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The additional research Secretary Scott Turner acknowledged would be required should include a cost-benefit analysis, mortgage professionals suggested.

U.S. government bonds were little changed, with the yield on 10-year Treasuries at 4.12%.

The Federal Reserve is slated to undertake a number of important rules and regulations in 2026, but decisions around agency leadership and the Trump administration's avowed effort to exert greater control over the central bank are likely to leave a lasting legacy at the agency.

A significant portion of the loans in the pool by balance, 44.5%, are designated at non-QM, according to DBRS, adding that about 50% of the loans in the pool were made to investors for business purposes.

Holders willing to lend the note were able to do so at negative interest rates, with borrowers of the issue agreeing to sell it back the next day for less than they paid.

Bank merger and acquisition activity rebounded this year, led by Fifth Third's $10.9 billion proposed purchase of Comerica. Huntington, PNC and Columbia were involved in some of the other biggest deals announced in 2025.

Among changes from the PAID 2025-8 transaction, the current deal has a 24-month revolving period when eligible collateral can be purchased.

The Consumer Financial Protection Bureau will face an existential crisis in 2026 between the Trump administration's efforts to shut down the agency and the employee union and consumer advocates who want to stop them.

CMBS originated between 2017 and 2021 are especially vulnerable. Brighton counsels CMBS lenders to expect clear workout memos.

Fannie Mae sees growth in refinance activity pushing volumes upward, but flattening purchases will temper lender momentum, according to its December report.