Every sector of the ABS market saw substantial increases in new issuance last year. Vehicle finance securitization and business ABS remained the top asset classes, though other markets gained share. (Includes two data charts.)

Fannie and Freddie have yet to release a date for their fourth-quarter results, but 4Q was likely a tad shy of 3Q. Credit stable interest rates and decent MBS volumes.

It wasn’t a pretty month for MBS trades. And with interest rates rising, the age-old question looms: Where do we go from here?

Six issuers offered expanded-credit MBS in recent days, ending a nearly 30-day pause in issuance. Loans in the deals have seasoned for longer than the turn times seen for prime non-agency MBS.

Head of investment strategy at Amherst Pierpont Securities said changes to FHA premiums based on the MMIF capital ratio had big impacts on prepayments following the Great Recession.

Fannie and Freddie issued essentially zero long-term debt in 2021, dramatically lowering their total outstanding debt.

The new Choice Lease program targets low- to medium-income individuals and is offering below market rents.

Market growth in 2022, though more restrained than in 2021, should give Fannie and Freddie plenty of runway to hit their multifamily caps for the year.

SFVegas pushed back to July; commercial MBS delinquencies rise for first time in more than a year; Fannie obtains ratings for older CRTs; Verizon to issue more ABS tied to cellphone payment plans.

Total non-agency MBS issuance rocketed up 82.8% last year. A huge surge in traditional jumbo loans drove a big increase in prime MBS issuance, helped by the GSE-eligible investor-property sector. (Includes three data charts.)