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%.

Accounts that were one- to 30 days past due have a delinquency rate of 3.50%. Delinquencies rates dropped noticeably with longer timelines.

The notes benefit from a cash-trapping DSCR threshold, a cash trap reserve account and a rapid amortization event.

The card network sees digital payment opportunities and upside from China's reopening, but inflation and the slower pace of travel spending could slow growth.

But several recent news developments are creating the perception that the risk of a recession is on the wane and that could end the downward pressure on rates.