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Inside MBS & ABS

February 13, 2025

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Non-Agency Pushes CMBS Issuance Higher in 2024

Although overall non-agency CMBS issuance fell slightly in the fourth quarter, volume was up in deals backed by retail and lodging properties. Agency multifamily activity quickened in the second half of 2024 but still came up a little short of the previous year. (Includes two data tables.) Read More

GSE MBS Involuntary Loan Purchases Higher in 2024

Most “involuntary loan purchases” by servicers of Fannie/Freddie single-family MBS are related to loss mitigation and loan delinquency rather than loan defects. (Includes data table.) Read More

BofA Snatches Up MF Loans as Well as Jumbos

Bargains are to be had in the multifamily loan sector as long as you can find a willing seller that’s trying to clean up its books. One such sale involved HomeStreet Bank in the Pacific Northwest. Read More

Analysts Doubtful About GSE Reform

Treasury Secretary Bessent’s cautious remarks about the prospect for GSE reform heighten industry skepticism about the release of Fannie Mae and Freddie Mac from conservatorship. Read More

Rithm Sees Private Capital Investment Growth as Banks Pull Back

Rithm issued seven MBS deals last year and expects to continue growing its securitization business in 2025. Read More

Data Center CMBS Insulated From AI-Driven Headwinds

Some market participants have raised concerns that the improved efficiency of DeepSeek’s artificial intelligence model could reduce demand for data centers that house hardware and energy resources. Read More

Office Sector Expected to Bottom Out in 2025

Analysts tracking the commercial real estate sector see more pain for the office sector before a recovery process starting in 2026. Read More

Fitch Updates CMBS Rating Criteria for Climate Risk

The changes reflect the risk of collateral impairment and challenges in refinancing tied to climate-related issues. Read More

Grapevine: CFPB Publishes APOR Tables; Two MBS With GSE-Eligible Mortgages

Necessary functions continue at the CFPB; two new non-agency deals backed by GSE-eligible loans hit the market. Read More

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