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Issuance volume of asset-backed securities for the year through March 9, 2023

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.

When the deal closes the notes will have an overcollateralization level of 5.75%, which will increase to a target of 14.75%.

Car loans are among the bread-and-butter products for credit unions, but slowing demand and growing delinquencies are putting some pressure on the category.

PFS Financing Corp., 2023-A's collateral pool is fairly diversified along the lines of property and casualty insurance carriers that contribute loans to the pool.