Anxiety Strikes $8 Trillion Mortgage-Debt Market After SVB Collapse

Wall Street Journal, Mar. 21, 2023–Matt Wirz (subscription)
So-called agency mortgage bonds are widely held by banks, insurers and bond funds because they are backed by the mortgage loans from government-owned lenders Fannie Mae and Freddie Mac. The bonds are far less likely to default than most debt and are easy to buy and sell quickly, a crucial reason they were Silicon Valley Bank’s biggest investment before it foundered.