Inside MBS & ABS

Second-Level Agency MBS Rises in 2Q, CMOs Down

jbancroft@imfpubs.com — Thu, 27 Aug 2026 16:15:00 -0400

Freddie saw a big increase in Supers issuance in the second quarter, while Fannie production was flat. Fannie, however, was the only agency with an increase in REMIC/CMO production. (Includes two data tables.)

Banks See Modest Increase in MBS Holdings, Ginnie Gains

nbhatia@imfpubs.com — Thu, 27 Aug 2026 16:10:52 -0400

Most of the increase in banks’ MBS investment was in Ginnie Mae pass-throughs, which grew a modest 1.5% from the first quarter. Holdings of non-agency securities declined. (Includes two data tables.)

Ginnie Continues Effort Toward Loan-Level Operations

ewilley@imfpubs.com — Thu, 27 Aug 2026 16:08:54 -0400

The agency is working on a project to track issuers’ final certifications as the latest stage of its loan-level transformation initiative.

NAIC Proposes New ABS Bond Qualifications

sclark@imfpubs.com — Thu, 27 Aug 2026 16:06:55 -0400

The proposal would add two new provisions regarding ABS qualification under the NAIC’s principles-based bond definition.

Shrinking DSCRs Linked to Weakness in Newer CMBS

ewilley@imfpubs.com — Thu, 27 Aug 2026 16:06:02 -0400

Debt service coverage ratios have declined for conduit commercial MBS tied to rentals, while delinquencies have climbed.

Treasury Buybacks Slow to Impact MBS

dhollier@imfpubs.com — Thu, 27 Aug 2026 16:04:00 -0400

Industry observers don’t expect the move to prompt major declines in interest rates this year.

CMBS Investments Remain Attractive Despite Market Challenges

jdohnert@imfpubs.com — Thu, 27 Aug 2026 16:02:04 -0400

The commercial MBS market continues to offer opportunities for investors willing to actively manage their portfolios.

Zip Brings Its First BNPL Securitization

azimmardi@imfpubs.com — Thu, 27 Aug 2026 16:01:06 -0400

The Zip transaction is the first buy now, pay later securitization rated by Fitch Ratings.

SEC Charges Former Executives in Tricolor Collapse

sclark@imfpubs.com — Thu, 27 Aug 2026 16:00:08 -0400

The SEC linked Tricolor Holdings’ collapse to a double-pledging fraud scheme involving three former company executives.

Securitization of Home Equity Loans Cools

bivey@imfpubs.com — Thu, 20 Aug 2026 16:18:59 -0400

Even when excluding a large issuance in the first quarter of seasoned closed-end second liens, securitizations of home equity loans declined on a quarterly basis in the second quarter. (Includes three data files.)

Egan-Jones Still Working on Approval for ABS Ratings

bivey@imfpubs.com — Thu, 20 Aug 2026 16:16:01 -0400

Off and on since 2013, Egan-Jones Ratings Company has sought certification from the SEC for ratings of ABS. Last week, the SEC denied the latest application from the rating service.

Residential Whole Loans Remain Attractive Option for Insurers

jdohnert@imfpubs.com — Thu, 20 Aug 2026 16:15:03 -0400

Insurance companies continue to grow their residential whole-loan portfolios as they look to diversify investments.

Illinois Rules Buyers of Defaulted Mortgages Need License

sclark@imfpubs.com — Thu, 20 Aug 2026 16:14:06 -0400

The appellate court ruled that entities that purchase defaulted mortgages must be licensed in the state.

Castlelake to Issue Its First Securitization of RTLs

azimmardi@imfpubs.com — Thu, 20 Aug 2026 16:12:21 -0400

Loans in the planned securitization were originated by Resfin Partners, an affiliate of investment firm Castlelake.

Preferred Equity, Residual-Interest Debt Usage Grows

jdohnert@imfpubs.com — Thu, 20 Aug 2026 16:10:08 -0400

Preferred equity and residual-interest debt financing are increasingly being used in ABS and CLO transactions.

