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Inside MBS & ABS

June 4, 2026

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Agency MBS Issuance Down in May as Refinance Falters

Agency purchase-mortgage volume was up modestly in May, while refinance activity, especially rate-term transactions, slowed dramatically. Total agency business may see another decline in June. (Includes two data tables.) Read More

GSE MBS Investors Looking for Guidance From Trump

GSE MBS investors were frustrated with limited communication from the Trump administration even before FHFA Director Bill Pulte was named acting director of national intelligence this week. The appointment prompted more speculation about the future of the GSEs. Read More

GSE MBS Acquisitions Slower Than Expected

Although President Trump directed the GSEs to purchase an additional $200 billion in agency MBS, they do not appear to be on track to accomplish that by year end. Read More

Bank Holding Companies Add to MBS/ABS Portfolios

JPMorgan Chase held the largest trading-account portfolio of residential MBS, CMBS and ABS at the end of the first quarter. (Includes two data tables.) Read More

Egan-Jones ABS Rating Head Critical of Ratings by Others

Sylvain Raynes, the new lead of the structured finance practice at Egan-Jones Ratings Company, warned that MBS and ABS investors are losing money if they’re relying on fairly static ratings from other firms. Read More

Non-QM Delinquencies Ramp Up, Losses Still Low

The 30+ day delinquency rate for the non-QM sector in April was 6.6%, up 20 basis points on a monthly basis. Read More

‘True Lender’ Status Upheld In California Decision

A superior court decision centered on a bank-fintech partnership rejected the state’s argument regarding the “true lender,” providing protection for secondary market participants. Read More

Graduate Student Loan ABS Poised to Increase

Kroll Bond Rating Agency said the One Big Beautiful Bill Act’s changes to federal student loans for graduate students will likely create a structural funding gap and shift loan demand toward private lenders, with production flowing into ABS. Read More

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