Fed reduces redemption cap for Treasury securities, allows agency MBS runoff to proceed; Annaly to issue securitization with HELOCs; non-agency MBS term financing transaction from PIMCO.

Three former CEOs of the GSEs this week debated the impact of federal conservatorship, what steps must be taken to safely end the oversight and what the GSEs should look like afterwards.

Some economists believe eliminating all GSE MBS would lower rates on Treasury securities and reduce the government’s borrowing costs.

Although traditional underwriting can adequately predict and price for the risk of default on individual mortgages, large pools are subject to risks from unobserved correlations between those loans.

FICC proposes volatility event charge; securitization-as-a-service offering from Financely; Morningstar acquires DealX.

Agency single-family business was down in February in almost every category, but 2025 so far is running ahead of last year’s pace. Ginnie reported a surge in modified-loan securitization. (Includes two data tables.)

If the GSEs are released from conservatorship, some participants in the agency MBS market insist the to-be-announced market, uniform MBS and Fannie/Freddie CRT activity should remain untouched.

Demand for MBS/ABS remains high, helped by interest rate trends. But President Trump is a wildcard, prompting some caution among investors.

Trump’s nominee to head FHFA didn’t do anything to embarrass himself at his confirmation hearing this week, but he also didn’t demonstrate a deep understanding of housing finance.

The Fed shifted its efforts to aggregate scattered MBS into second-level securitizations to its Freddie Mac portfolio. Ginnie's Platinum program didn't get a lot of use last year, but the agency led the way in REMIC issuance. (Includes two data tables.)