May 2, 2025 | Inside Mortgage Finance

Volatility Making MBS Hedging Particularly Difficult

Uncertainty on movements by the Fed has prompted sharp swings in the value of agency MBS as well as in the prices of hedges commonly used by REITs. Read More

Despite Huge Reset Volume, CLO Issuance Down in 1Q25

While new production of CLOs backed by broadly-syndicated loans and middle-market loans fell sharply in the first quarter, issuance of CRE deals increased significantly. Nearly two-thirds of CLO activity were reset transactions. (Includes two data tables.) Read More

GSE Profits Remain Stable in a Weak Mortgage Market

First-quarter earnings reports suggest the reduced size of Fannie Mae’s guarantee book of business may be impacting its market share vis a vis Freddie Mac. Read More

Home Equity Securitization Rebounds in First Quarter

Non-agency securitization of home equity loans resumed its rising trajectory after slumping in the fourth quarter of 2024. Rocket was the top issuer in the first quarter, focusing on closed-end second liens. (Includes two data tables.) Read More

Normalcy Returns to the Non-QM Secondary

Non-QM deals were on a bit of a tear until the tariff war cratered the market in mid-April. But all has returned to normal. Read More

FHA Changes to Shrink Ginnie Extended-Term MBS

Recent changes in FHA’s loss-mitigation waterfall will probably mean fewer loan modifications enter Ginnie Mae’s Extended Term MBS, Goldman Sachs said in a recent report. Read More

MPower Preparing to Issue ABS With Unique Risks

The ABS backed by advances to international students studying in the U.S. could come under pressure due to any changes in immigration and employment policies. Read More

Grapevine: Prefunded HELOC ABS; CMBS Servicer Downgraded

First-of-its-kind HELOC ABS from Figure; Morningstar downgrades assessment of Torchlight Loan Services; ABS roundup. Read More

Inside MBS & ABS

May 1, 2025

View Archived Issues

Volatility Making MBS Hedging Particularly Difficult

Despite Huge Reset Volume, CLO Issuance Down in 1Q25

GSE Profits Remain Stable in a Weak Mortgage Market

Home Equity Securitization Rebounds in First Quarter

Normalcy Returns to the Non-QM Secondary

FHA Changes to Shrink Ginnie Extended-Term MBS

MPower Preparing to Issue ABS With Unique Risks

Grapevine: Prefunded HELOC ABS; CMBS Servicer Downgraded

Latest Imf News

GSE Deliveries by Top Players Decline in November

Fed’s Rate Cut Not Expected to Help Mortgages Much

GSEs Update Guidelines Tied to Fraud

SG Capital Partners Returns as Expanded-Credit MBS Issuer

Featured Data

Refis Lift Agency MBS to Three-Year High in November

Broker Channel Regains Some Share in Third Quarter

Nonbanks Post Small Drop in Mortgage-Banking Income

Bank MSR Portfolios Shrink Slightly, Valuation Strong

Featured Reports

Lender Profiles 2Q25: Top 25 (PDF)

GSE Repurchase Activity: Cumulative to Second Quarter 2025 (PDF Format)

Mortgage Profitability Report 2Q25 (PDF)

IMF HMDA Dashboard: 2024

Featured Poll

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

Inside MBS & ABS

May 1, 2025

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As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?