Revisiting the Lock-In Effect on the Fed’s Balance Sheet

dhollier@imfpubs.com — Thu, 20 Aug 2026 16:09:10 -0400

Runoff of agency MBS from the Federal Reserve’s portfolio appears slow but is close to actual Fed projections.

GSEs Announce End of Single-Family Green MBS

dhollier@imfpubs.com — Thu, 13 Aug 2026 16:42:41 -0400

Many of those green loans will still be eligible for purchase by the GSEs. Social bonds appear unaffected.

Ginnie Clarifies Seasoning Policy for RPLs

ewilley@imfpubs.com — Thu, 13 Aug 2026 16:39:43 -0400

Ginnie Mae has revised guidance to clarify that re-performing loans could season while on a three-month trial payment plan of a standalone partial claim.

GSE CRT Issuance Slows to a Crawl in Second Quarter

bivey@imfpubs.com — Thu, 13 Aug 2026 16:38:44 -0400

Volatility from the war with Iran prompted a slowdown in CRT issuance and wider spreads on the deals Fannie Mae and Freddie Mac issued during the second quarter of 2026. (Includes data table.)

SFA Presses CFPB on TRID Assignee Liability

sclark@imfpubs.com — Thu, 13 Aug 2026 16:37:00 -0400

SFA asked the CFPB to implement tailored approaches for assignee liability for compliance with mortgage disclosure requirements to mitigate adverse impacts.

SEC Guidance Could Reduce Data Center Securitization Costs

jdohnert@imfpubs.com — Thu, 13 Aug 2026 16:36:50 -0400

The guidance clarifies that data center securitizations aren’t considered ABS as defined in the Securities Exchange Act.

TPG Mortgage Boosts Agency MBS With Cherry Hill Deal

jdohnert@imfpubs.com — Thu, 13 Aug 2026 16:35:52 -0400

TPG Mortgage Investment Trust is set to acquire Cherry Hill Mortgage Investment in a $117.5 million deal.

Rocket Increasing Issuance of Consumer Loan ABS

azimmardi@imfpubs.com — Thu, 13 Aug 2026 16:34:54 -0400

Rocket Companies is boosting its originations of consumer loans and sending the production to ABS.

ABS Servicer Applies for Bank Charter

sclark@imfpubs.com — Thu, 13 Aug 2026 16:33:58 -0400

If approved, Zaria National Trust Bank would offer trustee services for ABS, servicing, collateral management and more.

MBS Investors Recommend Tweaks to Credit Score Framework

dhollier@imfpubs.com — Thu, 06 Aug 2026 16:33:51 -0400

The Structured Finance Association says the GSEs should be able to accept multiple credit scores on a single application and disclose that information to MBS investors.

GSEs Shrink MBS Share in Their Portfolios

dhollier@imfpubs.com — Thu, 06 Aug 2026 16:32:52 -0400

The strategies Fannie Mae and Freddie Mac use to manage their retained mortgage portfolios appeared to converge in the second quarter. (Includes data table.)

VA Payoffs Suggest Strong Refi Activity

ewilley@imfpubs.com — Thu, 06 Aug 2026 16:31:53 -0400

VA loans have notoriously high prepay rates compared to FHA loans, in part because of VA’s generous refinance program.

SRT Expected to Get Boost From Revised Basel III Proposal

jdohnert@imfpubs.com — Thu, 06 Aug 2026 16:30:54 -0400

Banks are expected to increase their use of synthetic-risk transfers following greater clarity on the products from regulators.

Deterioration Continues Among Subprime Auto Borrowers

ewilley@imfpubs.com — Thu, 06 Aug 2026 16:29:55 -0400

Performance among borrowers with higher loan-to-value ratios has continued to weaken relative to higher-credit-quality auto loan borrowers, and loss severity has increased.

Pagaya Sees Strong Demand for ABS, Boosts Aggregation

bivey@imfpubs.com — Thu, 06 Aug 2026 16:27:57 -0400

The firm issued $3.7 billion of ABS during the second quarter, a 76.2% sequential jump. Pagaya aggregates auto loans, unsecured consumer loans and point-of-sale financing products.