The falloff in government-backed applications outpaced the overall decline, with volume down by over 8%, the Mortgage Bankers Association said.

But attorneys for the small Chicago-based mortgage company remained defiant and actually welcomed the Bureau's move.

Executive compensation legislation could be one of the few areas of bipartisan agreement in Congress in the wake of the Silicon Valley Bank and Signature Bank failures.

Initial hard credit enhancement for the class A notes is lower, at 37.30%, because of lower subordination in the deal.

As FDIC seeks a buyer for the remaining assets left after its sale of most of Signature Bank to Flagstar Bank, the agency has announced $60 billion in deposits — including some New York City commercial real-estate loans — will be on the market by this summer.

Despite some signs of weaker performance, metrics remain within manageable levels, and credit enhancement appears to be sound.

The Consumer Financial Protection Bureau issued a broad policy statement on what constitutes an "abusive" act or practice. Industry has long sought to narrow the definition.

Lower mortgage rates during the early part of the month, along with fewer properties for sale helped to drive values higher.

The five-year notes benefit from overcollateralization equal to 35%, and will use the proceeds to repay a line of credit facility.

Some sponsors are selling only AAA or investment grade ABS and retaining the riskier assets, as one way to cope with escalating interest rates.

More congressional scrutiny is being directed at the San Francisco Federal Reserve bank and its role in supervising Silicon Valley Bank.

HART 2023-A has a yield supplement overcollateralization amount (YSOA) of 10.11% as a percentage of the aggregate pool amount of $1.4 billion. It was 10.76% on HART 2022-C.