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Government bonds surged and stocks slid as signs of distress at a California lender spurred broader worries over the US banking sector's debt holdings.

By the end of December, 63% of borrowers saw home values increase by 7.3%, for a collective gain of $1 trillion, CoreLogic's report found.

One enhancement to the notes, however, is a $55 million credit insurance policy from AIG Europe that covers the Rosy Blue Carat receivables.

Applications for U.S. unemployment benefits last week rose to the highest since December, suggesting some softening in what's still a tight labor market.

During his second day of congressional testimony this week, the Federal Reserve chair faced several questions about the Consumer Financial Protection Bureau's embattled funding mechanism.

Subordination levels for classes A, B and C are 38.12%, 20.84%, and 0%, respectively, down from previous levels of 47.63%, 33.68% and 18.18%.

The increase in federally backed loan activity helped drive overall volumes upward for the first time since early February, even as interest rates jumped again, according to the Mortgage Bankers Association.

For some political strategists, rising economic populism in the Republican party could mean that more financial services firms could face more political risk.

The bond market is doubling down on the prospect of a U.S. recession after Fed Chair Jerome Powell warned of a return to bigger interest-rate hikes to cool inflation.

Shorter-maturity notes led the jump in yields, deepening the inversion of the yield curve and pushing the two-year Treasury rate above 5% for the first time since 2007.