Year-to-date CLO issuance lagged behind the pace set in 2018 because of a slowdown in refinance transactions. Octagon Investment Partners was the most active sponsor at midyear.
A major influx of refinance business pushed Fannie and Freddie MBS issuance to $120.25 billion in August, their biggest monthly production since January 2013.
Some 71% of loans processed through an automated underwriting system last year went through Fannie Mae's Desktop Underwriter platform, including a substantial number of loans securitized by Freddie Mac and Ginnie Mae.
Fannie, Freddie and Ginnie issued a combined $170.7 billion in new single-family MBS in August, their highest monthly volume since November 2012. A big surge of refinance business was a major factor.