A firm's termination leads to bankruptcy costs. This may create an incentive for outside stakeholders or the firm's debtholders to bail out the firm as bankruptcy looms. Because of this implicit guara
The Fitch-dv01 Non-QM Benchmark provides a more holistic view of the U.S. Non-QM market. Powered by loan-level data, the benchmark is anonymized, standardized, and AI-ready. Built from dv01’s role as
This paper provides a framework for understanding the risks to borrowers and lenders in capital markets. We begin with a description of a capital markets in a domestic context. This allows us to focus
