The growth is expected to be driven by a few repeat issuers. Only three credit unions were repeat issuers in 2024.

A proposal from S&P would have a wide-ranging impact on ratings of commercial MBS. Fitch is also considering allowing data center ABS to carry additional leverage.

Recurring revenue loans are primarily underwritten based on the borrower’s annual recurring revenue rather than on loan cash flows. RRL ABS issuance is expected to reach $14.3 billion this year.

FICC proposes volatility event charge; securitization-as-a-service offering from Financely; Morningstar acquires DealX.

The Trump administration is likely to take actions that will reduce regulation for the MBS and ABS markets. Industry participants are working to shape the actions while also staying nimble.

Threats of the potential closure of the Department of Education could massively expand private student loan ABS issuance.

A bankruptcy could impact the firm’s outstanding securitizations, including forced replacements of the transaction manager/servicer.

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

Bank holdings of non-mortgage ABS slumped to $82 billion at the end of 2024, the lowest level in 17 years. One bright spot was bank investment in ABS backed by unsecured consumer loans. (Includes two data tables.)

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.