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Inside MBS & ABS

January 29, 2026

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Record Year for CLO, But Issuance Slowed in 4Q25

Reset and refinance deals accounted for nearly 60% of last year’s bumper crop of CLOs that totaled more than $607 billion. (Includes two data tables.) Read More

FHFA Rejiggers Cap on GSE Acquisitions of Agency MBS

FHFA quietly increased the cap on the GSEs’ holdings of agency MBS from $40 billion apiece to $225 billion. That’s the same as the cap on their entire retained mortgage portfolios. Read More

REIT Agency MBS Investors Comfortable With Market

Interest rate and spread volatility has declined in recent months. That’s leading to a reduction in potential returns from agency MBS along with a more stable investing environment. Read More

Spec Pool Volume Slumps in 4Q25 as GSE MBS Increases

Freddie continues to lead Fannie in issuance of specified-pool MBS. In the fourth quarter, there were relatively large gains in pools of mortgages with loan amounts below $275,000, as well as pools of Texas loans. (Includes data table.) Read More

FHA Custom Pools Pushing Up VA Share of Ginnie TBAs

Investors are seeking out Ginnie Mae custom pools with better convexity profiles than those of forward trading multiple-issuer pools, causing the convexity of the multi-pools to further deteriorate. Read More

MBS Prepayment Risk Expected to Rise in 2026

Lower interest rates and potential policy changes are expected to help drive an increase in prepayment activity this year. Read More

MBS Ratings Criteria Change Leads to Upgrades at Fitch

A change in how MBS deals are rated led to more than 1,000 upgrades for tranches of deals backed by HELs and seasoned mortgages. Read More

Pagaya Enters Forward Flow Agreement for POS Loans

The deal will expand Pagaya’s point-of-sale platform. The fintech also launched a revolving asset-backed funding structure this month. Read More

CLO Investors Hit With Class-Action Antitrust Suit

The complaint argues that equity investors used their market dominance to pressure CLO managers to keep credit spread adjustments artificially high for leveraged loans transitioning to SOFR. Read More

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