New issuance was up in all the major food groups last year: residential MBS, commercial MBS and ABS. But overall quarterly volume slipped late in 2024.
The securitization rate for residential mortgages hit an estimated 68.6% in the third quarter, as more conventional-conforming loans flowed into GSE MBS.
New capabilities added to Freddie Mac’s basic ML-deal will allow corporate CUSIPs to be converted to municipal CUSIPs without impacting the tax-exempt status of the securities.
Rate-term refinances fueled most of the increase in agency single-family MBS issuance last month, but the wave may already be running out of propulsion. (Includes two data tables.)
Manufactured housing loans remain a tiny fraction of GSE acquisitions, but that share has nearly doubled since 2019 and plays an important role in spec pooling.
Federal Reserve Vice Chair Michael Barr plans to recommend retaining capital requirements for unrealized losses on MBS held in bank portfolios. This provision was in response to the 2023 banking crisis.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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