Kirill Krylov flies solo today to examine the market implications of escalating geopolitical tensions along with renewed volatility and what that could mean for mortgage spreads and GSE purchase activity. He breaks down the powerful technical backdrop created by record fixed income inflows and increased retained portfolio flexibility at Fannie and Freddie. The episode then turns to proposed MSR capital reforms and rising FHA delinquencies, exploring how shifts in servicing economics and borrower stress could gradually reshape prepayment behavior across the agency markets.