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

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

Summary:
In this episode of Consumer Credit Matters, William Black sits down with Sid Siddhartha (CEO, Intain) to discuss how AI and blockchain could help prevent issues like the alleged double-pledging at Tricolor Auto. They explore what went wrong, how real-time data could change collateral monitoring, and whether this moment could finally push the securitization industry toward modernization.

Chapters:

Chapters:
Intro
• The Tricolor Shock
• Lagging Data, Late Warnings
• The Double-Pledging Problem
• The Road to Adoption
• Conclusion and Final Thoughts

Takeaways:

• The Tricolor bankruptcy reveals major vulnerabilities in consumer credit.

• Double-pledging poses serious risk across warehouse and ABS financing.

• AI can enable real-time collateral performance monitoring.

• Blockchain offers immutable, auditable records to prevent duplication.

• Lenders and trustees are beginning to pilot these solutions with FIS.

• Regulatory shifts may accelerate technology adoption.

  
  

Sound Bites:

“We need early warning signals.”
“Double pledging is a big issue.”
“The technology is here and now.”

About the show:
Consumer Credit Matters is hosted by William Black, a structured-finance analyst and founder of Black Analytics LLC. The podcast features insights and interviews with industry leaders across consumer credit, securitization, and fintech innovation.

#Tricolor #AutoFinance #Blockchain #AI #Securitization #ConsumerCredit #Fintech #StructuredFinance #ABS #WilliamBlack #ConsumerCreditMatters #Intain #SidSiddhartha

In this episode of the Consumer Credit Matters podcast, host William Black and guest Rod Dubitsky (aka The People's Economist) discuss the recent Chapter 7 bankruptcy filing of Tricolor, a subprime auto lender. They explore the unique business model of Tricolor, the implications of fraud allegations, and the role of securitization and warehouse lending in the company's downfall. The conversation also touches on the broader implications for the subprime auto lending market and the economic pressures facing borrowers.

Chapters

00:00 Introduction to TriColor's Collapse

09:28 Straight to Chapter 7 Bankruptcy

12:24 Tricolor's Business Model

18:15 The Role of Securitization

31:40 The ABS ratings

44:29 Economic Headwinds or Immigration Policy?

57:22 The Role of the Backup Servicer

01:03:08 Social Bonds and ESG Considerations

01:08:08 Idiosyncratic vs. Systemic

In this episode of the Consumer Credit Matters podcast, host William Black interviews Peter Jasko, CEO and co-founder of Semeris, a company focused on enhancing the efficiency of reading and analyzing legal documents in the securitization market. They discuss the role of technology, particularly AI, in transforming document analysis, the challenges of accessing legal documents, and the expansion of Semeris into new asset classes. The conversation also touches on the competitive landscape, the evolution of legal documentation, and the future of private credit.

Chapters

00:00 Punching Through the Noise: Welcome to Semeris

04:45 Meet the Founder: Peter Jasko on the Origins of Semeris

10:16 Case Study: CLO Documentation Review Process

13:39 The AI Leap: Beyond NLP Frustrations

16:51 Analyst Augmentation and Operational Efficiency

18:25 How Semeris Stands Apart

23:15 Beyond CLOs: Semeris Goes Multi-Asset

41:17 Build or Buy?: Competing in the Legal AI Race

50:18 Complexity in Legal Documentation and Its Implications

56:53 What's in a Name: The Story Behind "Semeris"

In the structured finance world, there’s a quiet hero most folks overlook: the Backup Servicer. Until... they’re needed.In the latest episode of the Consumer Credit Matters Podcast, I sit down with Louis Geibel and Juliellen DeLuca from Vervent, one of the industry’s leading backup servicers. We go deep on a role that rarely makes headlines but becomes absolutely critical when the primary servicer falters. Think bankruptcies, fraud, or just plain old mismanagement.With cracks forming in several consumer asset classes—subprime auto, unsecured personal loans, even credit cards—this isn’t a theoretical exercise. Backup servicers are being called into action with increasing frequency.What actually happens after the default trigger is pulled? Who’s really prepared to step in and keep the payments flowing to bondholders? And what makes some “BUS” providers better than others?

In this episode of the Consumer Credit Matters podcast, host William Black engages with Sid, CEO of Intain, and Patrick Tadie, an advisory board member, to explore the transformative impact of AI and blockchain technology on structured finance. They discuss the challenges of adoption, the evolving role of trustees, and how Intain is uniquely positioned to enhance data integrity and automate processes within the industry. The conversation highlights the importance of education in embracing new technologies and the potential for significant changes in the regulatory landscape.

Intain is building digital infrastructure for structured finance. AI and blockchain are crucial for data integrity. The adoption of blockchain technology faces regulatory challenges. Trustees will be enhanced, not replaced, by technology. Education is essential for technology acceptance in finance. Intain's approach focuses on efficient intermediation. The future of finance is moving towards automation and digitization. Regulatory changes could accelerate the adoption of digital assets. Intain's technology can automate document verification processes.

00:00 Intro

01:54 Redefining Structured Finance with Technology

24:21 AI in Action: Automating Trust, Diligence, and Data

36:13 From Concept to Reality: How the Platform Works

48:47 The Regulatory Shift: What's Coming Next

Dr. Joseph Breeden thinks the industry is long overdue for a reset. In the latest episode of the Consumer Credit Matters podcast, we dig into what’s broken—and how to fix it.

With decades of experience developing models across mortgages, auto loans, and consumer credit, advising top financial institutions, and authoring books like Redesigning Credit Risk Modeling to Achieve Profit and Volatility Targets Joseph has seen firsthand where traditional models fall short—and what’s needed to bring them into the modern era.

In our conversation, we cover:
🔹 Why traditional credit models are failing in today’s volatile economy
🔹 The biggest blind spots in risk measurement today
🔹 His philosophy on modeling—what works, what doesn’t, and what needs to change
🔹 How AI, alternative data, and new methodologies could reshape risk assessment

If you work in lending, risk management, or structured finance, you won’t want to miss this one. The way we model risk is changing—are you keeping up?

In this episode of the Consumer Credit Matters podcast, I sat down with Steve Macy to dissect the Supreme Court's recent decision to deny certiorari in the CFPB vs. National Collegiate Student Loan Trust (NCSLT) case. For those in the structured finance world, this decision strikes at a cornerstone of securitization: the legal isolation of underlying assets.

The Third Circuit's ruling, now left standing, finds that securitization trusts can be considered "covered persons" under the Consumer Financial Protection Act (CFPA). This redefines the risk landscape for securitization entities, shaking long-held assumptions about the bankruptcy remoteness of trusts. The potential for direct liability introduces new complexities and costs across the securitization lifecycle.

In the episode, we explore the broad implications of this precedent. Here are some highlights:

This case underscores a paradox: while aimed at protecting consumers, these changes might inadvertently increase financing costs, affecting affordability.

🚘 On this latest episode of the Consumer Credit Matters podcast, I'm joined once again by the ever-insightful Charlie O'Shea, an expert on the automotive market. Together, we dive deep into Carvana's recent Q3 earnings and discuss their remarkable comeback from the brink of bankruptcy just a couple of years ago. Charlie brings his unique perspective as we explore Carvana's operational efficiencies, their game-changing ADESA acquisition, and what this means for the broader automotive credit landscape.