In The Tranches of Structured Finance

Hosted by dv01

Business Investing

Website RSS feed

Episodes

Latest episode

Apr 2026

Language

EN-US

About the show

dv01's In The Tranches of Structured Finance podcast explores macroeconomic trends, sector performance, and the future of capital markets. As a leading market intelligence company in structured credit, dv01 provides transparency and actionable insights through loan-level data and research.

Listen to episodes

24 recent

April 23, 2026Episode 242 min

Credit Markets Are Diverging—Here’s What the Data Says

Are consumers actually holding up—or are cracks starting to form beneath the surface?In this episode of In the Tranches of Structured Finance, Vadim Verkhoglyad returns to break down what the latest data is really saying across consumer credit markets—and where the narrative doesn’t match reality.We cover: Why consumer unsecured continues to outperform, with record-high cure rates and strong returns—even as newer vintages show signs of stress How originations just hit new highs, but with a very different (and higher-quality) borrower profile than previous peaks The growing divide in Non-QM mortgages, where performance continues to deteriorate and risk is becoming more concentrated A new regional lens on mortgage credit, highlighting why the Northeast is improving while the Southeast and Texas lag And why subprime auto is flashing warning signs, with rising delinquencies, record-low cure rates, and loss severity becoming the real story The takeaway: not all credit markets are moving together—and understanding where they’re diverging is critical for investors right now.Subscribe to our free research to stay up-to-date on the latest trends. Contact sales@dv01.co to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

February 5, 2026Episode 133 min

Are the Kids Still All Right? Reassessing the Financial Health of Younger Americans

In this episode, Vadim revisits a question first explored three years ago: are younger American households actually struggling—or are the headlines missing the real story? Drawing from dv01’s latest research publication, Are the Kids Still All Right?, the discussion cuts through recession narratives to examine income growth, debt dynamics, education outcomes, housing constraints, and spending behavior across younger cohorts.What emerges is a picture of resilience built on structural shifts in education, income, and financial discipline—paired with one increasingly binding constraint: housing supply.Key topics discussed:Why income growth among Gen Z and Millennials is at multi-decade highs relative to the national averageHow student debt dynamics have fundamentally shifted—and why today’s student debt problem is largely a legacy issueThe quiet but consequential transformation in higher education, away from for-profit and low-completion institutionsWhy younger households have reshaped spending patterns faster than any other age cohortHow housing supply shortages have overtaken student debt as the primary barrier to household formation and wealth buildingThe episode concludes with a clear call to action: without a meaningful expansion in housing supply across price points, individual financial discipline alone won’t be enough to unlock the next stage of economic mobility.Subscribe to our free research to stay up-to-date on the latest trends. Contact sales@dv01.co to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

December 17, 2025Episode 638 min

Consumer Credit Check-In: Vintages, Prepayments, and Investor Signals

In this episode of In the Tranches of Structured Finance, Vadim addresses follow-up questions from dv01’s recent consumer credit webinar and provides an updated view on consumer credit performance across key markets—focusing on what the data is actually signaling for investors.Key themes include:Late-2024 consumer unsecured vintages: Why early performance comparisons—especially across credit tiers—require nuance and patiencePrepayments and returns: How elevated prepayments are distorting delinquencies and ROI, and why IRR remains the more reliable lensData quality and interpretation: Limitations of bureau-based reporting and the importance of loan-level analysisPrivate credit: Why its growing role does not make markets more opaqueMarket performance update: Consumer unsecured strength versus continued pressure in Non-QM, with losses remaining containedThis episode is designed for market participants looking to move beyond headlines and better understand the forces shaping consumer credit performance today.Subscribe to our free research to stay up-to-date on the latest trends. Contact sales@dv01.co to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

October 28, 2025Episode 531 min

Under the Hood: Auto Market Performance, Origination Trends, and the Lessons from Tricolor

In this episode, Vadim takes a deep dive into the auto finance market—from the recent headlines surrounding Tricolor’s bankruptcy to the broader trends shaping credit performance and origination behavior. The conversation begins with Tricolor as a case study in data integrity and verification failures, not credit weakness, before widening to examine insights from the CFPB and Experian’s State of the Auto Market Report.Vadim explores how auto originations are skewing toward older, higher-credit borrowers, why subprime lending volumes are declining even as delinquencies rise, and what performance data tells us about the difference between ABS-backed loans and balance sheet portfolios. Subscribe to our free research to stay up-to-date on the latest trends. Contact sales@dv01.co to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

