FHFA made a 50 basis point fee inside universal mortgage-backed securities!
This has threatened the fungibility of universal mortgage-backed security.
We used to have different kinds of coupons depending on which GSE was buying the loan. So you had either Fannie coupons or Freddie coupons. You still have Ginnie coupons.
I've said it before that the secondary market is cold, heartless, and unforgiving. And we now have this cold, heartless, unforgiving 50 basis point fee that is inside securities now.
The Russell Index 1000 and 2000 are basically small businesses around America.
Some fall out of that top 1000 and 2000, and the new ones emerge as businesses grow.
There are ETFs out there that have to buy these companies so it's forced buying into these companies.
There's also a growth versus a value Russell Index. Companies like Meta (Facebook), Netflix, PayPal, and Zoom were growth stocks because they're adding users. Now they're value stocks because they're not adding as many users. But now the metric to look at them is revenue per user (RPU).