Mergers caused deliveries of conventional mortgages from Rocket and Bayview to spike, reshuffling the leaderboard for GSE sellers. (Includes two data tables.)
The GSEs were already quietly adding MBS to their portfolios before Trump directed them to purchase $200 billion more. Investors may now be paying a price for that intervention.
Some critics argue that forcing Fannie Mae and Freddie Mac to intervene in the mortgage-backed securities market may indicate their recapitalization and release from conservatorship is now on hold.