Ginnie Mae President Joe Gormley said changes to the loss-mitigation policies for loans backed by FHA and the Department of Veterans Affairs revealed that some issuers had higher exposure to riskier loans.

New Fed Chair Kevin Warsh has long criticized the size of the Fed’s balance sheet, in particular, its massive holdings of agency MBS.

Excluding a one-off $5.69 billion issuance from Chase, securitization of home equity loans declined during the first quarter. Activity involving closed-end second liens held up while HELOC issuance fell. (Includes three data tables.)

Without much relief in sight for borrowers’ pockets, the industry expects growth in non-agency securitizations from loans priced with higher risk premiums by Fannie Mae and Freddie Mac.

The auto and unsecured loan sectors are facing headwinds, while the credit card sector has a more stable outlook.

Consolidation among rights holders of music royalties will lead to less issuance but should boost deal performance as issuers will have more diversified asset pools, according to KBRA.

Onity revised the terms of its sale of home equity conversion mortgage servicing rights to Finance of America Reverse after receiving feedback from Ginnie Mae.

Fannie Mae and Freddie Mac each issued two CRT transactions during the first quarter of 2026, including deals in March amid broader economic volatility. (Includes data table.)

Non-agency MBS stocked with loans called from previous issuance could provide attractive opportunities for investors, according to Goldman Sachs.

For two decades, the global investment firm allegedly mislabeled collateralized mortgage obligations issued by private entities as government or corporate bonds.