S&P was the top ABS rating service in the fourth quarter and finished narrowly behind Fitch for all of 2025. Kroll held the top spot in MBS ratings for the year despite a strong challenge from Fitch. (Includes two data tables.)

Market participants say the surge in GSE purchases is part of the Trump administration’s effort to reduce mortgage rates and spreads.

The revised proposals would reduce capital requirements for banks, both for MBS holdings and whole loans in portfolio. The change would provide incentives for banks to retain more originations in portfolio.