Specified Pool Share of GSE MBS Issuance Rises
Mike SP
Single-family mortgage-backed security issuance from the two government-sponsored enterprises in the first three months of this year was down 20.9% from the fourth quarter of 2024. Issuance of specified pools in the first quarter of 2025 was also down, but only by 8.2%, according to a new analysis by Inside MBS & ABS.
Spec pools accounted for more than half of GSE single-family MBS issuance in early 2025. That compares to just 44.4% for all of last year and 40.7% for 2023.
For the past two quarters, the most popular “story” in GSE specified pools has been MBS that score high on the agencies’ mission to provide financing for lower-income, minority and first-time borrowers, as well as home loans meeting similar geographic targets.
Social MBS accounted for 10.3% of spec pools issued by the GSEs in the first quarter — compared to just 1.7% a year ago.
For more details, see Inside MBS & ABS.