PFAST 2025-1 will have to navigate a market where the underlying consumers are facing increased challenges from tariff-induced higher prices and a loosening labor market.

Moody's details several strengths in the transaction, including a robust underwriting process. The assets also have a short, weighted average (WA) original term of 52 months.

Bank of America has a playbook for government shutdowns, which includes providing fee and payment waivers as well as loan deferrals and forbearance programs, CEO Brian Moynihan said at the American Bankers Association's annual convention.

Enpal and M&G's move comes at a complex moment for securitizations backed by energy infrastructure and home efficiency equipment.

Ford Credit Floorplan pays a fixed rate to ABS investors, while the dealers' assets pay a rate pegged to the flexible prime rate, so there is the potential of eroding excess spread.

The U.S. Department of Justice declined prosecution after BofA Securities self-reported the violations and fixed major compliance gaps.

The anticipation of lower rates has helped drive yields lower, with the 30 year's falling as much as three basis points to 4.62% on Wednesday, the lowest level since April 30.

The 2025A bonds will have parity with all senior bonds that have been previously issued, and any senior bonds issued in future deals.

The assets' legal isolation means that the NCUA exercising its powers in a way that would reduce payments to the notes is a remote possibility.

Debt markets globally were roiled this week as the yield on the 30-year Treasury rose to almost 5% before easing in the past two sessions.

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.

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

A credit analyst manually reviews the pool's underwriting decisions, instead of just leaving it all to automation.

The deal faces a few upfront credit challenges, including the fact that the collateral's credit quality has weakened.

Certain provisions in the deal allow for changes in the collateral pool, including allowing for discretionary substitutions of up to 2.0% of the number of properties.

There is a liquidity reserve account that will be fully funded to its required amount when the deal closes.

After passing the Federal Reserve's stress tests with high marks, large banks announced dividend increases. In some cases, they also said the Fed had conceded that certain prior calculations needed to be revised.

In 2021, banks pledged to wind down their support for oil and gas. Last year they made a $162 billion U-turn, according to a new report from a coalition of advocacy groups.

The deal is secured by a portfolio dominated by mortgage loans considered non-qualified or exempt from ability to repay rules.

DBRS noted that about 90.5% of the 4,011 loans receive payment through Automated Clearing House, which boosts payment capture rates and minimizes cash handling.