Jonathan Gould was the senior deputy comptroller and chief counsel at the OCC during the latter half of the first Trump administration.

PennyMac Mortgage Investment Trust started issuing non-agency MBS in November as part of an effort to boost its investments in credit-sensitive assets. The REIT is now one of the most active players in the space.

Researchers tracked ratings and defaults on non-agency MBS between 2013 and 2022, finding that Morningstar’s ratings were more conservative than ratings from the big three firms. However, Morningstar’s ratings produced more “false alarms” about potential defaults than the big firms.

The share of GSE purchase mortgages with credit scores of at least 740 increased from 73.8% in the first quarter of 2025 to 74.6% in the second quarter.

PennyMac and Redwood Trust are marketing separate prime non-agency MBS, the first deals in the market since June 24.

HomeBridge Financial Services is the largest contributor to the securitization, accounting for 49.9% of the dollar volume.

It’s not yet clear what’s in the FDIC's pending CRA proposal or if the other federal banking regulators are planning similar proposals.

The One Big Beautiful Bill included a plethora of tax breaks for individuals and businesses. The bill also sharply reduced the CFPB’s budget.

The Bank of Glen Burnie will pay $750,000 along with sharing profits for three years and an origination-based add-on.

FICO's stock price took a hit after the FHFA announced that the GSEs will immediately accept VantageScore 4.0.