Securitization

See why private-label securitization never recovered

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.

$10.9T

Agency mortgage securitization

GSEs and agency pools, 2026:Q1

$1.86T

Private-label securities

down from $4.67T at the 2007:Q3 peak

$545.8B

Private-label RMBS

23% of the 2007:Q2 peak

90.6%

Agency share of mortgage securitization

from 60.8% at the 2007:Q2 private-label peak

Data as of Z.1 Financial Accounts through 2026:Q1 (Federal Reserve via FRED)

What this page is. The stock of securitization outstanding, by channel and by collateral, from the Federal Reserve Z.1 Financial Accounts. It is the outstanding-balance complement to mortgage (HMDA applications, originations and denials, a flow of new loans) and to consumer credit (the G.19 stock of card and auto debt). Here the question is not who borrowed but how the loan was funded: held on a lender's book, or pooled into an agency or private-label security. Everything is a sector aggregate; no individual pool, deal, or tranche appears.

Agency mortgage finance

Agency mortgage securitization still totals $10.9 trillion after the 2010 break

Quarterly US mortgage holdings in USD trillions across the full Federal Reserve history. The agency channel dominates US securitization and totals $10.9 trillion in 2026:Q1; 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 is the sum of both: $7.68 trillion in the GSE sector and $3.23 trillion in the pools sector.

GSE sector (Fannie, Freddie) BOGZ1FL403065005QPools sector (mostly Ginnie Mae) AGSEBMPTCMAHDFS

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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

Private-label securitization

Private-label residential MBS never recovered from its collapse

Quarterly US private-label securities outstanding in USD trillions across the full Federal Reserve history. 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%.

All private-label securities IABSDSLof which residential MBS BOGZ1FL673065105Q

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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

Private-label collateral

Consumer-credit collateral has all but vanished

Quarterly US collateral held by private-label issuers in USD billions across the full Federal Reserve history. Beyond residential mortgages, the 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.

Residential mortgages BOGZ1FL673065105QCommercial mortgages BOGZ1FL673065505QConsumer credit BOGZ1FL673066000QHome equity BOGZ1FL673065123QTrade receivables BOGZ1FL673070003Q

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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. See the methodology for series definitions, the two Z.1 accounting breaks, the two verified anchors, and every limitation.