Over-collateralization in the form of vehicles provides most of the deal's credit enhancement on the notes, which also has a higher concentration limit for Teslas.

The president of the Federal Reserve Bank of Dallas and former manager of the central bank's open market account said a slower approach to balance sheet reduction may be warranted sooner rather than later.

Throughout the year, auto ABS was a stronger performer than other consumer ABS asset classes, with $141.1 billion in new securitization business.

The appointment of Lynne Biggio Herndon as chief credit officer marks the final step in the Phoenix-based bank's leadership reorganization.

Low refinance volume creates a "relative disadvantage" for Rocket, which historically had a much larger share of that market versus purchase, a note by Bose George, analyst at Keefe, Bruyette & Woods, said.

Alberto Musalem, a finance professor with experience in both the public and private sectors, will take over the reins at the regional reserve bank in April.

Federal Reserve officials point to overnight reverse repurchase agreement activity as an indication of excess liquidity, which the central bank is working to reduce. But some analysts say that excess liquidity may be drying up faster than expected, with important implications for banks.

The synthetic securitization leaves the assets on Deutsche Bank's portfolio—the originator and arranger—making the investor syndicate a critical risk counterparty.

This is the program's third transaction, according to ASR's deal database. The notes have about 8.57% in credit support for all five tranches, which are all class A notes.

The end-of-year slowdown comes after a recent fall surge, but overall activity still finished 6% below late 2022 levels, according to the Mortgage Bankers Association.

The trust distributes scheduled principal on a pro rata basis. There is also a specified lockout period during which the subordinate classes do not receive any unscheduled principal.

The delinquency rate that Kroll Bond Rating Agency tracks improved last month but JER's recent Chapter 11 filing and 2024 forecasts suggest it's still under pressure.