Most companies that issued non-agency MBS with GSE-eligible investment-property loans during the fourth quarter haven’t offered similar deals thus far in 2022.

Performance of non-agency MBS with manufactured housing loans hasn’t followed the trends seen in other sectors during the pandemic.

Spreads on MBS involving non-qualified mortgages have widened due to rising interest rates and excess supply. However, demand is on the rise again as new buyers are entering the space.

Issuance of non-agency MBS with deals backed by mortgages bought out from Ginnie Mae MBS has increased in recent months. Once they’re reperforming, those loans can be re-delivered to Ginnie.

Moody’s placed AAA-rated tranches from four warehouse securitizations on review for potential downgrades following a revision to rating criteria that includes harsher treatment of deals that allow for wet loans.

Goldman Sachs continues to spread its wings in the non-agency MBS market. Last year, the firm tripled its non-agency issuance from 2020.

Fannie removed some loans from its MBS early; Guaranteed Rate restructured a jumbo MBS before issuance; the GSEs are prepping separate risk- sharing transactions.

Non-agency MBS on offer in recent weeks include deals backed solely by mortgages originated by a Community Development Financial Institution, non-agency mortgages for investment properties and proprietary reverse mortgages.

Six issuers offered expanded-credit MBS in recent days, ending a nearly 30-day pause in issuance. Loans in the deals have seasoned for longer than the turn times seen for prime non-agency MBS.

The latest MBS from Blackstone includes non-agency mortgages for investment properties from various lenders. The firm’s pre-pandemic non-agency MBS were backed by loans from Finance of America.