Consumer Credit Matters

William Black

Welcome to the Consumer Credit Matters podcast, where we discuss and analyze the world of consumer credit, credit risk and finance!

  1. Consumer ABS: Built, Broken, Rebuilt — with Bonnie Seideman

    APR 30

    Consumer ABS: Built, Broken, Rebuilt — with Bonnie Seideman

    Bonnie Seideman has spent thirty years inside the machinery of consumer credit — from subprime auto in 1990s Dallas to running capital markets at Capital One, Santander, GE Capital, and Synchrony. In this episode of Consumer Credit Matters, Bonnie walks through how the modern consumer ABS market got built, what she saw before the Great Financial Crisis broke it, and what actually got fixed afterward. Topics include FICO-era credit modeling, monoline wraps, gain-on-sale accounting, the originate-to-distribute model, the cocktail-party tells that flagged the GFC, CDOs and synthetic structures, and the post-crisis rebuild — TALF, risk retention, disclosure, and skin in the game. In the final segment, Bonnie shares something personal: an ALS diagnosis, and how she's channeling her energy now into raising awareness and funding research. If you originate, fund, or invest in consumer loans, this is a conversation about the plumbing of your business — told by someone who helped build it. CHAPTERS 00:00 — Intro: 30 Years in Consumer ABS with Bonnie Seideman 01:40 — How Modern Securitization Got Built: Subprime Auto and FICO 05:29 — Monoline Wraps and Scaling Capital One's ABS Program 10:53 — Gain-on-Sale Accounting and the Originate-to-Distribute Era 16:14 — Front Row at the GFC: Home Equity, CDOs, and the Signals Bonnie Saw 29:09 — After Lehman: TALF, Risk Retention, and Skin in the Game 34:35 — Inside the Capital Markets Seat: Translator Across Origination, Servicing, and Finance 37:59 — A Personal Turn: Bonnie's ALS Diagnosis SUPPORT BONNIE'S ALS FUNDRAISING Bonnie was diagnosed with ALS and is raising funds and awareness for ALS research. Donate directly to her ALS Association page: https://web.alsa.org/goto/bonnieseideman Organizations advancing ALS research, advocacy, and patient support: ALS Association — https://www.als.org I AM ALS — https://www.iamals.org Team Gleason — https://www.teamgleason.org Target ALS — https://www.targetals.org Les Turner ALS Foundation — https://www.lesturnerals.org

    44 min
  2. Bitcoin Meets Structured Finance: Breaking Down Ledn's BBB- Rated ABS | E26

    APR 15

    Bitcoin Meets Structured Finance: Breaking Down Ledn's BBB- Rated ABS | E26

    The First Investment-Grade Bitcoin-Backed ABS — How Ledn Did ItIn February 2026, launched a groundbreaking $200 million Bitcoin-collateralized loan ABS, rated BBB- by S&P Global — the first investment-grade rating ever assigned to a Bitcoin-backed securitization. Then, during pricing, Bitcoin dropped nearly 30%. The structural safeguards held.In this episode of Consumer Credit Matters, host William Black speaks with Adam Reeds, CEO and co-founder of Ledn, about how the deal came together, how it performed under real stress, and what it means for the future of digital asset capital markets.Topics covered:• How Bitcoin-backed lending works and why HODLers borrow instead of sell• LTV triggers, margin mechanics, and automatic liquidation at 80% LTV• Bitcoin market structure, price oracles, and liquidity risk• Lessons from past "crypto winters"• How Fidelity (custodian), Zaria (backup servicer), and S&P came together to make the deal possible• The live 30% Bitcoin price drop during pricing — and why the WSJ misread it• Revolving structure, legal final maturity, and interest coverage in an ABS wrapper• Global borrower geography, country concentration limits, and how Bitcoin flips traditional credit analysis• The addressable market: $3B today, potential path to $300BChapters:0:00 Bitcoin-Backed ABS: The First Investment-Grade Deal1:40 Ledn's Origin Story: From Renewable Energy to Bitcoin Lending4:50 Why Bitcoin Holders Borrow Instead of Sell — and How the Loans Work11:28 Bitcoin Market Structure, Crypto Winters, and the Road to ABS16:11 Building the Credit Stack: Fidelity, S&P, and Backup Servicing21:58 How S&P Rated a Bitcoin ABS BBB-: Price Oracles and Eight Years of Data23:37 Live Stress Test: 30% Bitcoin Drop During Pricing27:14 The WSJ Got It Wrong: Why Liquidations Were a Feature, Not a Bug29:30 Deal Mechanics: Revolving Structure, Legal Final, and Interest Coverage35:25 Global Borrowers, Jurisdiction Risk, and the $300B OpportunityGuest: Adam Reeds, CEO & Co-Founder, LednHost: William Black, Founder, Black Analytics | Former Moody's Managing DirectorConsumer Credit Matters is a podcast for structured finance and consumer credit professionals.#Bitcoin #AssetBackedSecurities #StructuredFinance #ABS #Securitization #CryptoFinance #Ledn #ConsumerCredit #FixedIncome #DigitalAssets

