Mortgage REITs mostly treaded water in the fourth quarter, although aggregate industry holdings were down slightly from the previous period. (Includes two data tables.)

If the central bank was required to mark its securities holdings to market, it would be more than $1 trillion in the hole, according to a new research paper.

Issuance of GSE Supers MBS remained elevated in the fourth quarter, although down significantly from the previous period. Ginnie remains king of the agency REMIC market. (Includes two data tables.)

A look back at prior interest rate cuts by the Federal Reserve suggests that agency MBS outperform competing assets in that environment.

What goes down must go up again? That seems to be the story of the fourth quarter’s revival in agency MBS values. Declining mortgage rates gave agency securities holders a shot in the arm.

New metrics are required to quantify the risk of climate change and rising hazard insurance costs on collateral in MBS.

The Fed launched the Bank Term Funding Program amid the regional bank crisis in 2023 to help avoid fire sales of MBS and other assets. The program is set to end in March as scheduled.

Fed stays course on MBS sales; SFA close to revising data tape for prime non-agency MBS; MBS on watch for rating upgrades by Fitch; subprime auto ABS impairments rise; commercial MBS delinquencies decline; Fannie sees tighter spreads for latest CRT; Morningstar not ready to give positive commercial MBS credit for “mass timber” construction.

Declining multifamily valuations are pushing up capitalization rates while reducing debt service coverage ratios.

The new Mission Index will be used to determine which single-family MBS can be designated social bonds.