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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
View all episodes
By William BlackBonnie 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