Hugh Frater was one of four appointed to the Bipartisan Policy Center board, along with former Philadelphia Mayor Michael Nutter, a co-chair of its Housing Council.

Yields on the notes are expected to range from 6.0% on the A-rated tranche to 11.4% on the BB- tranche, maturing in July 2024.

RTLs are generally short-term, interest-only bridge loans extended to real-estate investors, while the ABS deals provide investors with a premium and less prepayment risk.

The guidance is largely unchanged from what the agencies proposed last year. It directs institutions to craft policies that consider a wide array of potential shortcomings.

Royalty revenues account for virtually all the program's incoming securitized collections, at 95.5%, with fees on initial contracts and other income accounting for 4.5%.

Conventional trucks with sleeper compartments make up the largest exposure to the collateral, with a 24.3% slice of the pool, and virtually all of the 3,549 underlying contracts are backed by personal guarantees.

For at least the fifth consecutive quarter, the Providence, Rhode Island, company increased its allowance for credit losses on general office loans, which continue to be a problem area for banks.

The proposal would add reforms aimed at broadly prioritizing owner-occupant access and end the "test" or "demonstration" mode these sales have been in since 2002.

The final rule governing the use of automated valuation models for home assessments is substantially similar to the initial proposal made last June.

Amid the housing market's challenges, the pool still has borrowers with strong credit profiles, including a 48% debt-to-income (DTI) ratio, and low leverage of 63%, for a sustainable loan-to-value ratio.

Transportation, automotive, healthcare, and commercial real estate are the sectors most affected, but borrowers are doing better than expected.

The notes are expandable so that at any time during that revolving period the issuer can upsize the notes, to a maximum of $500 million in the deal.