We Can’t Fix Steven’s Voice, but We Can Rebuild a REMIC

Kirill Krylov and Steven Scheerer break down one of the biggest structural developments in years: Freddie Mac’s new Loan Level Directed Collateral platform and how it reshapes the design of REMIC collateral from the ground up. They explain how LLDC allows dealers to deconstruct pools and rebuild pseudopools at the loan level to target specific credit, seasoning, geographic, and convexity features that had never been selectable before. The episode then turns to the outlook for bank demand in 2026, highlighting why deposit growth, a steeper curve, regulatory shifts, and relative value could draw banks back into MBS in meaningful size.