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Community banks that could reel in cheap deposits while keeping a lid on expenses were able to outperform peers in 2024.
The deal also includes a cumulative default trigger that, if in effect, will revert the GDLP 2025-2 deal to a sequential payment priority.
The notes will be repaid sequentially, and with subordination, a reserve account that can be replenished and overcollateralization, the notes receive greater credit enhancement over time.
Optimism over lower rates spurred a shift into riskier corners of Wall Street — as money exited the long-favored safety trade of technology megacaps.
The falloff in government-backed applications outpaced the overall decline, with volume down by over 8%, the Mortgage Bankers Association said.
