Santander Bank was the largest issuer of vehicle ABS in 2024. The bank’s non-agency MBS effort has the ability to commit $2.5 billion in capital.

The investment in the Figure Connect loan marketplace will be used for the purchase of non-agency assets.

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

The legislation would carve out a mortgage licensing exemption for MBS. The bill is expected to pass, ending disruptions for non-agency MBS.

NAIC could increase oversight of its Securities Valuation Office ahead of a proposal that would allow the SVO to change ratings on insurance company investments.

The private credit market, led by nonbank lending activity, is projected to reach $2.8 trillion by the end of 2028.

SFA and ICE developing securitization index; securitization involving professional sports on the horizon; rating services comfortable with Trimont acquiring Wells Fargo’s third-party commercial mortgage servicing business; deal structuring tool from dv01.

Banks are increasingly turning to nonbank partners to reduce their mortgage portfolios.

Rithm issued seven MBS deals last year and expects to continue growing its securitization business in 2025.

Uncertainty on the future of Fannie Mae and Freddie Mac has caused some lenders to deliver their agency-eligible production to the non-agency secondary market.