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The falloff in government-backed applications outpaced the overall decline, with volume down by over 8%, the Mortgage Bankers Association said.

But attorneys for the small Chicago-based mortgage company remained defiant and actually welcomed the Bureau's move.

Executive compensation legislation could be one of the few areas of bipartisan agreement in Congress in the wake of the Silicon Valley Bank and Signature Bank failures.

Traders got another taste this week of the contrasting forces battering the market with bonds falling after a surprise cut to global oil production, only to bounce back hours later following weak economic data.

Initial hard credit enhancement for the class A notes is lower, at 37.30%, because of lower subordination in the deal.

As FDIC seeks a buyer for the remaining assets left after its sale of most of Signature Bank to Flagstar Bank, the agency has announced $60 billion in deposits — including some New York City commercial real-estate loans — will be on the market by this summer.

Despite some signs of weaker performance, metrics remain within manageable levels, and credit enhancement appears to be sound.

The Consumer Financial Protection Bureau issued a broad policy statement on what constitutes an "abusive" act or practice. Industry has long sought to narrow the definition.

Lower mortgage rates during the early part of the month, along with fewer properties for sale helped to drive values higher.

The bonds are initially being marketed at a heavily discounted price of 78 cents, bringing the all-in yield to roughly 14%