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Inside MBS & ABS

March 6, 2025

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Agency Market Nosedives in February, Nonbanks Slump

Agency single-family business was down in February in almost every category, but 2025 so far is running ahead of last year’s pace. Ginnie reported a surge in modified-loan securitization. (Includes two data tables.) Read More

Trump Urged to Maintain Agency MBS Stability

If the GSEs are released from conservatorship, some participants in the agency MBS market insist the to-be-announced market, uniform MBS and Fannie/Freddie CRT activity should remain untouched. Read More

Mortgage REIT MBS Holdings Drift Lower in 4Q24

Fourth-quarter declines in agency MBS portfolios at Annaly and AGNC were key to an overall downward drift in REIT MBS holdings. (Includes two data tables.) Read More

ABS Market Sees Regulatory Reform Opportunities

The Trump administration is likely to take actions that will reduce regulation for the MBS and ABS markets. Industry participants are working to shape the actions while also staying nimble. Read More

Investors Increasingly Drawn to GSE ‘Social’ Spec Pools

Fannie/Freddie MBS pools with maximum credit scores of 700 or less were the most sought-after “story” in 2024, with issuance jumping 64% from the previous year. (Includes data table.) Read More

Bank Issuance of CRT Deals Expected to Increase

Public disclosure of credit-risk transfer issuance by banks is limited, but investor demand looks strong and activity is likely to increase. Read More

Figure Lands $200M Equity Investment From Sixth Street

The investment in the Figure Connect loan marketplace will be used for the purchase of non-agency assets. Read More

DOE Reform Could Lead to Larger Private Student Loan Market

Threats of the potential closure of the Department of Education could massively expand private student loan ABS issuance. Read More

Solar ABS Issuer Sunnova Staring at Financial Peril

A bankruptcy could impact the firm’s outstanding securitizations, including forced replacements of the transaction manager/servicer. Read More

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