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Inside MBS & ABS

May 15, 2025

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Non-Agency CMBS Issuance Rises in 1Q25, Agency Fades

A heavy load of maturing commercial real estate loans is expected to boost non-agency CMBS production in 2025, and first-quarter issuance suggests the market is up to the challenge. Agency multifamily MBS got off to a slow start, as usual. (Includes two data tables.) Read More

ABS Issuers Seeing Strong Demand Despite Volatility

Investors are showing a greater interest in ABS this month, following a rocky April. The recent softer tone taken by President Trump on tariffs seems like the reason. Read More

GSE Portfolios Slump in 1Q25, Up From Year Ago

Portfolio holdings at the government-sponsored enterprises declined across the board during the first quarter of 2025. On an annual basis, Fannie Mae increased its holdings of MBS while Freddie Mac’s mortgage holdings increased. (Includes data table.) Read More

Green and Social Bonds in the Trump Era

It’s not clear how the Federal Housing Finance Agency’s decision to cut the DEI and ESG programs at the GSEs will impact MBS issuance. Read More

Bank Usage of CRT Limited to This Point

A survey by Moody’s found that a relatively small share of banks have issued credit-risk transfer deals in recent years. Read More

Flexibility Helps Ellington Weather Tariff Volatility

Amid a volatile month, Ellington Financial paused plans to issue an expanded-credit MBS and instead invested in MBS and ABS from other firms. Read More

AutoNation Branches Out With its First Prime ABS

Vehicle retailer AutoNation has so far focused on nonprime borrowers. Read More

Risk Retention a Poor Measure of CMBS Quality

CMBS securitizers can exploit an exemption in risk retention rules to unload riskier tranches. Researchers said this may signal lower loan quality to investors. Read More

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