The Fed will have a new governor in place as it considers monetary policy this week and Fed Governor Lisa Cook will also remain in place.

The real market share winner, of course, has been Ginnie Mae.

"The backdrop for investors owning agency mortgages feels a lot more supportive," said Jay Bacow, co-head of securitized products research at Morgan Stanley.

PRMI is a portfolio manager founded in 2019 with ties to Merchants Bank of Indiana.

The average interest rate on a 30-year fixed-rate mortgage declined by 15 basis points in the past week.

Over the last five years, the share of non-U.S. citizens in the non-agency mortgage-backed security market more than doubled.

The planned $560.4 million issuance is the largest CES securitization yet from the nonbank, which started issuing deals in April.

The Trump administration vowed to continue the effort to fire Cook, alleging mortgage fraud.

Issuance increased by 7.8% from July and marked the strongest monthly total since November 2024.

The largest securitization in the batch is a $654.4 million prime non-agency MBS with loans originated by JPMorgan Chase Bank.