Remains cautious on MBS in general. Both nominal spreads and OAS on par 30-year passthroughs seem too thin for current risks. Rates remain low, implied option volatility remains high and prepayments still run hotter than a half-price Rolex. Normally, heavy supply of new pools would push spreads wider into July. Still believes that push will prevail.
The deal must own at least eight assets, otherwise it will begin to use any excess cash to fully pay down the notes.
The Mortgage Bankers Association leader cited past objections on anti-competitive grounds as Trump administration officials showed signs of progress on reform.
The AI-powered auto lender is the latest fintech to debut an IPO in recent months, even as a different auto lender filed for bankruptcy this week.
According to media reports, Tricolor suspended operations and furloughed its staff, with plans to liquidate.
Origin Bancorp, Renasant Bank and Triumph Financial are the latest financial institutions to report exposure to the bankrupt auto lender Tricolor, joining a list that includes Fifth Third, Barclays and JPMorganChase.
Properties with default notices, scheduled auctions and REOs are up by double digits compared to last summer as buyers are mired in a high-cost environment.
