts worry that FHFA’s more hands-on intervention in GSE management may hint at the return of the net worth sweep and the dashing of any hopes of an end to the conservatorships.

Nothing like a good trade war to drive down MBS values and cause interest rates to rise. Yes, some mortgage investors are nervous. Overblown? We’ll find out.