Even when excluding a large issuance in the first quarter of seasoned closed-end second liens, securitizations of home equity loans declined on a quarterly basis in the second quarter. (Includes three data files.)

Although securitization of seasoned non-agency loans fell by 50% from an abnormally high level in early 2026, issuance of MBS backed by recently originated loans held fairly steady. (Includes three data files.)

More than 90% of expanded-credit mortgage production went into MBS in the first quarter of 2026. (Includes data table.)

Urban Institute researchers say the mortgage industry will experience slightly better capital treatment as a result of the changes to the Basel III Endgame, but they recommend some improvements.

The voluntary scope aims to standardize practices among due diligence reviewers and also prevent a “race to the bottom.”

Excluding a one-off $5.69 billion issuance from Chase, securitization of home equity loans declined during the first quarter. Activity involving closed-end second liens held up while HELOC issuance fell. (Includes three data tables.)

Issuers are increasingly delivering GSE-eligible owner-occupied mortgages to non-agency MBS in a bid to diversify liquidity.

Non-agency MBS issuance hit its highest level since the third quarter of 2007, largely because of surging production of the new generation of Alt A and subprime deals. JPMorgan Chase was the top issuer and top underwriter in the first quarter. (Includes three data tables.)

The rapid rise in investor interest for home equity loan securitizations has drawn parallels to the rise of non-QM MBS post the 2008 crisis.

Some 68.0% of mortgages originated in 2025 were sold into MBS. Securitization rates were stable across most products, except for expanded-credit mortgages, where the securitization rate increased sharply. (Includes data table.)