AG Mortgage Investment Trust acquired $2.5 billion of non-agency loans last year, about half of them during the fourth quarter. The REIT is targeting returns of around 15% from non-agency MBS issuance.

Goldman Sachs is set to issue its first expanded-credit MBS, with four other firms also offering deals in the past two weeks. In the prime non-agency space, JPMorgan Chase has another large offering.

Spreads on non-agency MBS issued early this year were wider than the pricing seen near the end of 2021. Industry participants witnessed volatility in the broader financial markets along with an increase in the supply of non-agency MBS.

Issuance of non-agency MBS with deals backed by mortgages bought out from Ginnie Mae MBS has increased in recent months. Once they’re reperforming, those loans can be re-delivered to Ginnie.

Ginnie Mae is looking for ways in which smaller and less well-capitalized entities can access its securitization platform.

In a rising rate environment, issuers of jumbo MBS are seeing better pricing when the loans in their deals have short average seasoning times.

Annaly Capital Management is increasing the amount of capital it dedicates to aggregating non-agency mortgages and issuing MBS.

This week, Annaly, the Change Company, Credit Suisse and Lone Star Funds all offered their second individual expanded-credit MBS of the year. Activity is also humming along in the prime non-agency market.

Fitch’s review of 225 non-agency MBS prompts downgrade of a single tranche; Unison issues securitization with residential equity agreements; Carrington offers to complete certain non-QM origination tasks for brokers.

Goldman Sachs continues to spread its wings in the non-agency MBS market. Last year, the firm tripled its non-agency issuance from 2020.