Credit-risk transfer activities at Fannie Mae and Freddie Mac wobbled in the second quarter after a modest increase in the first three months of 2025. Issuance fell for STACRs but not for CAS notes. (Includes data table.)
The rule, implemented in June, aims to prevent conflicts of interest in the ABS market. The SEC provided no-action relief in May, helping ease compliance with the rule.
ABS sectors including commercial equipment, shipping containers and trucking could experience the biggest negative impacts from rising tariffs, according to S&P.
Mortgage rates and MBS spreads may depend on how the White House structures the proposed IPO for the GSEs and how markets react to a potential merger of the two mortgage giants.
JPMorgan Chase leads the market in non-agency MBS issuance, offering all types of deals. Jamie Dimon adds that long-sought reforms could help boost volume.