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Inside MBS & ABS

April 24, 2025

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New ABS Issuance Rallies in 1Q25 as Tariff Winds Blow

Hefty increases in vehicle loans and business finance boosted ABS issuance to $94 billion in the first quarter, an 82% gain from the prior period. GM Financial was the top ABS issuer, while Bank of America ranked first in underwriting. (Includes three data tables.) Read More

Agency MBS REITs Tout Liquidity to Weather Volatility

AGNC watched as volatility rocked the agency MBS market this month. The REIT counted on its cash and liquidity to avoid selling assets at a loss. Other REITs also survived unscathed. Read More

Tariff Volatility Differs From COVID Moves for Mortgages

During the early days of the pandemic, mortgage rates dropped, reducing the value of mortgage servicing rights. This month, while tariff-related volatility prompted spreads on agency MBS to widen, lenders selling loans were helped by rising rates, which increase the value of MSRs. Read More

MBS Trading Inches Up in March

MBS trading increased in March, but not dramatically. Still, concerns persist, including Treasury yields bucking historical norms. Ginnie Mae delinquencies are also an issue. Read More

Chase Brings New Structure to Prime Non-Agency MBS

JPMorgan Chase is marketing a prime non-agency MBS with a payment structure typically only used with expanded-credit MBS. Fitch applauded the move. Read More

Consumer Lender Edge Focus Issues its First ABS

Edge Focus issued a $150 million unrated ABS backed by personal loans. The company plans further ABS issuance as part of its loan purchasing strategy. Read More

Legal Issues Drag Down 2015 CMBS Deal

Litigation involving the Aloft Houston by the Galleria loan is causing ratings issues for a decade-old commercial MBS deal. Read More

Grapevine: Maryland Licensing Update; SFR Securitization Pulled

MBS exempt from Maryland licensing requirements after all; Progress Residential scraps planned single-family rental securitization; ICE offers anonymous requests-for-quote for MBS sales. Read More

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