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Inside MBS & ABS

October 30, 2025

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Non-Agency CMBS Surges in 3Q25, Agency MF Steady

Big increases in securitization of mortgages on office properties, retail and lodging fueled a 30% increase in non-agency CMBS issuance in the third quarter. Agency multifamily MBS volume was up 4% from the second quarter. (Includes two data tables.) Read More

GSEs Boost Investments in Agency MBS

Amid pressure from some lender trade groups, Fannie Mae and Freddie Mac increased their investments in agency MBS during the third quarter. The move can drive down mortgage rates and goose GSE profits. (Includes data table.) Read More

Fed to Shift Balance Sheet Strategy, MBS to Decline

Beginning in December, the Federal Reserve will adjust its balance sheet strategy and no longer reinvest proceeds from payoffs of agency MBS into more MBS. Read More

Pennymac Securitizing Owner-Occupied GSE-Eligible Loans

Pennymac is issuing a non-agency MBS with owner-occupied loans that are eligible for sale to the government-sponsored enterprises. Read More

Investor Demand Helping to Propel Non-Agency MBS

Non-agency MBS issuance is up sharply this year and is expected to rise again in 2026. Delinquencies on the loans are increasing but investors are counting on cushions from home equity to help prevent losses. Read More

ABS Players Consider Public Versus Private Issuance

SEC is looking to revise disclosure requirements to boost issuance of publicly-registered deals. Investors see some positives in private placements, which might not be easy to replicate in the public market. Read More

Subprime Auto ABS Investors Scrutinize Performance

Rising delinquencies on auto loans and recent bankruptcy filings by subprime auto lenders may have spooked some ABS investors. Read More

Agency MBS Trading Activity Up in September

MBS is the place to be right now with average daily trading volumes at their peaks for the year. Read More

Feeder Fund Activity With Mortgages Poised for Increase

Feeder funds can ease the barrier of entry for investors into the residential mortgage loan market. Fitch set new rating criteria for the asset. Read More

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