Home price overvaluations over 10% are easing in some markets, analysts say, but RMBS investors are still cautiously tightening liquidity amid uncertainty.

The transaction benefits from several forms of credit enhancement, including overcollateralization, excess spread and Vervent acting as backup servicer.

Loans that have yet to be originated must adhere to limitations. No more than $719,870 of originations can consist of loans made to students attending proprietary schools.

The offering comes amid an ongoing wave of private and public MSR sales.

The president of the Federal Reserve Bank of New York said the performance of office loans is a top supervisory issue, but not an immediate threat to financial stability.

A vast majority of the collateral, a combined 82.73%, have terms of between 49-60 months (58.46%) and 61-72 months (24.27%), while a slight majority of the pool (51.66%) have no credit scores.

Losses are increasing in both the managed portfolio and the securitization, the deal, known as EART 2023-2, has a number of forms of credit enhancements built into the structure.

The California Department of Financial Protection and Innovation says in a new report that it failed to keep pace with Silicon Valley Bank's rapid growth. But it placed blame on the Federal Reserve, too.

Monthly payment rates in the pool reached record highs over the last couple of years, reaching 71.5% at the end of Q1 2023, one of several credit positives to the deal.

Brian O'Shaughnessey's latest venture, Imperial Bancorp, LLC, is set to secure licensing in the next four to six months, when he expects that "spreads and interest rates will tighten and loans will be worth more."

The program, which is facing some declines in performance, had not issued any credit card ABS since 2019-C, when it had issued about twice the current amount.

The Philadelphia-based company will eliminate an undisclosed number of jobs as part of a plan to refocus on core business lines and markets, CEO Thomas Geisel said.