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The Federal Open Market Committee member is the third Democrat the Trump administration has accused of committing occupancy fraud.

The collateral pool is composed of a mix of 939 first-lien loans, lent to highly qualified borrowers, and under tightened underwriting standards.

The percentage of larger loans in HGVT-2 is 20.08%, S&P said. While that is lower than the 23.2% seen in the previous deal, it is still too high.

Most of the pool, 68.6%, is in the repayment phase, while 19.1% of the loans in the pool are in deferment.

The tests modeled how Fannie Mae and Freddie Mac would fare after absorbing losses like a total $36.1 billion provision in credit losses in a severe downturn.

Apollo bundled assets plucked from its own funds, including real-estate debt, into a Bermuda-based vehicle, and sold bonds against it with investment-grade ratings and unusually long lifespans.

The Consumer Financial Protection Bureau doubles its anticipated rulemaking agenda from last year, even as bureau employees expect mass layoffs.

One tenant accounts for 59.7% of the leased capacity and 56.4% of annualized adjusted base rent, but also has a AAA rating.

The proposed injection would be structured as a first-out, first-lien bond. The incremental debt would carry a 10.5% coupon with a 2031 maturity.

The entire pool was originated using agency underwriting, with PennyMac being the largest originator, and accounting for 66.1% of the mortgage loans.