Few issuers tried to price non-agency MBS in the days following President Trump’s tariff announcement last week. An expanded-credit MBS from Annaly priced at the widest spreads seen in more than a year.

Expanded-credit mortgages, jumbo loans and GSE-eligible collateral in MBS securitizations were all up in the first quarter of 2025. (Includes data tables.)

Not to be forgotten, Canada holds $156.0 billion of agency product.

Shellpoint handled servicing on 26.6% of the dollar volume of non-agency MBS issued during the fourth quarter.

Nothing like a good trade war to drive down MBS values and cause interest rates to rise. Yes, some mortgage investors are nervous. Overblown? We’ll find out.

A bill that would exclude mortgage trustees from new Maryland licensing requirements passed a state senate committee vote.

The bulk of the February issuance, 53.9%, came from Freddie.

FICC proposes volatility event charge; securitization-as-a-service offering from Financely; Morningstar acquires DealX.

The Trump administration is likely to take actions that will reduce regulation for the MBS and ABS markets. Industry participants are working to shape the actions while also staying nimble.

The investment in the Figure Connect loan marketplace will be used for the purchase of non-agency assets.