The securitization of vehicle loans and financing for a range of businesses powered an all-time record of $107.7 billion of ABS issuance during the third quarter. Carmakers dominated the issuer ranking. (Includes three data tables.)

Santander Bank is issuing a securitization of closed-end second liens sourced from Pennymac. Also, an affiliate of PIMCO is offering a securitization of seasoned HELOCs.

Revisions to disclosure requirements could prompt the issuance of publicly-registered non-agency MBS, which could eventually lead to additional demand from investors.

The structure helps issuers extend prefunding and investment periods beyond the 90-day limitation that applies to traditional real estate mortgage investment conduits.

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.

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.

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.

PennyMac Mortgage Investment Trust has been issuing about one prime non-agency MBS per month, stocking the deals with GSE-eligible mortgages for investment properties and second homes. Now the REIT is set to issue jumbo MBS.

The Federal Reserve is allowing its MBS holdings to run off in a predictable manner; Ginnie provides more details on change to buydown policy; Cerberus affiliate issues securitization of closed-end second liens.

Non-agency securitization of home equity loans resumed its rising trajectory after slumping in the fourth quarter of 2024. Rocket was the top issuer in the first quarter, focusing on closed-end second liens. (Includes two data tables.)