KBRA downgrades jumbo MBS issued by JPMorgan Chase in 2015; Community Bank sells MBS holdings at a loss; Morningstar details private-rating share.

Issuance of home equity loan securitizations declined in the second quarter of 2025, marking the second quarterly decline since mid-2024. Still, volume in the first half of 2025 was well above the level seen in the first half of 2024. (Includes three data tables.)

Acra has a new parent company in the form of BlackRock, but it’s hard to say much as changed at the non-QM originator.

Joe Gormley nominated for Ginnie president; UBS pays DOJ to end lingering non-agency MBS obligations from Credit Suisse; Chase marketing non-agency MBS with reperforming loans.

A court sided with junior bondholders, directing the trustee of certain legacy non-agency MBS to treat loss recoveries as subsequent recoveries.

Rithm is partnering with an unidentified large institutional investor to buy up to $1.5 billion of RTLs.

Expanded-credit MBS issuance was up 25.4% from the first to the second quarter, while prime MBS saw a solid 12.6% gain. JPMorgan Chase ranked as the top issuer and underwriter of non-agency MBS. (Includes three data sets.)

PennyMac Mortgage Investment Trust started issuing non-agency MBS in November as part of an effort to boost its investments in credit-sensitive assets. The REIT is now one of the most active players in the space.

Researchers tracked ratings and defaults on non-agency MBS between 2013 and 2022, finding that Morningstar’s ratings were more conservative than ratings from the big three firms. However, Morningstar’s ratings produced more “false alarms” about potential defaults than the big firms.

Changes to Common Securitization Solutions, including being renamed U.S. Financial Technology, appear to set the company up to serve additional secondary mortgage market participants.