It may take time for MBS investors to fully understand how use of the new credit score for underwriting loans sold to the GSEs impacts pricing and hedge strategies.

The boom in ABS backed by vehicle and business finance mostly helped the big-three rating services, but Kroll and Morningstar remained major players in rating non-agency MBS. (Includes two data tables.)

In the wake of Trump’s social media posts pledging to retain the implicit guarantee for GSE MBS, industry analysts see signs for support for the administration’s plans for GSE reform.