A flood of investor capital is driving the transformation of relatively illiquid credit portfolios into more liquid structured transactions that can fetch better ratings.

Three new credit risk transfer deals from banks covered a variety of loan types.

Agency purchase-mortgage volume was up modestly in May, while refinance activity, especially rate-term transactions, slowed dramatically. Total agency business may see another decline in June. (Includes two data tables.)

GSE MBS investors were frustrated with limited communication from the Trump administration even before FHFA Director Bill Pulte was named acting director of national intelligence this week. The appointment prompted more speculation about the future of the GSEs.

Although President Trump directed the GSEs to purchase an additional $200 billion in agency MBS, they do not appear to be on track to accomplish that by year end.

JPMorgan Chase held the largest trading-account portfolio of residential MBS, CMBS and ABS at the end of the first quarter. (Includes two data tables.)

Sylvain Raynes, the new lead of the structured finance practice at Egan-Jones Ratings Company, warned that MBS and ABS investors are losing money if they’re relying on fairly static ratings from other firms.

The 30+ day delinquency rate for the non-QM sector in April was 6.6%, up 20 basis points on a monthly basis.

A superior court decision centered on a bank-fintech partnership rejected the state’s argument regarding the “true lender,” providing protection for secondary market participants.

Kroll Bond Rating Agency said the One Big Beautiful Bill Act’s changes to federal student loans for graduate students will likely create a structural funding gap and shift loan demand toward private lenders, with production flowing into ABS.