MBS trading increased in March, but not dramatically. Still, concerns persist, including Treasury yields bucking historical norms. Ginnie Mae delinquencies are also an issue.

JPMorgan Chase is marketing a prime non-agency MBS with a payment structure typically only used with expanded-credit MBS. Fitch applauded the move.

MBS exempt from Maryland licensing requirements after all; Progress Residential scraps planned single-family rental securitization; ICE offers anonymous requests-for-quote for MBS sales.

At March 31, Dynex owned $8.4 billion in MBS compared to $7.5 billion at Dec. 31.

Few issuers tried to price non-agency MBS in the days following President Trump’s tariff announcement last week. An expanded-credit MBS from Annaly priced at the widest spreads seen in more than a year.

Expanded-credit mortgages, jumbo loans and GSE-eligible collateral in MBS securitizations were all up in the first quarter of 2025. (Includes data tables.)

Not to be forgotten, Canada holds $156.0 billion of agency product.

Shellpoint handled servicing on 26.6% of the dollar volume of non-agency MBS issued during the fourth quarter.

Nothing like a good trade war to drive down MBS values and cause interest rates to rise. Yes, some mortgage investors are nervous. Overblown? We’ll find out.

A bill that would exclude mortgage trustees from new Maryland licensing requirements passed a state senate committee vote.