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Interview: David Stevens on GNMA Capital Rule & ICE + BKI

The entire mortgage industry will have a single point of failure with the ICE/BKI combination

1,655 views

The Next Trade: Banks, Nonbanks and Mortgage Servicing Rights

Many of the startups, investment flows and SPAC transactions that proliferated in 2020-2021 are likely to be casualties in the next several

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News: Improving Liquidity for Ginnie Mae Servicing Assets

Collateralized lending in the US was essentially impossible outside of banks from 1925 through the mid-1970s...

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Interest Rates, Stocks & MSRs

We think the chart below from FRED is worth any amount of words on the impact of QE on equity market valuations.

512 views

The End of Money Market Funds

The SEC has finally decided to do the unthinkable, namely repudiate the admittedly fanciful idea of liquidity on demand at par.

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Update: Rising Interest Rates & Mortgage Servicing

The Fed’s chief concern is keeping the Treasury debt market open and functional. Liquidity includes cash and risk-free collateral...

689 views