Figure recently launched a stablecoin that will be minted natively on the Solana blockchain, giving investors another way to invest in the company’s assets.

The issuance follows a large securitization of home equity investments by Unlock Technologies and Saluda Grade.

Closed-end second liens and home equity lines of credit flowed into securitizations during the third quarter of 2025 after a brief slowdown in the second quarter. Nine months into the year, issuance was up more than 70% on an annual basis. (Includes three data tables.)

Non-agency industry participants are speculating how the non-qualified mortgage market would react if the government-sponsored enterprises go private.

Fannie’s CAS and CIRT volumes fell sharply in the third quarter. Freddie STACR issuance was up from a weak second quarter, but ACIS volume was down 56.2%. (Includes data table.)

A letter last week from Senate Republicans bolstered the Structured Finance Association’s push for banking regulators to reassess the punitive weighting of the p-factor in securitization as part of a planned re-proposal of the Basel Endgame rule.

In the third quarter of 2025, Ellington Financial was active with non-qualified mortgage securitizations.

Vista Index Services plans to release an index next month that will give investors an opportunity to hedge against delinquency risks in Ginnie MBS, rather than selling securities if there’s a downturn.

Issuers of consumer loan ABS are increasingly using VantageScore 4.0 because it detects potential delinquencies better than Classic FICO, according to officials at VantageScore.

The special servicing rate for office and mixed-use property loans held in commercial MBS saw the largest monthly deterioration.