Commercial banks and the Federal Reserve pulled back from the MBS market in the third quarter, but the supply of outstanding securities continued to grow. Money-market funds and other investors appear to be picking up some of the slack. (Includes two data charts.)

The sharp slowdown in issuance of uniform MBS and Ginnie pass-throughs during the third quarter led to a parallel decline in second-level securitizations. (Includes two data charts.)

Securitization, including agency and non-agency MBS, accounted for 69.4% of the home mortgage market.

Agency MBS still accounted for the biggest chunk of outstanding home loans, and it's all virtually immune to refinancing. Retained whole-loan portfolios were the fastest-growing sector in the third quarter. (Includes three data charts.)

The top three ECM originators through the first nine months of 2022: Citibank, Angel Oak Lending and Guaranteed Rate...

Yes, expanded-credit mortgage originations fell sharply in the third quarter as nonbank lenders faced parched conditions in the MBS market. But ECM is the only mortgage sector where 2022 volume is running ahead of last year's pace. (Includes data chart.)

Purchase-money mortgages accounted for 79.3% of November issuance...

Ginnie Mae has ranked as the top agency issuer of single-family MBS for three months running, echoing the market of the 1990s. Production levels continued to drop in November, and it’s hard to see when that will change. (Includes two data charts.)

The non-agency jumbo market saw a sharp 32% drop in originations during the third quarter, while agency securitization of high-balance loans was off 15% over the same period. (Includes three data charts.)

Fitch Ratings was the only one of the five major services to see its quarterly ABS ratings volume go up...