In The Tranches of Structured Finance

Housing affordability has become one of the defining economic challenges facing households today, but rising mortgage rates are only part of the story. In this episode of In the Tranches of Structured Finance, Vadim breaks down dv01's latest research on the U.S. housing market and explains why affordability has become an increasingly structural challenge shaped by decades of underbuilding, demographic shifts, and construction costs. Tune in for insights on: Why the U.S. housing shortage lik...

Student debt is back at record highs, but the headline number does not tell the full story. In this episode of In the Tranches of Structured Finance, Vadim Verkhoglyad breaks down dv01’s latest research on the federal student loan market and what the data reveals about the forces reshaping borrower balances and repayment outcomes. Tune in for insights on: Why borrowers over 50 have seen balances grow 55% over the past six years, even as younger borrowers’ balances declineHow just 7% of borro...

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 h...

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 i...

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 de...