Podcast
Credit Markets Are Diverging—Here’s What the Data Says
23 April 2026
In this episode of In the Tranches of Structured Finance, Vadim breaks 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.
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About the dv01 Podcast
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.
