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Pagaya Technologies announced on Monday that it has closed a $450 million auto resecuritization transaction.
Pagaya completed a $450 million auto loan resecuritization, repackaging loans previously securitized in 2023 and 2024.
KEY POINTS
- This is among the first resecuritizations in subprime auto lending where machine-learning models made the credit decisions.
- KBRA confirmed the loans were originally from RPM 2023-3, RPM 2023-4, and RPM 2024-1 transactions.
- Pagaya is strategically shifting away from higher-risk credits, prioritizing disciplined risk management and measured growth.
- Refinancing seasoned AI-originated loans signals investor confidence despite broader softening in consumer auto credit performance.
COMPANIES
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