Rising Delinquency and Return of REITs & GSE

Podcast: Baird Fixed Income Insights: Convexity Pulse · Kirill Krylov

Opublikowano: 2026-11-02

In this week's Convexity Pulse, Kirill Krylov and Steven Scheerer discuss the broad recovery in agency MBS following September's selloff and why tighter valuations are making collateral selection increasingly important. They examine the growing FHA delinquency and foreclosure pipeline, including how involuntary loan removals are becoming a larger component of Ginnie Mae prepayments and creating potential relative-value opportunities in discounted collateral. The episode also explores the renewed institutional bid for mortgages, as Annaly and AGNC shift toward higher-coupon specified pools while Fannie Mae and Freddie Mac resume expanding their Agency MBS holdings.