Although overall non-agency CMBS issuance fell slightly in the fourth quarter, volume was up in deals backed by retail and lodging properties. Agency multifamily activity quickened in the second half of 2024 but still came up a little short of the previous year. (Includes two data tables.)

Most “involuntary loan purchases” by servicers of Fannie/Freddie single-family MBS are related to loss mitigation and loan delinquency rather than loan defects. (Includes data table.)

Bargains are to be had in the multifamily loan sector as long as you can find a willing seller that’s trying to clean up its books. One such sale involved HomeStreet Bank in the Pacific Northwest.

Treasury Secretary Bessent’s cautious remarks about the prospect for GSE reform heighten industry skepticism about the release of Fannie Mae and Freddie Mac from conservatorship.

Rithm issued seven MBS deals last year and expects to continue growing its securitization business in 2025.

Some market participants have raised concerns that the improved efficiency of DeepSeek’s artificial intelligence model could reduce demand for data centers that house hardware and energy resources.

Analysts tracking the commercial real estate sector see more pain for the office sector before a recovery process starting in 2026.

The changes reflect the risk of collateral impairment and challenges in refinancing tied to climate-related issues.

Necessary functions continue at the CFPB; two new non-agency deals backed by GSE-eligible loans hit the market.

Uncertainty on the future of Fannie Mae and Freddie Mac has caused some lenders to deliver their agency-eligible production to the non-agency secondary market.