Issuance of non-agency CMBS was up 13% from the fourth quarter to $41 billion, including big gains in retail, office and multifamily. But agency multifamily MBS production fell 22%. (Includes two data tables.)

Originator collateral misrepresentation and servicer reporting fraud also received a notable portion of votes for the most concerning schemes in a new survey from the Structured Finance Association.

Ratings from a single firm are increasingly common for single-asset/single-borrower commercial MBS, a sign of potential rating shopping.

SEC proposes to exempt MBS, ABS from Rule 15c2-11; Amherst offering single-family rental securitization; Morningstar offers “bring your own loan” rating analysis; subprime MBS from 1999 downgraded.

Saluda Grade has appointed a new co-chief investment officer to navigate its expansion into new investments in non-residential assets.

Asset managers believe agency commercial MBS is an attractive investment option following President Trump’s directive to the GSEs to buy $200 million in agency MBS.

Recent cases involving subprime auto lender Tricolor and auto parts manufacturer First Brands prompted the initiative.

Securitization of industrial properties, including data centers, was the hottest sector in non-agency commercial MBS last year. Meanwhile, all three agencies saw hefty increases in multifamily MBS issuance. (Includes two data tables.)

The commercial MBS delinquency rate climbed in December. Record CMBS issuance as well as a fading maturity wall are expected in 2026.

More than $100 billion of loans in commercial MBS have maturity dates this year. Refinancing the loans could be difficult given interest rate movements and declining revenues from commercial properties.