Following in the footsteps of Citi and JPMorgan Chase, Wells Fargo is preparing to issue a non-qualified mortgage MBS. The bank plans to securitize small pools of its non-agency originations on a regular basis.
Facing pressure from both sides of the aisle, FHFA Director Mark Calabria said if the GSEs had come into the current crisis with sufficient capital, the adverse market fee could have been delayed for a few years.
Ginnie Mae regained some share in the agency MBS market in August, as did purchase mortgages. The top 100 sellers saw a small increase in their share of new issuance, but the market remained fragmented. (Includes two data charts.)