Issuance has started with a bang in 2022 as commercial MBS performance in 2021 continued to beat market expectations.

MBS trading resumed at a measured pace in January, but for now uncertainty rules the roost. The FOMC meets next month. Strap in that seat belt.

Still some milk left in the EBO cow? As Jay Bray of Mr. Cooper put it: “With forbearance programs winding down, the EBO opportunity is rapidly diminishing.”

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

A $732.6 million ABS tied to music royalties closed this week. Other esoteric ABS in the market include healthcare-related financing, shipping container leases and property tax liens.

The GSEs combined netted $7.93 billion in fourth-quarter profits on $13.21 billion in net revenue while shrinking their retained mortgage portfolios by $4.45 billion. (Includes data chart.)

Acting Comptroller of the Currency Michael Hsu said the OCC will continue to ensure banks are not used as a vehicle for "rent-a-charter" arrangements.

Ginnie Mae has added a “green status” field to its multifamily MBS disclosures, its first environmental, social and governance disclosure in the multifamily space.

Annaly Capital Management’s net income declined by nearly 20% from the third to the fourth quarter and AGNC Investment took a loss as agency MBS values fluctuated due to actions by the Federal Reserve.

For Freddie Mac, 2021 was even more profitable than 2020, but quarterly trends suggest this year will be more normal.