Securitization
Agency and private-label securitization outstanding
How much US credit is financed by pooling loans and selling the cash flows as securities, and who does the pooling. The Federal Reserve's Z.1 Financial Accounts put mortgages financed through the agency and GSE channel at $10.9 trillion in 2026:Q1, against $1.86 trillion of private-label securities outstanding in the Issuers of Asset-Backed Securities sector. The private-label market is the story: it peaked at $4.67 trillion in 2007:Q3, and private-label residential MBS alone fell from $2.35 trillion at its 2007:Q2 peak to $545.8 billion, 23% of that peak. Every figure on this page is computed from the Z.1 data at build, and the two headline values are anchored verbatim to the Fed.
Data as of Z.1 Financial Accounts through 2026:Q1 (Federal Reserve via FRED)
The agency channel: $10.9 trillion, and a 2010 accounting break
The agency channel dominates US securitization. Z.1 splits it into two sectors that must be read together. Before 2010 the mortgages backing Fannie Mae, Freddie Mac and Ginnie Mae securities sat in the "agency and GSE-backed mortgage pools" sector. Under the FAS 166/167 accounting change, Fannie and Freddie consolidated their securitization trusts onto their own balance sheets in 2010:Q1, moving those mortgages into the GSE sector; the pools sector then holds mostly Ginnie Mae. The two lines cross over in 2010 for that reason, not because anything changed in the market. The consolidation- neutral total, the sum of both, is $10.9 trillion in 2026:Q1: $7.68 trillion in the GSE sector and $3.23 trillion in the pools sector.
Source: Federal Reserve Z.1 Financial Accounts (Flow of Funds), via FRED Total mortgages held, quarterly, end of period. The 2010:Q1 crossover is the FAS 166/167 consolidation, not a market move; the combined GSEs-plus-pools total is continuous through it. The combined figure includes a small GSE retained whole-loan portfolio (held under the FHFA wind-down caps) that is not itself securitized; the overwhelming majority is agency MBS. Shaded bands are the 2001, 2007-09, and 2020 recessions (NBER reference dates). Methodology
The private-label boom and collapse
The private-label market, the Issuers of Asset-Backed Securities sector, is where the pre-crisis credit boom lived and where it broke. Total private-label securities outstanding climbed to $4.67 trillion in 2007:Q3, then collapsed as the deals stopped and the collateral ran off; it stands at $1.86 trillion in 2026:Q1. Private-label residential MBS, the sharp end of the subprime boom, ran from $2.35 trillion at its 2007:Q2 peak down to $545.8 billion, 23% of the peak. Measured on mortgages alone, the private-label share of securitization fell from 39.2% at the 2007:Q2 peak to 9.4% now, leaving the agency channel at 90.6%.
Source: Federal Reserve Z.1 Financial Accounts (Flow of Funds), via FRED Total private-label is the debt securities liability of the Issuers of Asset-Backed Securities sector; residential MBS is that sector's one-to-four-family residential mortgage assets. Quarterly, end of period. The agency-versus-private-label split is computed on total mortgages in each channel, a like-for-like comparison; the agency figure carries the small GSE retained portfolio noted above. Methodology
What backs the private-label securities
Beyond residential mortgages, the private-label sector securitizes commercial mortgages, home equity loans, consumer credit, and trade receivables. In 2026:Q1 the sector held $516.5 billion of commercial mortgages, $59.2 billion of trade receivables, $38.3 billion of home equity loans, and just $14.9 billion of consumer credit. That last figure is the tell: consumer-credit collateral in this sector peaked at $658.1 billion in 2008:Q2, then all but vanished from Z.1 as card, auto and student ABS trusts were consolidated back onto their sponsors' balance sheets after 2010. The Z.1 sector therefore understates the gross ABS market that a dealer would quote, and it does not break consumer ABS into the auto, card and student cuts (those come from SIFMA, a source this project does not use). The methodology page states both limitations in full.
Source: Federal Reserve Z.1 Financial Accounts (Flow of Funds), via FRED Assets of the Issuers of Asset-Backed Securities sector, quarterly, end of period. Home equity begins in 1990; the other series in 1945, so a line simply starts where its data does. Consumer credit here is the residual not consolidated onto sponsor balance sheets; it is not the G.19 consumer-credit total (that is on the consumer-credit page). Methodology
Related: the flow of new mortgage lending on mortgage; the G.19 stock of card and auto debt on consumer credit; the corporate credit spread record on corporate credit. Every series links to FRED: BOGZ1FL423065005Q, IABSDSL. See the methodology for series definitions, the two Z.1 accounting breaks, the two verified anchors, and every limitation.