Issuance of prime non-agency MBS tripled from 2023 to 2024, boosting the market to its best year since 2021. Expanded-credit mortgage securitization accounted for 34% of non-agency issuance last year. (Includes three data tables.)
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Critics argue that, if Fannie Mae and Freddie Mac are released from conservatorship without an explicit government guarantee, MBS investors will demand wider spreads to cover the added credit risk.
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Issuance of single-family rental securitizations has seen sharp swings in recent years. Moderate growth is expected this year and deal performance is forecast to remain strong.
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Trump has nominated Bill Pulte to be director of the Federal Housing Finance Agency; Fitch upgrades master servicer rating on Mr. Cooper; new ABS issuer.
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