Securitization of home equity loans increased again in the first quarter, driven by closed-end second liens. Issuance is growing exponentially, helped by nonbanks and investor demand. (Includes two data tables.)

The agency single-family MBS market is the main driver of structured finance issuance, but it recorded a decline in first-quarter production while ABS, commercial MBS and non-agency RMBS posted gains. (Includes three data tables.)

The securitization rate for residential mortgages increased each quarter in 2023. Though on an annual basis, the rate was steady. (Includes data table.)

Bank ABS holdings rose unexpectedly in the fourth quarter, but most of the gain came from a portfolio securitization of consumer loans by one institution. (Includes two data tables.)

Mortgage REITs mostly treaded water in the fourth quarter, although aggregate industry holdings were down slightly from the previous period. (Includes two data tables.)

Issuance of GSE Supers MBS remained elevated in the fourth quarter, although down significantly from the previous period. Ginnie remains king of the agency REMIC market. (Includes two data tables.)

The potential merger of the two credit card companies will result in significant consolidation in bank credit card portfolios and a new market leader.

Nonbanks are fueling securitization of home-equity lines-of-credit, closed-end second liens and home equity investments. Issuance jumped in 2023 as refi business dried up. (Includes two data tables.)

Bank holding companies reported a big increase in agency MBS held in trading accounts during the third quarter. The industry also boosted its commercial MBS and ABS holdings. (Includes two data tables.)

Securitization rates increased for GSE-eligible loans, government-insured mortgages and non-agency mortgages. While bank demand for jumbos is declining, the vast majority of the loans don’t go into MBS. (Includes data table.)