All five rating services saw hefty increases in their ABS business in the first quarter as total rated issuance rose 88%. But there were clear winners and losers in the non-agency MBS market.
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REIT industry holdings of agency MBS have climbed 8% higher than they were when COVID forced many firms to shrink, but investment in non-agency MBS remains depressed. (Includes data chart.)
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After months of sporadic issuance of MBS with newer non-QMs, five deals are in the market with fresh production. PIMCO is also selling off some older loans originated by Citadel Servicing.
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Stakeholders believe an alignment will ensure the most competitive mortgage terms are accessible to the broadest segment of QM-eligible borrowers while continuing to promote safe and sound lending practices.
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