Banks could be in for a long, slow trickle of bank failures and consolidation in the coming months and years, particularly if inflation persists and interest rates keep rising. A downturn in commercial real estate could add to banks' problems.

In wide-ranging remarks on the recent banking crisis, the head of the Consumer Financial Protection Bureau said other regulators aren't using enough of their powers to supervise banks.

The American Bankers Association's latest Credit Conditions Index points to a drop in lending and a rise in loan delinquencies through the second and third quarters.

But overall availability still remained near a 10-year low in March, with government-backed products falling for the third time in four months, the Mortgage Bankers Association found.

FNB has an initial redemption value of $106.7 million, lower than the initial redemption value of $118.7 million in the 2021 FNA VI, yet has a higher lien count with 8,352, over 7,286.

On an issuer level, the deal has a WA capitalization rate of 6.33%, WA debt service coverage ratio (DSCR) of 1.89x, and a WA loan-to-value ratio of 52.5%.

Last month saw purchase rate locks increase by 44%, jumping past the 30% average in February, according to Black Knight's report.

Despite firm objections from structured finance advocates, some institutional investors welcome the additional protection, citing Wall Street's potential conflicts of interest.

Affordability constraints have made borrowers who bought properties within the last 12 months increasingly vulnerable to price declines.

Lenders are bracing for more companies to fall behind on their loan payments. That could create more opportunities for banks to dispose of these nonperforming credits through an Article 9 sale.

The class A-2b tranche can issue floating-rate notes. Should that happen, the YSOA discount rate would step down from 10.30% to 10.05% after the class A-2 notes are paid off.

The world's largest asset manager, often known for its close partnerships with government agencies, will market SVB and Signature Banks' former assets.