Marine vehicles and recreational vehicle loans compose half the collateral pool, 50.8%, but long original terms exposes the collateral pool to some risk.

Sponsors offer "consolation prizes" for lenders giving up rights to contest their place in the priority of repayments.

While the overall delinquency rate improved this summer, FHA-backed mortgage borrowers continued to exhibit concerning levels of payment stress in July.

A few structural changes are in SFUEL 2025-B, compared with SFUEL 2025-A, and the classes A and B notes benefit from higher subordination levels.

The President said in response to a press question about Federal Reserve Gov. Lisa Cook that he would fire her "if she doesn't resign" over allegations of claiming primary residence at two properties she owns, though the legality of such a move is unclear.

In a letter to federal leaders, the Community Home Lenders of America expressed views about a possible GSE merger and the need for "critical" mortgage products.

Most of the pool, 74.6%, was underwritten to less than full documentation. Of the pool loans, 38.2% of them were underwritten to a 12-month or 24-month bank statements.

Most of the capital structure will pay fixed-rates to noteholders, except for the A1B notes, which offers floating-rate notes pegged to the one-month SOFR.

Lagging tech adoption, issues with credit, and originators' rush to close refinances earlier this year contributed to deterioration, a study found.

Trump has yet to decide when Fannie Mae and Freddie Mac will return to the market in an IPO that regulator Bill Pulte says could top $1 trillion.

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.