Donna M. Mitchell

Structurally, the GSAR 2025-1 transaction has 22.5% in subordination for the class A notes, down from 22.8% seen on the GSAR 2024-4 deal, and pre-pricing excess spread fell to about 7.8% of the outstanding balance, from 8.9%.

The auto ABS deal can be upsized to $1.5 billion, and most of the notes benefit from credit enhancement equaling 6.10% on most of the notes.

Consumer Financial Protection Bureau's decision removes about $49 billion in medical bills from consideration for about 15 million Americans.

Despite shifts in work habits after COVID-19, the office building was 93.8% leased at the start of the month.

Alternative income documentation underwriting accounted for 61.9% of the collateral, compared with 55.2% of the underlying loans in the previous deal.

A vast majority of the collateral pool balance, 82.6%, are mortgages used to purchase primary residences, and just 17.4% finance second homes.

Alternative documentation accounts for 37.9% of the pool balance, compared with 24.6% on the 2024-NQM4 deal.

Borrowers had an original FICO score of 774. A little over a quarter of the borrowers, 25.1%, are self-employed.

Underwriting methods have been steadily shifting to traditional full documentation, which accounts for 13.3% in the VERUS 2024-9, KBRA said, its largest share since VERUS 2024-6.

Notes will repay investors through a modified sequential-payment structure. Senior notes will repay on a pro rata basis. Otherwise, the principal classes will repay principal until the balance in the senior classes equal zero.