The Fed shifted its efforts to aggregate scattered MBS into second-level securitizations to its Freddie Mac portfolio. Ginnie's Platinum program didn't get a lot of use last year, but the agency led the way in REMIC issuance. (Includes two data tables.)
Bargains are to be had in the multifamily loan sector as long as you can find a willing seller that’s trying to clean up its books. One such sale involved HomeStreet Bank in the Pacific Northwest.
Combined issuance of Fannie Mae CAS and Freddie Mac STACRs came to $8.31 billion in 2024 — the lowest total since 2013, the year GSE CRT activity started. (Includes data table.)
Agency pass-through MBS remain the most popular asset in bank holding company trading accounts, but there was a sharp increase in agency multifamily securities during the third quarter.
The securitization rate for residential mortgages hit an estimated 68.6% in the third quarter, as more conventional-conforming loans flowed into GSE MBS.
Growth in securitizations of home equity loans slowed in the third quarter from an exponential pace earlier in the year. Still, issuance was up, with Rocket leading the way. (Includes two data tables.)
Most of the banking industry’s biggest players in residential MBS reported substantial increases in the value of their holdings in the third quarter. (Includes two data tables.)
The key vehicle ABS sector slowed in the third quarter and business-finance securitization stalled. But issuance in the first nine months of 2024 was up 22.9% from last year. (Includes three data tables.)
Early data from Fannie Mae and Freddie Mac suggest that, despite the one-two blow of Hurricanes Helene and Milton, the storms’ impact on GSE credit-risk transfer transactions is relatively modest.
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