The $74 million loss on a commercial MBS conduit loan lines the pockets of investors, like Carl Icahn, who have shorted brick-and-mortar retail.

The REIT has built up strong residential and MSR businesses to diversify risk and support its agency prowess. And while it’s held back on increasing leverage, once volatility declines, all that may change.

An unexpected surge in inflation briefly created a “no-bid” moment for agency MBS.

Non-QM lending may sound good to conventional originators looking to bolster their menus, but headwinds are still evident. Low-yielding paper still needs to be moved but financiers and acquirers are having second thoughts.

Weak MBS trading activity usually isn’t a good sign. To some it portends a lack of liquidity, to others cloudiness in a market that has lost its way. Regardless, daily MBS trades in May were not pretty.

Fannie Mae will publish refi application activity on a weekly basis, helping MBS investors better gauge prepayment trends.

Recent court rulings on litigation involving non-agency MBS issued prior to 2008 are setting new precedents, with broad ramifications.

For now, the market is well served by two to four master servicers. But if any of them exit the market, servicing costs and transaction fees could increase.

Vacancy rates for single-family home rentals are expected to remain stable in the months ahead, but the rapid rise in rents is likely unsustainable, according to industry experts.

Moody’s proposed establishing ESG “issuer profile scores” and “credit impact scores” for structured finance transactions rated by the firm. DBRS, too, has released its approach to ESG risk factors in credit ratings.