Securitizations linked to data centers are mostly insulated from the direct risks of a potential AI bubble, according to industry participants.

The criteria are looser than Fitch’s previous standards. The updates include higher penalty on mortgages with DSCR below 0.75x and an expanded modification outcome scenario to derive total loss severities to second-lien collateral.

Issuance of commercial MBS in 2025 is poised to surpass last year’s volume. It’s been a strong year for CMBS across asset types except office space.

Upgrade is getting into auto loan ABS issuance and Imprint Payments is set to issue its first credit card ABS.

Federal Reserve guidance issued in 2023 has opened up depositories to issue more synthetic-risk transfer securitizations in a market that was historically dominated by European banks.

Rocket is set to issue its second consumer loan ABS; Golub Capital issues rare long-duration CLO; large jumbo MBS from Chase; ratings performing as expected.

The Securities and Exchange Commission is seeking feedback on updates to disclosure requirements for publicly-registered non-agency MBS and ABS.

In the early years of Fannie/Freddie conservatorship, investors were seeking an explicit guarantee of GSE MBS as part of any reform effort. More recently, they have shown an acceptance for maintaining an implicit guarantee.

The faster prepayment rates on VA loans skew the churn rate of Ginnie Mae multiple-issuer pools, but separating VA loans into their own pools could throw a wrench in the Ginnie MBS market.

One way to get mortgage rates to decline and stay that way is to entice more institutional investors to buy agency MBS. The Federal Reserve is no longer increasing its holdings, but how much room is there at Fannie and Freddie? Answer: more than you might think.