The Ninth Circuit locked in $23 billion of borrower-defense relief the same month Grad PLUS ended. A roughly $15 billion a year federal market now belongs to private and state lenders, on private terms.
Eight buyers were contacted and one bid. While the two sides negotiated, certified loan volume kept falling, and the offer followed it down.
A three-year forward flow for 5-to-10% fixed-fee paper, terms undisclosed
One borrower can now stack $5M of 7(a) on $5M of 504. The taxpayer guarantee cap never moved
Suppressed charge-offs default at 12x the clean-file rate; auto fraud losses tripled to $323M
The waterfall kept the cash. 60 of 154 lots closed, then came the going-concern warning
Enova owns OnDeck; OppFi has 35% of Bitty, 2027 option
ByzFunder and Kapitus ran the same rated-ABS playbook
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