John Sim AC (1-212) 834-3124 john.sim@jpmorgan.com J.P. Morgan Securities LLC Ani Gelashvili (1-212) 834-2605 ani.gelashvili@jpmorgan.com J.P. Morgan Securities LLC Isabella Lee (1-212) 834-4148 isabella.lee@jpmorgan.com J.P. Morgan Securities LLC North America Securitized Products Research J P M O R G A N 17 July 2026 RMBS Credit Commentary Picking up ARMs Figure 1: RMBS credit issuance to date... | Issuance $mn | 2025 FY | 2025 YTD | 2026 YTD | | --- | --- | --- | --- | | Jumbo 2.0 | 38,025 | 18,285 | 24, ...