Figure 12. Gross issuance of selected mortgage- and asset-backed securities, 2003-08.
Data are plotted as bars. The data begin in 2003, with issuance of non-agency RMBS, at nearly $600 billion. The series peaks in 2005 at about $1.2 trillion, drops slightly in 2006, falls about $450 billion in 2007, and is below $100 billion in 2008. The issuance of CMBS is about $78 billion in 2003, rises to a peak in 2007 of $230 billion, and then drops to $12 billion in 2008. The issuance of consumer ABS is $213 billion in 2003, drops slightly in 2004, and then moves within a range of $232 billion to $234 billion in 2005 through 2007. It falls to $106 billion in the first half of 2008 and to $23 billion in the second half of 2008.
NOTE: The data are monthly. Non-agency RMBS are residential mortgage-backed securities issued by institutions other than Fannie Mae, Freddie Mac, and Ginnie Mae; CMBS are commercial mortgage-backed securities; and consumer ABS (asset-backed securities) are securities backed by credit card loans, nonrevolving consumer loans, and auto loans.
SOURCE: For RMBS and ABS, Inside MBS & ABS and Merrill Lynch; for CMBS, Commercial Mortgage Alert.
