Securitization of consumer loans and credit cards saw huge gains from the first to the second quarter, helping ABS issuance set a new record. Stellantis was the top ABS issuer in the second quarter, while Bank of America ranked as the top underwriter. (Includes three data tables.)

Much of the decline was from activity with seasoned mortgages.

Although securitization of seasoned non-agency loans fell by 50% from an abnormally high level in early 2026, issuance of MBS backed by recently originated loans held fairly steady. (Includes three data files.)

Rising interest rates took a bite out of MBS and ABS issuance in May and June.

Agency single-family MBS issuance rose 11% from the first to the second quarter, and midyear production was up 28% from 2025. But the refinance business is running out of gas and purchase-mortgage volume was flat compared with the first six months of last year. (Includes three data tables.)

Seller repurchases of defective loans from the government-sponsored enterprises fell in the first quarter to their lowest level since 2020.

Seller repurchases from Fannie and Freddie declined 21% in the first quarter of 2026 to the lowest level since 2020. But the pipeline of unresolved claims rose significantly. (Includes three data tables.)

Fitch surged past Kroll to start 2026 as the top rating service in the non-agency MBS market. The company also extended its lead as the top ABS rating service. (Includes two data tables.)

A total of $545.80 billion of non-agency MBS backed by single-family mortgages was outstanding at the end of March.

Relatively strong refinance activity helped dampen growth in outstanding agency single-family MBS during the first quarter, but non-agency MBS posted its biggest increase in years. (Includes two data tables.)