The transaction has a nine-month revolving period. All of the leases are closed end, where the issuer bears the residual value risk, and more of them can be added during that period.

The Canadian lender's cushion for potential credit losses nearly doubled in the third quarter, while its U.S. business idled.

The interagency Property Appraisal and Valuation Equity initiative, which was tasked by the Biden administration with rooting out bias in home valuations, appears to have run its course. But experts say it could be years before the group's efforts bear fruit.

Lower interest rates could bolster loan demand, credit quality and securities portfolios. But they could also curb lending profitability faster than they ease deposit costs, crimping net interest margins and eating into near-term profits.

The concentration of electric vehicles also reached 17.8%, an increase from 15.3% in the 2024-B deal.

It is the third deal from the WOART program for the year, and could be upsized to $1.2 billion.

Vice President Kamala Harris' pledge to deliver 3 million homes has drawn applause from homebuilders, lenders and affordability advocates, but experts are uncertain how her administration would pull it off.

In his speech at the Federal Reserve's Jackson Hole Economic Symposium, the Fed chair said employment losses are now a bigger risk than elevated inflation.

Increased demand from borrowers may hinge on Federal Reserve Chair Jerome Powell and his colleagues cutting interest rates this fall.

Total initial credit enhancement includes over-collateralization representing 8.95% of the initial pool balance, which is expected to build to a targeted level of 13.95%.

The 30-year fixed rate mortgage is lingering just shy of 6.5% level, which is not low enough to bring home purchasers back into the market, observers said.

Aside from a $2 million penalty for violating the servicing laws, but the order included told Fay Servicing to pay consumers $3 million in redress and make a $2 million capital investment updating its servicing technology and compliance management systems.