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Inside MBS & ABS

March 27, 2025

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Fitch Still Tops in RMBS, S&P Takes Crown in ABS

Fitch, Kroll and DBRS continued to dominate the business of rating non-agency MBS in 2024, but S&P and Moody’s remained heavy hitters in rating ABS. Read More

MBS Share of Non-Agency Deliveries Up in 2024

The securitization rate for non-agency jumbo mortgages more than doubled on an annual basis in 2024. And the non-agency MBS share of originations of expanded-credit mortgages increased. (Includes data table.) Read More

Experts Still Debating Government Guarantee of Agency MBS

Housing finance aficionados like the prospect of a GSE exit from conservatorship that includes the retention of the Treasury’s PSPA, especially if done in conjunction with a sovereign wealth fund. Read More

Rithm Goes Big on MSR Securitizations

Rithm has once again used its servicing rights in a capital markets deal. Why haven’t other MSR owners followed its lead? Read More

Private Credit Entities Altering ABS Practices

Asset managers and hedge funds are taking a more active approach in ABS issuance. Read More

Moody’s Considers Revising Home-Price Input for Ratings

Moody’s proposed using two home-price forecasts when assessing loans in residential MBS. Currently, the rating service uses one fairly conservative forecast for home prices. Read More

Low Servicing Fees Prompt Warnings on Non-Agency MBS

On some recently issued expanded-credit MBS, servicing fees have been as low as 5 basis points. S&P and some other rating services review deals applying assumptions for higher servicing fees. Read More

Education Dept. Closure Could Impact Student Loan ABS Market

Securitized loans from the Federal Family Education Loan program could receive negative credit rating marks if the Department of Education is successfully dissolved by the Trump administration. Read More

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