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President Donald Trump said he inherited an "economic catastrophe" from his predecessor in a joint address to Congress, though markets fell Tuesday on fears of a budding trade war with Canada and Mexico.

It is the program's second issuance to come to market with a pool made up entirely of consumer loans.

Rubin, who oversaw a shift to budget surpluses as Treasury chief under Democrat Bill Clinton in the 1990s after serving as co-chairman of Goldman Sachs Group Inc., said that while some federal spending can be cut, "as a practical matter" there's insufficient scope for that to rein in deficits.

Easing regulations on the GSEs will likely drive elevated activity in non-QM if or when it occurs, leaders at the real estate investment trust also said.

Alternative asset managers, emboldened by the boom, will continue buying life insurers or seek more partnerships with them as they hunt for more capital to feed their dedicated funds.

Excess cash flow will pay timely interest and protect against realized losses in the rated certificates before being paid out to the class X notes.

The rally gained additional pace late in the session after President Donald Trump said there was no room left for a deal on Canada and Mexico tariffs ahead of their effective date Tuesday.

The deal also offers a subordination piece that represents 14% of the pool balance, helping to boost the credit to the notes.

Underwriting league tables of asset-backed securities through February 27, 2025

At a court hearing on Monday, lawyers for the Trump administration said statutorily required work is being done by the Consumer Financial Protection Bureau, while the union claimed the government is trying to shut the agency down.