“True lender” risk and legal scrutiny are a growing concern for issuers of consumer loan ABS.

WaFd Bank replacing whole-loan holdings with MBS; solar ABS on downgrade watch; dv01 expands into credit card ABS.

Last year’s issuance of expanded-credit MBS and home-equity securitizations reached their highest levels since 2007. Total non-agency MBS production was up 40% from 2024. (Includes three data files.)

President Trump effectively directed the GSEs to fill in the role that the Fed had been serving in terms of agency MBS investments. The stimulus could be short lived, with the purchases expected to wrap up by June.

The flexibility is part of an effort by Ginnie Mae to make its digital collateral program more attractive.

The trade group addressed common pay-history questions ranging from recency expectations to credit reports as a source of payment history.

A mortgage with a prepayment penalty might be as much as 65 basis points cheaper for borrowers, according to GSE shareholder Bill Ackman.

Rating services caution that President Trump’s proposed one-year credit card rate cap would negatively impact card issuers and ABS issuance.

More than $100 billion of loans in commercial MBS have maturity dates this year. Refinancing the loans could be difficult given interest rate movements and declining revenues from commercial properties.