Income declined somewhat at the REIT in the first quarter and losses tied to the value of MBS holdings and hedging jumped compared with the first quarter, with extreme volatility early in the second quarter tied to tariff policies.

“We have far too many long-term assets on our balance sheet,” said Federal Reserve Governor Christopher Waller.

Goldman has issued two other HELOC securitizations since May 2024, leaning on loans from United Wholesale Mortgage.

Lenders tightened their underwriting standards somewhat in 2024 issuance, dv01 noted.

Refi activity was up 27.1% from the first quarter and purchase volume rose 19.1%.

With the federal deficit set to increase, there are fears that the 10-year Treasury rate will rise.

Annaly is set to issue a $662.7 million MBS, its 13th expanded-credit deal of the year.

The share of GSE purchase mortgages with credit scores of at least 740 increased from 73.8% in the first quarter of 2025 to 74.6% in the second quarter.

PennyMac and Redwood Trust are marketing separate prime non-agency MBS, the first deals in the market since June 24.

HomeBridge Financial Services is the largest contributor to the securitization, accounting for 49.9% of the dollar volume.