Kroll Bond Rating Agency is facing increased competition in assessing non-agency mortgage-backed securities.

Fitch, S&P and Moody’s continued to dominate the ABS market’s key sectors: vehicle and business finance. The residential MBS business is spread out more among the five major ratings services. (Includes two data tables.)

The biggest growth was in agency pass-throughs, while bank trading accounts saw a small decline in agency CMOs. (Includes two data tables.)

While bank call reports showed a small decline in CLO holdings, analysts estimate that CLOs held in loan format were up in the second quarter. (Includes data table.)

Combined, 17 MBS-focused REITs held $213.74 billion of residential MBS at midyear.

Annaly Capital Management remained the biggest REIT MBS investor at midyear, although AGNC had the largest portfolio of agency MBS. REIT holdings of non-agency MBS declined. (Includes two data tables.)

TD Bank ranked as the top U.S. bank investor in non-mortgage ABS at the end of the second quarter, after notching gains in both securitized auto loans and business finance. (Includes two data tables.)

Issuance increased by 7.8% from July and marked the strongest monthly total since November 2024.

Nonbank lenders continued to dominate the agency single-family market, accounting for 76.6% of new business in August. Nonbanks delivered more than 80% of agency refinance loans last month. (Includes two data tables.)

The sharp decline in GSE Supers issuance was the result of the Federal Reserve wrapping up the conversion of its Fannie/Freddie MBS into aggregated form in the first quarter. (Includes two data tables.)