Annaly Capital Management is preparing to issue a rare non-agency MBS stocked solely with bank-originated adjustable-rate mortgages. Loans in the MBS were originated by Associated Bank.

Declining multifamily valuations are pushing up capitalization rates while reducing debt service coverage ratios.

Bank of America issued a resecuritization this week tied to a 2017 multifamily K-deal. It’s the first rated issuance of its kind from BofA since 2016. The new resecuritization received an A- rating.

New attributes will give investors a better understanding of the status and pace of MBS prepayments.

Securitization rates increased for GSE-eligible loans, government-insured mortgages and non-agency mortgages. While bank demand for jumbos is declining, the vast majority of the loans don’t go into MBS. (Includes data table.)

Ginnie remained the fastest growing player in the MBS market in the third quarter. Mutual funds, money-market funds and insurance companies continue to play important roles in demand for single-family MBS. (Includes two data tables.)

Massive portfolio restructuring at the Federal Reserve led to a huge increase in production of Fannie and Freddie Supers MBS in the third quarter. Activity looks to be returning to normal. (Includes two data tables.)

Ginnie Mae continued to flex its muscles in the agency single-family MBS market, while non-agency issuance posted a strong third quarter. (Includes three data charts.)

While securitizations are often the best execution for Ginnie Mae loans, small and mid-sized GSE lenders will typically prefer the cash window.

New business and MBS issuance jumped in the second quarter. However, those upticks didn’t account for the spike in profitability at Fannie Mae and Freddie Mac. (Includes data chart.)