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Inside MBS & ABS

July 10, 2025

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RMBS Issuance Surges in 2Q25, CMBS & ABS Down

Agency single-family MBS issuance was up solidly in the second quarter, but it remains to be seen whether the market can match the pace set over the last six months of 2024. Commercial MBS and ABS issuance faltered in the second quarter. (Includes three data tables.) Read More

The Trump Tax Bill and the Fear of Higher Rates

Will the One Big Beautiful Bill Act cause federal deficits to grow and rates to spike? The simple answer seems to be yes, but so far the yield on the 10-year note hasn’t moved much. Read More

PennyMac’s Shift to Non-Agency MBS Prompted by CRT Runoff

PennyMac Mortgage Investment Trust started issuing non-agency MBS in November as part of an effort to boost its investments in credit-sensitive assets. The REIT is now one of the most active players in the space. Read More

End of Conservatorship Hinges on Senior Preferred Shares

There’s no consensus on how the Trump administration’s effort to end the conservatorship of the GSEs should address senior preferred shares in Fannie and Freddie. Read More

HEI Securitization Activity Evolves With Palisades

Palisades Group issued a $112.1 million securitization on June 30 that included home equity investment assets from multiple companies, a first for the growing sector. Read More

Multifamily CRT Deal From Freddie Receives Ratings

To this point, Freddie has issued multifamily risk-sharing transactions without ratings. The Morningstar DBRS rating could open these multifamily CRT deals to institutions that only invest in rated transactions. Read More

Insurance ABS Outlook Appears Steady Through 2025

Interest is growing within certain types of insurance ABS transactions. Read More

Non-Agency MBS Ratings Disconnected From Defaults

Researchers tracked ratings and defaults on non-agency MBS between 2013 and 2022, finding that Morningstar’s ratings were more conservative than ratings from the big three firms. However, Morningstar’s ratings produced more “false alarms” about potential defaults than the big firms. Read More

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