Securities industry stakeholders say preservation of the secondary mortgage market, especially MBS futures trading on the TBA market, is essential to keeping mortgage rates low.

The request came from the CRE Finance Council, the Mortgage Bankers Association and the Securities Industry and Financial Markets Association. The groups said the disclosure requirements have negatively impacted the commercial MBS market.

Insurers have diversified their investments with an increase in holdings of alternative assets, including private equity and real estate.

After revising its CMBS criteria, S&P Global ratings downgraded ratings on a number of commercial MBS deals.

Figure recently launched a stablecoin that will be minted natively on the Solana blockchain, giving investors another way to invest in the company’s assets.

The issuance follows a large securitization of home equity investments by Unlock Technologies and Saluda Grade.

Non-agency industry participants are speculating how the non-qualified mortgage market would react if the government-sponsored enterprises go private.

Fannie’s CAS and CIRT volumes fell sharply in the third quarter. Freddie STACR issuance was up from a weak second quarter, but ACIS volume was down 56.2%. (Includes data table.)

A letter last week from Senate Republicans bolstered the Structured Finance Association’s push for banking regulators to reassess the punitive weighting of the p-factor in securitization as part of a planned re-proposal of the Basel Endgame rule.

In the third quarter of 2025, Ellington Financial was active with non-qualified mortgage securitizations.