FHFA plans to issue a proposed rule regarding credit-risk retention and the SEC is working toward a proposal to encourage issuance of publicly registered MBS and ABS.

A proposal to revise Basel capital requirements for banks included some provisions that could have a negative impact on credit-risk transfer activity, according to industry participants.

Figure issued a fully pre-funded securitization with HELOCs, with the firm touting the effort as an alternative to the agency TBA market.

JPMorgan Chase and Goldman Sachs, already prolific issuers of non-agency MBS, have further broadened their issuance mix.

The Supreme Court of Maryland ruled passive trusts that hold mortgages don’t need to obtain a mortgage license.

SFA and other trade groups are seeking major changes to the re-proposed bank capital requirements. MBA raised concerns that non-agency MBS would receive more favorable capital treatment than GSE MBS.

Fitch surged past Kroll to start 2026 as the top rating service in the non-agency MBS market. The company also extended its lead as the top ABS rating service. (Includes two data tables.)

Most analysts say that higher inflation means rate cuts are off the table for Fed Chair Kevin Warsh, even though President Trump still says he still wants lower rates.

Investors see expanded-credit MBS as a safer bet than consumer ABS and CLO deals.

More than 90% of expanded-credit mortgage production went into MBS in the first quarter of 2026. (Includes data table.)