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.

Many analysts are projecting increases for issuance of MBS and ABS in 2025. Delinquencies are also expected to rise, though not to troublesome levels.

Interest rate cuts by the Fed prior to the 2023 banking crisis resulted in more than $2 trillion in mark-to-market losses on banks' Treasury and MBS holdings.