Ginnie altered its reporting guidelines so issuers wouldn’t have to remove large volumes of delinquent loans from MBS all at once. Goldman Sachs analysts warned that the can has just been kicked down the road.

Policies put in place during the pandemic prevent many small banks and credit unions from selling small-balance loans to the GSEs, which constrains mortgage lending in rural and low-income communities.

With softening home price appreciation, expanded-credit MBS might not see loss severities increase thanks to low LTV ratios at issuance.

Even with strong earnings the GSEs are making little progress on meeting stringent capital levels set during the first Trump administration.

For MBS investors, the biggest complication in the GSEs’ implementation of VantageScore 4.0 is likely loan-level pricing adjustments.

Fannie Mae expanded its portfolio by adding both whole loans and MBS, while Freddie Mac cut whole loans as it added MBS.

The agency will exclude FHA mortgages on trial payment plans when calculating an issuer’s delinquency ratio.

The Second Circuit Court of Appeals altered some of its original findings in a lawsuit dealing with MBS liability under the Employee Retirement Income Security Act.

Much of the first-quarter decline in CLO issuance came from a sharp slowdown in reset and refinance transactions. Meanwhile, issuance backed by commercial real estate is having a moment.

Itasca Park issued its first non-agency MBS issuance this week and Blackstone made its return to the non-agency MBS market as an issuer.