Securitization of non-agency prime and Alt A mortgages ramped up significantly in the first quarter, although subprime MBS issuance dropped to its lowest level since 2017. RPL/NPL transactions remained the biggest component in the non-agency MBS market. (Includes three data charts.)
Most of the increase in Ginnie loan removals came from borrower payoffs, but servicer buyouts for loss mitigation and foreclosure rose sharply. (Includes data chart.)