For the first time in since 1991 the amount of corporate paper outstanding in the US is higher than the amount of mortgage related securities.
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| Source: SIFMA |
There are a couple of reasons for this:
1. Net corporate issuance has continued at a good pace even after the financial crisis (see this post for example).
2. Consumer deleveraging after the financial crisis has been reducing the amount of mortgages outstanding. At some point however, these balances will begin to stabilize (driven by demographics) and mortgage related securities outstanding will begin to climb again.
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| Total mortgages outstanding in the US (source: Mortgage News Daily) |
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