While early-payment default rates showed bigger declines, the rate for loans in the most serious delinquency categories remained relatively high. Across all three agencies, 2.92% of loans were four months or more past due, down slightly from the previous month.
Fitch also revealed that Provident received a $20 million equity infusion from an affiliated entity in March. Craig Pica, Provident’s CEO, and members of his family, own a majority stake in the lender.
Wedbush Securities: “While there are many advantages to the SPAC route for both investors and issuers, it has also been an area that has produced disappointing results for some investors in recent months.”