Annaly Capital Management News
The front-month Ginnie Mae TBA drifted higher as bonds rallied. After starting the week at 105 13/32, they lost about 7/16 to close at 104 31/32.
Fannie Mae MBS followed the bond market lower. Last week was when most of the Street rolled its April exposure to May. Liquidity has been downright terrible in the TBAs lately.
HARP was designed to help people who wanted to stay in their home and who had adjustable-rate mortgages where they wouldn’t be able to afford the payment once the mortgage adjusted upward.
Trial HAMP modifications decreased to 10,200 from 12,000 the prior month. Permanent modifications fell from 15,700 to 12,500.
The servicers work for the lenders and don't really have much of a financial stake in whether the principal is paid or not.