Portfolio restructuring by the Federal Reserve accounted for about a third of new Fannie and Freddie Supers issuance in the second quarter, but volume is slowing down. (Includes two data tables.)

The volume of loans removed from Ginnie MBS increased by nearly 20% in the second quarter, driven by borrower loan payoffs. (Includes two data tables.)

S&P lost a little market share in rating newly issued ABS but remained the top provider in the first quarter. Fitch had a similar experience in the non-agency MBS market. (Includes two data tables.)

JPMorgan Chase held the largest CLO portfolio in the banking industry at the end of March, but its investment was down from the previous period. (Includes data table.)

The decline was driven by conventional-conforming mortgages and government-insured mortgages. The securitization rate for non-agency mortgages actually jumped in the first quarter. (Includes data table.)

Most REITs reported declines in the fair value of their agency MBS during the first quarter of 2024. Non-agency MBS holdings were up, as were net TBA positions. (Includes two data tables.)

Although Fannie saw a 20% decline in Supers MBS issuance in the first quarter, Fed data show a substantial increase in the central bank’s “aggregated” holdings of Fannie securities. (Includes two data tables.)

With Freddie finally increasing its STACR issuance in the first quarter, the GSEs’ slump in CRT activity could be abating. Older deals continue to be retired in a steady stream of tender offers by the enterprises. (Includes data table.)

A surge in refinance activity — especially in the VA program — led to a significant increase in loan removals from Ginnie Mae MBS during the first quarter of 2024.

It’s been almost 20 years since the ABS market had a quarter like the first three months of 2024. Some 72 of the 114 issuers that brought deals to market in the first quarter were on the sidelines in the previous period. (Includes three data tables.)