First-quarter earnings reports suggest the reduced size of Fannie Mae’s guarantee book of business may be impacting its market share vis a vis Freddie Mac.

Non-agency securitization of home equity loans resumed its rising trajectory after slumping in the fourth quarter of 2024. Rocket was the top issuer in the first quarter, focusing on closed-end second liens. (Includes two data tables.)

Recent changes in FHA’s loss-mitigation waterfall will probably mean fewer loan modifications enter Ginnie Mae’s Extended Term MBS, Goldman Sachs said in a recent report.

Non-QM deals were on a bit of a tear until the tariff war cratered the market in mid-April. But all has returned to normal.

The ABS backed by advances to international students studying in the U.S. could come under pressure due to any changes in immigration and employment policies.

First-of-its-kind HELOC ABS from Figure; Morningstar downgrades assessment of Torchlight Loan Services; ABS roundup.

AGNC watched as volatility rocked the agency MBS market this month. The REIT counted on its cash and liquidity to avoid selling assets at a loss. Other REITs also survived unscathed.

During the early days of the pandemic, mortgage rates dropped, reducing the value of mortgage servicing rights. This month, while tariff-related volatility prompted spreads on agency MBS to widen, lenders selling loans were helped by rising rates, which increase the value of MSRs.

MBS trading increased in March, but not dramatically. Still, concerns persist, including Treasury yields bucking historical norms. Ginnie Mae delinquencies are also an issue.

JPMorgan Chase is marketing a prime non-agency MBS with a payment structure typically only used with expanded-credit MBS. Fitch applauded the move.