UBS has hired Mike Weir, a veteran of Citadel Securities, as a loan trader.
UBS spokesman Christiaan Brackman confirmed that Weir joined the Swiss firm today. Weir, who ran the loan trading desk at Citadel, reports to Jeff Teach, head of leveraged finance trading.
Prior to joining Citadel in 2009, Weir worked at Morgan Stanley.
His move to UBS was reported earlier by Bloomberg.
The proceeds from PAID 2026-R2 will fund a purchase account, which will purchase unsecured consumer loans from PAID 2024-2 and 2024-3.
Washington State charged Newrez after a consumer investigation, with the notice following recent enforcement action against Luminate Home Loans.
Loans with original terms longer than 60 months now represent 71.7% of the pool, up from 70.4% in the prior deal.
The latest government-sponsored enterprise changes include a more flexible sampling and a longer maximum term for some manufactured housing loans, respectively.
Loans with original balances higher than $100,000 accounted for 16.1% of the pool, down from 20.3% in the 2025-2 pool of the Hilton Grand Vacations Trust.
Losses stemming from the 2022 vintage have been offset by excess spread, while cure and roll rates signal caution.
