Okay, so Redwood Trust – the only firm to issue a jumbo MBS in forever – earned a scant $1 million in 3Q. But the real news is that it bought $405 million of jumbos from other lenders – its largest quarterly purchase number in who knows how long. This is a possible sign that an active jumbo secondary market is developing, which means (maybe) that other jumbo conduits might come out of the woodwork and actually do something. Of course, I could be dreaming. Meanwhile, a bill is moving through Congress to restore the GSE loan limit to $729k. Oops. I just woke up.
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