Fitch Ratings sees relatively smooth sailing for residential MBS this year while times are tough in the CMBS market, and the worst could be yet to come.

The Fed could start cutting rates in June, according to projections by industry analysts. The Fed is also moving toward slowing the runoff of its holdings of Treasury securities and MBS.

Kroll saw a 21.9% increase in non-agency MBS ratings from the third to the fourth quarter, as well as the smallest decline (3.7%) in ABS rating volume. (Includes two data tables.)