The firm issued $3.7 billion of ABS during the second quarter, a 76.2% sequential jump. Pagaya aggregates auto loans, unsecured consumer loans and point-of-sale financing products.

SFA and other trade groups are seeking major changes to the re-proposed bank capital requirements. MBA raised concerns that non-agency MBS would receive more favorable capital treatment than GSE MBS.

Sylvain Raynes, the new lead of the structured finance practice at Egan-Jones Ratings Company, warned that MBS and ABS investors are losing money if they’re relying on fairly static ratings from other firms.