While prime non-agency MBS issuance rebounded in the third quarter, the expanded-credit sector remained the predominant source of non-agency issuance. (Includes data chart.)

Non-agency MBS issuance backslid in the second quarter of 2023 after a brief surge to kick off the year. (Includes two data charts.)

DBRS and Fitch were the top rating services in non-agency MBS mostly because they cover a lot of scratch-and-dent transactions. S&P excels in nonprime, Moody's in jumbo.