April 28, 2022 | Premium Service | Looking at the financial results for Flagstar Bancorp (FBC), you can see the pain being felt by the entire industry devoted to manufacturing and selling residential mortgages. “A Trifecta of Bad Mortgage News for Flagstar: Lower Volumes, GOS and Layoffs,” declared Inside Mortgage Finance quite accurately. BTW, GOS means “gain on sale,” the most important three words in lending. Then we turn to Annaly Capital Management (NLY), a REIT that buys agency mortgage backed securities (MBS), and the situation is remarkably different. How do we parse this tale of two very different mortgage players?
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