Big increases in securitization of office-property and industrial mortgages lifted non-agency CMBS issuance to $21.9 billion in the first quarter, a 68.6% increase from the prior period. (Includes two data tables.)
Rocket’s originations and secondary market sales of home equity loans are flourishing without the GSEs. It’s also not yet clear how large of a role the GSEs would have in the market for closed-end second liens.