Joe Gormley nominated for Ginnie president; UBS pays DOJ to end lingering non-agency MBS obligations from Credit Suisse; Chase marketing non-agency MBS with reperforming loans.

Financial players are trying to get ahead of possible risks as insurers increasingly diversify their portfolios with private credit.

When acquisitions at the GSEs are slow, their mortgage and liquidity portfolios play a larger role in earnings. (Includes data table.)

President Trump said he plans to maintain an implicit guarantee for the GSEs if they’re removed from conservatorship. Prominent agency MBS investors expressed relief about the administration’s stance on GSE reform even though they don’t expect near-term action.

Although delinquencies are higher for certain consumer credit sectors compared to recent years, fundamentals are holding up and analysts are becoming more optimistic about the economy’s performance in the remainder of 2025.

Fitch Ratings proposed changes to its rating criteria for non-agency MBS. If implemented, 10% of outstanding residential MBS ratings by Fitch will be upgraded.

A court sided with junior bondholders, directing the trustee of certain legacy non-agency MBS to treat loss recoveries as subsequent recoveries.

Rithm is partnering with an unidentified large institutional investor to buy up to $1.5 billion of RTLs.

Investors saw the value of their agency MBS holdings drop in early April due to volatility tied to trade policies. Many markets recovered from the volatility by the end of June, but the agency MBS market lagged.

While primarily known for mortgages, Rocket has been originating consumer loans since 2016. The loans are originated in partnership with Cross River Bank, providing federal preemption of state laws.