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.

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