The market produced $42.61 billion of new ABS in the fourth quarter, a 38.7% decline from the previous three-month period. That brought year-to-date issuance to $202.02 billion, down 11.0% from 2019.

Private MIs were particularly strong in the purchase-loan market, with annual GSE sales of $366.87 billion — which represented 51.0% of all insured purchase loans securitized by the agencies...

In January of last year, the flow of VA loans into Ginnie MBS exceeded the volume of FHA loans, a trend that culminated in December, when VA accounted for 57.0% of monthly issuance.