While the Fed is moving away from purchases of agency MBS, portfolio managers at PIMCO believe additional purchases are warranted. In the meantime, the GSEs are increasing their investments.
The securitization rate for residential mortgages came down after reaching an elevated level in the first quarter of 2025. The rate declined for both GSE-eligible mortgages and non-agency loans during the second quarter. (Includes data table.)
Joe Gormley nominated for Ginnie president; UBS pays DOJ to end lingering non-agency MBS obligations from Credit Suisse; Chase marketing non-agency MBS with reperforming loans.
Changes to Common Securitization Solutions, including being renamed U.S. Financial Technology, appear to set the company up to serve additional secondary mortgage market participants.
Banking regulators proposed modifying the enhanced supplementary leverage ratio that applies to large banks. If implemented, it could lead to the banks to increase their holdings of Ginnie Mae MBS.
The Federal Reserve is allowing its MBS holdings to run off in a predictable manner; Ginnie provides more details on change to buydown policy; Cerberus affiliate issues securitization of closed-end second liens.
First-quarter earnings reports suggest the reduced size of Fannie Mae’s guarantee book of business may be impacting its market share vis a vis Freddie Mac.
Recent changes in FHA’s loss-mitigation waterfall will probably mean fewer loan modifications enter Ginnie Mae’s Extended Term MBS, Goldman Sachs said in a recent report.
Ginnie Mae emerged victorious in a lawsuit brought by Texas Capital Bank over an extinguished lien on collateral for Reverse Mortgage Funding’s home equity conversion mortgages. TCB plans to appeal the ruling.
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