Much of the first-quarter decline in CLO issuance came from a sharp slowdown in reset and refinance transactions. Meanwhile, issuance backed by commercial real estate is having a moment.
Some 68.0% of mortgages originated in 2025 were sold into MBS. Securitization rates were stable across most products, except for expanded-credit mortgages, where the securitization rate increased sharply. (Includes data table.)
JPMorgan Chase remained the largest bank CLO investor despite a modest decline in its portfolio during the fourth quarter of 2025. (Includes data table.)
Despite drifting slightly lower at yearend, bank holding companies in 2025 increased the volume of MBS and ABS held in trading accounts. (Includes two data tables.)
The top four bank investors in residential MBS reported a combined $16.5 billion decline in their portfolios during the fourth quarter, with most of the drop coming in GSE pass-throughs. (Includes two data tables.)
Fannie and Freddie saw a small decline in Supers MBS issuance during the fourth quarter, along with an unusual spurt in commingled collateral. (Includes two data tables.)
MBS holdings in the retained mortgage portfolios of the GSEs doubled between June 2025 and the end of the year. And that’s before President Trump directed them to buy $200 billion of MBS. (Includes data table.)
The securitization rate for residential mortgages originated during the third quarter was near the same level seen in 2019. Meanwhile, the share of GSE-eligible mortgages that flowed into MBS increased.
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