The first-quarter CMBS market was a tough act to follow, and non-agency securitization fell off sharply in the April-June cycle. Multifamily was a bright spot, including a big increase in Fannie issuance. (Includes two data tables.)

Researchers say the avalanche of lease cancellations initiated by DOGE in the first half of 2025 has reduced cash flows and lowered the price of the first-loss tranches of CMBS.

To this point, Freddie has issued multifamily risk-sharing transactions without ratings. The Morningstar DBRS rating could open these multifamily CRT deals to institutions that only invest in rated transactions.

A heavy load of maturing commercial real estate loans is expected to boost non-agency CMBS production in 2025, and first-quarter issuance suggests the market is up to the challenge. Agency multifamily MBS got off to a slow start, as usual. (Includes two data tables.)

CMBS securitizers can exploit an exemption in risk retention rules to unload riskier tranches. Researchers said this may signal lower loan quality to investors.

First-of-its-kind HELOC ABS from Figure; Morningstar downgrades assessment of Torchlight Loan Services; ABS roundup.

Litigation involving the Aloft Houston by the Galleria loan is causing ratings issues for a decade-old commercial MBS deal.

Switch’s CMBS is the second-largest securitization ever completed in the data center securities space.

The nearly 800 lease terminations announced by the General Services Administration in the past 30 days have been linked to 64 commercial MBS. And some terminations have been reinstated.