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Despite tougher economic conditions, BNPL lenders are driving growth by expanding to new audiences and checkout channels, as well as fine-tuning proprietary risk-management models.

The S&P CoreLogic Case-Shiller index measures a period when 30-year mortgage rates were climbing toward 8%, shutting out increasing numbers of would-be homebuyers.

COVID-19 largesse enabled subprime borrowers to pay down debt and boost credit scores. Then interest rates rocketed up in 2022, and new subprime auto borrowers felt the pinch.

The A1 tranche of $172 million (66.8%) is rated as AAA by Fitch and KBRA.

The deal is Angel Oak Mortgage Trust's seventh RMBS transaction in 2023.

Banks began marketing the loan, which funded a 47% stake purchase in Everise in early November. But the sale for the B3 rated debt struggled and dragged on for over a month. 

Citigroup, Barclays and Morgan Stanley are just a few of the firms joining JPMorgan in what suddenly feels like a rush into direct lending.

Major U.S. institutions and foreign buyers in runoff mode have swollen supply and created value for RMBS buyers. But rate cuts in 2024 could sap the strength of that tide.

Sponsors will invest additional capital to reconfigure the recently purchased Lord & Taylor lot and construct a residential mixed-use development of 550 units.

Credit enhancement consists of overcollateralization, excess spread of about 6.09%, subordination (except for the class D and class N notes), and a reserve account.