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Inside MBS & ABS

December 11, 2025

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Mortgage REITs Up Agency MBS, Shed Non-Agency

Annaly Capital Management remained the top REIT in MBS holdings, though several other shops expanded their portfolios at higher rates during the third quarter. The REIT industry added roughly $40 billion to its combined portfolio over the past year. (Includes two data tables.) Read More

MBS in Bank Trading Accounts Rise in Third Quarter

JPMorgan Chase’s trading account held the largest combined inventory of MBS, ABS and commercial MBS at the end of the third quarter, though the total was down slightly from June. (Includes two data tables.) Read More

Lenders Facing Some Uncertainty With GSE Cash Window

Some large lenders are seeing their cash-window availability capped or being cut off altogether, according to trading advisors. Communications from the GSEs and FHFA on the matter are vague. Read More

Fannie’s MBS Holdings Jump in October

The growing securities holdings in Fannie’s retained mortgage portfolio include a large share of non-Fannie agency MBS. Read More

Utility Recovery Bond Players Argue They’re Not ABS

Issuers of utility recovery bonds want the SEC to treat the asset as corporate bonds. They raised concerns about a recent flip by the SEC to treat URBs as ABS, though the SEC notes that it has considered some URBs to be ABS for years. Read More

Investor Demand for ABS Expected to Remain Strong

Interest rate cuts by the Federal Reserve look likely to help maintain investor demand for ABS in 2026. Read More

Researchers See Predictive Power in MBS Prices

Treasury researchers develop new measures to predict interest rates on mortgages using shifts in MBS prices. Read More

Cross River Bank Issues Its First Commercial MBS

The $288 million deal is focused on multifamily properties. To this point, the bank’s securitization activity has solely been ABS. Read More

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