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This series of CarMax Select Receivables notes is offering 8.42% in excess spread, a reduction from 9.85% on the CMXS 2026-A notes.

The announcement follows a leave of absence in which Ginnie Mae President Joe Gormley helped cover the Federal Housing Admission Commissioner's responsibilities.

The senior notes will repay investors pro rata, and the mezzanine and subordinate notes will repay sequentially.

Accessing loan investors also provides a route to the collateralized loan obligation market, which represents the biggest buyers of leveraged loans

Members of the House Financial Services Committee pressed prudential bank and credit union regulators about the potential risks of bank lending to private credit firms in a hearing Thursday.

More than half of consumers worry about money daily, despite improved budgeting habits and, according to a Ramsey Solutions survey, declining mortgage concerns.

The deal includes a three-year revolving period when collections can be used to buy new collateral if it meets eligibility and reinvestment criteria.

A delinquency test requires that excess cash pay down the notes sequentially if the aggregate delinquent loans represent more than 5.0% of the portfolio balance's average loan balance.

The prospect of a handful of mega-IPOs on the horizon — including Alphabet Inc.'s — highlights the breadth of US capital markets.

While the move is seen in a positive light, lenders and Trump administration officials are still angling to raise the loan-size limit within the agency's flagship 7(a) program.