In the secondary market, issuers have had to deal with diminished demand for mortgage products originated prior to the recent runup in interest rates. Is the worst behind the sector?

The enterprise resumed marketing a credit-risk transfer transaction this week after a brief pause tied to volatility in the financial markets.

Fannie resumed issuing credit-risk transfer notes in October after a long break. Still, GSE CRT issuance couldn’t match 2020’s volume. (Includes data chart.)

Both the new capital rule and updated eligibility requirements for GSE seller/servicers could affect participants.

Fannie removed some loans from its MBS early; Guaranteed Rate restructured a jumbo MBS before issuance; the GSEs are prepping separate risk- sharing transactions.

Sandra Thompson, Biden’s nominee for FHFA director, gives a deft performance at her Senate confirmation hearing.

Fannie priced a credit-risk transfer deal linked to single-family mortgages; the SEC won’t take an enforcement action against Two Harbors; performance of consumer ABS backed by loans originated by marketplace lenders expected to decline.

Freddie Mac, in particular, expects to issue a record volume of $25 billion in single-family risk-sharing transactions this year.

Mortgage industry stakeholders welcomed Sandra Thompson’s nomination, touting her achievements in her current role as acting director of the Federal Housing Finance Agency.

Changes in FHFA leadership and in the structure of some CRT offerings have altered the calculations of investors.