Nonbank lenders continued to dominate the agency single-family market, accounting for 76.6% of new business in August. Nonbanks delivered more than 80% of agency refinance loans last month. (Includes two data tables.)

Agency single-family MBS issuance was up solidly in the second quarter, but it remains to be seen whether the market can match the pace set over the last six months of 2024. Commercial MBS and ABS issuance faltered in the second quarter. (Includes three data tables.)

A growing share of residential mortgages originated during the first quarter of 2025 flowed into MBS. Some of the shift looks to be tied to a decline in demand for mortgages at banks. (Includes data table.)

Ginnie Mae eliminated the 10% concentration limit on buydown securitizations in custom single-family MBS.

President Trump attempted to mollify concerns about the post-conservatorship guarantee of GSE MBS, but questions remain about the regulatory treatment of those securities and the TBA market.

Fannie Supers issuance was up sharply in the first quarter as the Fed finished restructuring its Fannie portfolio. Ginnie led the increase in agency REMIC production. (Includes two data tables.)

The Fed is allowing its holdings of agency MBS to run off and many other big players in the MBS market appear to be close to tapped out.

It’s not clear how the Federal Housing Finance Agency’s decision to cut the DEI and ESG programs at the GSEs will impact MBS issuance.

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.

Issuance of new residential MBS, commercial MBS and ABS in early 2025 declined about 9% from the fourth quarter, although most sectors were up compared to a year ago. Monthly trends in March were mixed. (Includes three data tables.)