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Money-market funds with cash to invest are doing more repo — extending overnight credit to owners of Treasuries, causing the rates on the loans to decline.

Amid troubling news of tariffs and layoffs, dropping delinquencies offer a rare sign of consumer health.

Coupons range from 4.4% on the noted rates P1/A1+ from Moody's and S&P, to 5.66% on the notes rated Ba1/BB+.

The pass-through certificates are supported by a full pool of amortizing loans, which have no interest-only periods.

Now the structured mortgage securities are cheap enough that CLO investors are watching them more closely, according to strategists and investors.

Summers said a combination of major immigration restrictions, federal government layoffs and damage to US competitiveness from President Donald Trump's tariffs.

Tax liens have so-called super priority in repayments, even placing ahead of a previously filed mortgage.

A set of performance-related triggers—cash trapping and expense reserve—will help maintain cash flow to the notes.

Over 85% of the collateralized loan obligation's total dollar value will be comprised of apartment complexes and hospitality and industrial properties.

Among the resignations are Mark McArdle, who was instrumental in creating the Qualified Mortgage rule, and Operations Chief of Supervision David Bleicken. It is unclear if the Consumer Financial Protection Bureau will hire anyone to succeed them.