August 11, 2025Episode 440 min

Beneath the Headlines: What TransUnion & Fed Data Reveal About Household Health

In this episode, Vadim takes a wide-angle look at U.S. household finances, combining the latest TransUnion credit trends with the Federal Reserve’s Distribution of Financial Accounts ("DFA"). He unpacks how early 2024’s spike in delinquencies has given way to broad improvement, why certain regions like Utah, DC, and Texas are worth watching, and what’s really behind shifts in credit card balances and limits. Vadim also examines the Fed’s puzzling real estate valuations, the migration from bank deposits to higher-yield assets, and the stark gap between consumer sentiment and near-record highs in net worth and income.Subscribe to our free research to stay up-to-date on the latest trends. Contact sales@dv01.co to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

July 16, 2025Episode 330 min

Behind the Data: Credit Trends, Refinance Realities & the Return of Second Liens

In this episode of In the Tranches of Structured Finance, Vadim revisits the standout questions from dv01’s recent consumer credit webinar with Jefferies, Upgrade, and Prosper—digging deeper into the state of the consumer, credit performance trends, origination behavior, and refinancing dynamics.Vadim also introduces dv01’s new Closed-End Seconds Benchmark, spotlighting its relevance in today’s housing affordability environment. Tune in for insights on:The correlation between origination volumes and credit performanceThe role of housing equity across income cohortsTrends in consumer unsecured refinancing and BNPL/home improvement lendingWhy second liens are seeing renewed investor interest post-GFCEarly performance signals in dv01’s Closed-End Seconds BenchmarkSubscribe to our free research to stay up-to-date on the latest trends. Contact sales@dv01.co to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

May 22, 2025Episode 232 min

Housing Affordability, Insurance Woes, and the First-Time Buyer Surge

In this episode, Vadim takes a deep dive into dv01’s latest insights on the housing market, with a focus on affordability metrics and what they signal for both borrowers and investors. Vadim breaks down:How dv01’s unique affordability metric—covering over 2,900 U.S. counties—captures real-time changes in mortgage costs, taxes, and insurance.Why Florida’s affordability improved despite an ongoing insurance crisis, and what that reveals about regional volatility.The powerful link between affordability ratios and prepayment behavior, including how unaffordable regions see faster prepayments even after controlling for rate incentives.A surprising trend in mortgage growth: first-time homebuyers are driving a rise in mortgage counts despite high rates, tightening inventory, and affordability headwinds.Why tracking the number of mortgages outstanding may be the most underappreciated signal in today’s housing market.Whether you're an investor looking to understand prepayment risk or just trying to get a handle on what’s really happening in U.S. housing, this episode offers an essential, data-rich perspective.Subscribe to our free research to stay up-to-date on the latest trends. Contact sales@dv01.co to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

April 15, 2025Episode 136 min

A Data-Driven Look at Consumer Credit in 2025

In this episode of In the Tranches of Structured Finance, Vadim Verkhoglyad breaks down recent credit performance and origination trends across consumer unsecured, subprime auto, and non-QM mortgages.Tune in for insights on:Strong recovery in consumer unsecured performancePlateauing trends in subprime auto, with rising loss severityWorsening impairments in non-QM despite limited lossesMinimal credit impact from recent wildfires and hurricanesGet the latest data-driven view on what’s really happening with borrowers in 2025.Subscribe to our free research to stay up-to-date on the latest trends. Contact sales@dv01.co to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

November 14, 2024Episode 1636 min

Consumer Credit Loan Performance Update

In the latest podcast episode, Vadim covers notable improvements in consumer unsecured loan performance, recovery patterns in subprime auto, and challenges in the Non-QM mortgage market. He discusses the influence of seasonal trends, regional performance disparities, and how tightening credit standards impact both new and seasoned loans. Tune in to understand the current credit landscape, learn which sectors are thriving, and find out how today’s trends could affect future loan performance.Subscribe to our free research to stay up-to-date on the latest trends. Contact sales@dv01.co to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.Subscribe to our free research to stay up-to-date on the latest trends. Contact sales@dv01.co to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

October 28, 2024Episode 1533 min

Housing Update: Affordability, Insurance, and Market Stability

In today's episode, Vadim provides a comprehensive discussion on housing affordability, the impact of rising insurance premiums, and a surprising increase in mortgage counts, despite economic headwinds. Vadim highlights essential insights on LTV and DTI ratios in recent originations, alongside the evolving role of insurance costs on market stability, especially in regions like Florida. As prepayment rates reach near-record lows and delinquency rates hold steady, Vadim unpacks why this might signal a resilient housing market despite recession fears. Tune in to explore the macro trends shaping housing and mortgage behavior today and what they mean for the future.Subscribe to our free research to stay up-to-date on the latest trends. Contact sales@dv01.co to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.