With Freddie Mac significantly growing its forward commitments in March, MBS players have been granted some comfort, although analysts said the efforts would mean little if the agency's recent investment patterns continue. Furthermore, Fannie Mae's portfolio decline is still hovering over the market.

"Activity out of the GSE portfolios remains one of the biggest stories for the mortgage market, with the two portfolios headed in opposite directions," said Bear Stearns analysts in a recent report.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.