MBS Credit Monthly

Research evidence excerpt

MBS Credit Monthly

SPG Research

U.S. Fixed Income Strategy

J.P. Morgan Securities LLC

July 10, 2026

Non-agency RMBS, CRT and SFR Issuance Estimates

Gross Issuance ($MM)

Year Legacy Jumbo 2.0 Agency Investor CRT Rental RPL NPL Non-QM HELOC/CES Total

2000 100,408 100,408

2001 209,746 209,746

2002 314,773 314,773

2003 489,508 489,508

2004 721,393 721,393

2005 1,031,151 1,031,151

2006 1,006,620 1,006,620

2007 618,427 618,427

2008 9,806 9,806

2009 0

2010 238 238

2011 671 671

2012 3,469 847 4,872 9,188

2013 12,566 1,805 479 2,670 10,057 27,577

2014 8,222 10,812 6,737 2,796 20,407 48,974

2015 11,901 13,821 6,926 11,788 20,340 64,776

2016 3,810 14,554 4,629 5,980 14,826 542 44,341

2017 10,765 15,073 4,949 35,917 24,778 4,081 95,563

2018 17,021 329 20,153 7,253 52,556 12,776 14,050 124,138

2019 14,887 3,315 20,906 4,367 47,542 14,746 28,922 1,676 136,361

2020 15,454 2,267 19,938 9,943 26,885 9,853 21,058 308 105,706

2021 52,216 26,659 21,896 19,755 32,779 20,560 30,659 1,403 205,927

2022 18,707 13,397 23,259 14,294 15,160 4,689 40,962 860 131,328

2023 10,808 976 9,313 4,024 10,852 1,063 31,099 5,337 73,472

2024 26,940 6,070 7,188 8,672 20,046 6,688 46,605 15,252 137,461

2025 38,025 9,362 7,386 7,637 17,690 8,942 79,726 28,997 197,764

2026 (a/o Jun) 22,002 8,773 3,932 3,729 6,722 4,595 61,191 23,083 134,026

2026 Proj 40,000 10,000 7,000 8,000 20,000 8,000 85,000 35,000 213,000

Net Issuance ($MM)

2000 67,771 67,771

2001 71,163 71,163

2002 81,149 81,149

2003 121,781 121,781

2004 376,241 376,241

2005 538,643 538,643

2006 451,114 451,114

2007 181,738 181,738

2008 -300,160 -300,160

2009 -327,485 -327,485

2010 -176,601 145 -176,456

2011 -204,503 530 -203,972

2012 -186,236 2,582 760 5,337 -177,557

2013 -159,448 10,846 1,773 479 1,481 7,382 -137,486