Monroe Capital's latest benchmarked the most senior class of notes to the SOFR, while the rest of the deal is fixed rate.

In a reversal from five years ago, six of the eight biggest U.S. banks by branch count now offer the loans, which observers see as safer alternatives to payday loans.

Most of the loans, 97.2%, were underwritten to less than full documentation, while 30.1% of the loans verified income on 12- or 24-month bank statements.

Most California households and businesses lack adequate flood insurance protections, raising concerns about eventual risks to RMBS and CMBS transactions.

The current president, Esther George, is set to leave office on Jan. 31. The reserve bank's search committee has no deadline for finding a full-time successor.

Indexes show heightened expectations for a recession and souring loans. But executives are upbeat about middle-market businesses and overall job growth.

Average scores remain unchanged but signs of payment stress keep emerging, with Fannie Mae's serious delinquency rate up for the first time since August 2020.

This move comes at a time when the largest HECM producer sold its operations to a rival and another filed for bankruptcy.

FCAT 2023-1 has a stronger collateral pool composition than a recent transaction, with a lower concentration of loans from indirect origination sources.

Junior notes in the three-tranche structure could receive certain regular principal payments before more senior notes, under certain conditions.

Repo markets and the bank deposit business, in particular, would be upended if the U.S. were to default on its debt, experts say.

Initially, the notes have 25.50% of over-collateralization (OC) of the initial pool balance, and that is expected to build to a target OC level of 35.00%.