The Heritage Foundation’s Project 2025 calls for the end of the GSE conservatorships and a dramatically reduced role for the Fed.

The decline was driven by conventional-conforming mortgages and government-insured mortgages. The securitization rate for non-agency mortgages actually jumped in the first quarter. (Includes data table.)

SIFMA warned that Freddie’s proposal to acquire second liens could pose risks to the to-be-announced, credit-risk transfer and consumer-loan markets. SFA said the proposal, if approved, should be limited.

The new requirements under FINRA 4210 will apply to trades in the to-be-announced market as well as other agency MBS positions.

Federal Reserve Governor Michelle Bowman highlighted issues in the proposed rule that impact MBS and ABS.

Ginnie to increase reporting requirements on defaults, loss mitigation; Fitch prepares to rate commercial PACE securitizations; loans for hotels near Disney World head into commercial MBS; FHA extends waiver tied to Ginnie multifamily MBS.

The diversification inherent in MBS may be the ideal tool to combat climate risk in housing finance.

Banks, the largest holders of agency MBS among investor groups, aren’t expected to be big buyers this year. Money managers helped to fill the void left by banks last year, but that might not continue into 2024.

Participants in the MBS and ABS market have widespread concerns about a proposal to adjust capital requirements for large banks. They argue that the proposed capital requirements are unnecessarily high.

Nonbanks could fund the closing of government-insured mortgages using commercial paper guaranteed by Ginnie and the loans would be pledged as collateral to the commercial paper, former Ginnie President Ted Tozer suggested.