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.)

Investors are showing strong demand for non-agency MBS, leaving leaders of issuers optimistic.

Asset managers believe agency commercial MBS is an attractive investment option following President Trump’s directive to the GSEs to buy $200 million in agency MBS.

Recent cases involving subprime auto lender Tricolor and auto parts manufacturer First Brands prompted the initiative.

The shift from senior subordinate securitizations to predominantly fully guaranteed securitizations is expected to increase revenues for Freddie’s multifamily business.

Moody’s advised consumer ABS issuers to implement backup servicers and strong custodial arrangements to mitigate risks.

Pending proposals from the Fed would impact MBS market; Moody’s looks to rate securitizations of home equity loans.

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.)

Republicans are poised to introduce a bill that would codify reforms of the GSEs that have been completed administratively. The bill would also establish a utility model framework for Fannie Mae and Freddie Mac and alter how calculations are made to annual changes in loan limits.

Fannie Mae and Freddie Mac appear to be using aggressive pricing at the cash window to boost whole loan purchases, then retaining the most attractive coupons.