Fitch, Kroll and DBRS continued to dominate the business of rating non-agency MBS in 2024, but S&P and Moody’s remained heavy hitters in rating ABS.

The securitization rate for non-agency jumbo mortgages more than doubled on an annual basis in 2024. And the non-agency MBS share of originations of expanded-credit mortgages increased. (Includes data table.)

Housing finance aficionados like the prospect of a GSE exit from conservatorship that includes the retention of the Treasury’s PSPA, especially if done in conjunction with a sovereign wealth fund.

Rithm has once again used its servicing rights in a capital markets deal. Why haven’t other MSR owners followed its lead?

Asset managers and hedge funds are taking a more active approach in ABS issuance.

Moody’s proposed using two home-price forecasts when assessing loans in residential MBS. Currently, the rating service uses one fairly conservative forecast for home prices.

On some recently issued expanded-credit MBS, servicing fees have been as low as 5 basis points. S&P and some other rating services review deals applying assumptions for higher servicing fees.

Securitized loans from the Federal Family Education Loan program could receive negative credit rating marks if the Department of Education is successfully dissolved by the Trump administration.

Analysts worry that FHFA’s more hands-on intervention in GSE management may hint at the return of the net worth sweep and the dashing of any hopes of an end to the conservatorships.

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.