The Intricacies of Non-Depository Financing

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Bill Moreland of BankRegData joins Jack to share how many banks’ extensive use of loan modifications have caused reported delinquencies to appear lower than they might otherwise have been. While Moreland acknowledges that modifications play a vital role in securing repayment, he maintains that their popularity over the past 3 years indicates it is unusual and that some banks may be “manipulating the shit out of” the data. Moreland tells Jack about note-on-note financing - a practice wherein a bank sells a loan to a buyer and lends that buyer the funds to buy it - is further used to hide losses within bank balance sheets. Recorded on August 19, 2025.More info about BankRegData: https://www.bankregdata.com/main.asp

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