    45 min
  3. How JD Power Tracks Auto Inventory

    MAR 7

    How JD Power Tracks Auto Inventory

    Brian Terr, who heads JD Power's Inventory Data Sales unit, joins Consumer Credit Matters to unpack how dealer inventory data intersects with auto finance, floorplan lending, and collateral accuracy. In this episode, we explore why tracking what is actually on a vehicle matters so much, how “power booking” can distort LTV assumptions, and how lenders can use near-real-time inventory data to better understand risk. Key topics in this episode: • Brian Terr’s path from Edmunds to Inventory Command Center to JD Power • Why inventory tracking matters from OEM to floorplan to retail financing • How collateral errors can affect loan to value assumptions • What “power booking” means in practice • How lenders use near-real-time inventory data to monitor in-stock versus sold vehicles • Why proprietary build data and Monroney label information can improve accuracy Chapters: 00:00 Brian Terr (JD Power): inventory data, floorplan risk, and auto finance 04:09 Why inventory tracking matters (OEM → floorplan → retail financing) 06:32 “Power booking” explained: when LTV collateral value is wrong 09:55 How lenders use near-real-time dealer inventory data (in-stock vs sold) 16:13 AI limits, proprietary vehicle build data (Monroney), and the CDK outage story About the show: Consumer Credit Matters explores the trends, risks, and structural issues shaping consumer lending and specialty finance. Subscribe for more conversations on auto finance, ABS, underwriting, and consumer credit. #ConsumerCreditMatters #AutoFinance #JDPower #FloorplanLending #AssetBackedSecurities #ConsumerCredit

    24 min
  4. Collections 2026: An Insider's View

    FEB 11

    Collections 2026: An Insider's View

    Collections is often discussed from the consumer angle. In this episode, Will Black goes inside the collector side of the business with John Bedard (Bedard Law Group), who advises debt collectors, debt buyers, and creditors on compliance, regulation, and litigation risk. We cover what “reg-lite” can mean in practice, how state and local requirements continue to shape day-to-day collections strategy, and why navigating federal, state, and even municipal rules is a core operating competency in 2026. We also dig into: How serious operators build and maintain compliance management systems What AI changes in collections, including the idea of software as the “near-perfect collector” when trained to stay inside jurisdiction-by-jurisdiction guardrails Credit reporting and medical debt, including the state-level push to restrict reporting and the legal uncertainty that follows #consumercredit #collections #compliance

    42 min
  5. VantageScore Challenges FICO

    JAN 22

    VantageScore Challenges FICO

    Mortgage credit scoring is entering a new competitive phase—raising practical questions for originators, aggregators, guarantors, and RMBS investors about calibration, comparability, and workflow adoption. In this episode, VantageScore leaders, Rikard Bandebo and Tony Hutchinson, break down what’s changing, why it matters, and what to watch next—including the push toward cash-flow and open-banking data. What we cover: • Why mortgage scoring is changing—and what “FICO classic” really means • Trended data and newer risk signals: what improves, what doesn’t • Adoption friction: workflow inertia across the mortgage ecosystem• Investor questions: disclosure, comparability, and spread implications • The next frontier: open banking / cash-flow data and “VantageScore 4 Plus” Listen and subscribe

    1h 1m
  6. Big-Box Holiday Outlook

    11/29/2025

    Big-Box Holiday Outlook

    Retailers are navigating a complicated environment marked by structural shifts, uneven consumer strength, and lingering pandemic-era distortions. In this episode, retail expert Charlie O’Shea, known for his clear-eyed analysis, returns to break down why some big-box operators continue to outperform—and why Target’s Q3 numbers require a more nuanced read than the headlines suggest. What we cover:• How years of strategic investment created today’s retail “haves and have-nots”• The role of store-based fulfillment and the rise of buy-online-pickup-in-store• Why Target’s Q3 results are misunderstood—and what the underlying data shows• The changing profile of today’s consumer and the impact of inflation, SNAP, and credit• A realistic holiday spending outlook based on Q3 earnings and consumer behavior Topics:consumer credit, abs, securitization, retail, big-box, Target, Walmart, consumer spending, credit risk, store cards, Charlie O’Shea #consumercredit #abs #securitization #lending #capitalmarkets #retail #bigbox #consumertrends #creditrisk

    42 min
  7. Inside Crypto Lending: Risk, Servicing, and Securitization with Emily Barron of Zaria | E21

    11/18/2025

    Inside Crypto Lending: Risk, Servicing, and Securitization with Emily Barron of Zaria | E21

    Crypto-backed lending is re-emerging as a serious funding channel — but only if lenders can meet institutional standards around collateral control, servicing, and risk management. In this episode, Emily Barron, CEO and co-founder of Zaria, breaks down the operational and capital-markets infrastructure needed to bring crypto margin loans into warehouse lending and securitization. What we cover:• How crypto-backed lending works today (LTVs, liquidation mechanics, stablecoins)• Why collateral segregation and custody infrastructure matter for institutional credit• How to structure servicing, backup servicing, and key agent functions in digital asset lending• Lessons from crypto winter, rehypothecation failures, and margin controls• What it will take for banks, ABS investors, and regulators to support crypto-secured loans

    50 min
  8. E20 The Tricolor Collapse: Vervent's Inside View as Successor Servicer

    10/28/2025

    E20 The Tricolor Collapse: Vervent's Inside View as Successor Servicer

    In this episode of Consumer Credit Matters, host William Black talks with David Johnson (CEO) and Derek Gamble (CLO) of Vervent, the firm that stepped in as successor servicer following the Tricolor Auto bankruptcy. They share what it takes for a backup servicer to become the front line in a lender collapse—managing data integrity, cash flow disruption, and investor communication—while highlighting what the case reveals about risk oversight in subprime auto ABS. Topics include: Vervent’s rapid mobilization as successor servicer Coordination with trustees and warehouse lenders How double-pledging and weak data controls can cripple a platform What Tricolor’s failure signals for subprime auto Listen, subscribe, and read more at https://www.consumercreditmatters.com

    1h 4m
See All (26)

About

Welcome to the Consumer Credit Matters podcast, where we discuss and analyze the world of consumer credit, credit risk and finance!

Information

  • Creator
    William Black
  • Years Active
    2024 - 2026
  • Episodes
    26
  • Rating
    Explicit
  • Copyright
    © William Black
  • Show Website
    Consumer Credit Matters

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