The February lull is a common seasonal occurrence.

Agency single-family business was down in February in almost every category, but 2025 so far is running ahead of last year’s pace. Ginnie reported a surge in modified-loan securitization. (Includes two data tables.)

Fourth-quarter declines in agency MBS portfolios at Annaly and AGNC were key to an overall downward drift in REIT MBS holdings. (Includes two data tables.)

Fannie/Freddie MBS pools with maximum credit scores of 700 or less were the most sought-after “story” in 2024, with issuance jumping 64% from the previous year. (Includes data table.)

Most of the fourth-quarter activity came from the Federal Reserve’s efforts to enhance its holdings of Freddie Mac paper.

Bank holdings of non-mortgage ABS slumped to $82 billion at the end of 2024, the lowest level in 17 years. One bright spot was bank investment in ABS backed by unsecured consumer loans. (Includes two data tables.)

The Fed shifted its efforts to aggregate scattered MBS into second-level securitizations to its Freddie Mac portfolio. Ginnie's Platinum program didn't get a lot of use last year, but the agency led the way in REMIC issuance. (Includes two data tables.)

The increase was driven by refinances.

Most of the decline was in held-to-maturity accounts, but that may have been the result of an accounting reclassification.

While the fair value of bank MBS declined in the fourth quarter, the industry reported a slight gain on an amortized-cost basis. Bank of America led the ranking of bank MBS investors, though its portfolio fell $27 billion. (Includes two data tables.)