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CFPB Hears Growing Calls to Draft Business Loan Data Rule

By Joe Adler

As banks await an expansion of data they must give regulators to capture mortgage lending patterns, pressure is building on the Consumer Financial Protection Bureau to advance similar requirements for small-business lending.


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Obvion Plans €1.44B Dutch RMBS

– Loans used as collateral have a weighted average loan-to-value ratio of 97%, are seasoned by a weighted average 4.74 years and have a remaining term of 24.47 years, according to Standard & Poor's.

Albion Preps its 1st UK RMBS in Two Years

– Albion No 3. is deal is backed by mortgages to prime U.K. borrowers with a remaining term of 23.3 years, on average; first-time borrowers account for 28.56% of the portfolio, according to Fitch Ratings.

Volkswagen Securitizes £750M U.K. Auto Loans

– UK Driver three is exposed to the risk of borrower payment shock, since 89.8% of loans in the pool have balloon payments that are due upon maturity.

Puerto Rico Utility's Debt Reduction Deal Involves Securitization

– The Puerto Rico Electric Power Authority has reached a deal with forbearing bondholders to reduce its $9 billion in debt by swapping outstanding bonds for one of two kinds of securitizations, receiving 85% of their existing claims.

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Featured Articles

Mortgage Servicers Resume Securitizing Repayment Rights

– Issuance came to a halt in April 2014 when S&P started reviewing its ratings criteria; that meant servicers had to rely on private, unrated deals or shorter term financing from banks.

Why Some BDCs are No Longer Fans of CLO Equity

– TICC Capital Corp. and THL Credit, have announced plans to exit their holdings of CLO equity; both cited the diminishing valuations of their own stock, which they attributed to a growing belief among shareholders that these securities are not an appropriate investment.

Marketplace Lenders Are a Systemic Risk

– The managing principal at Broadmoor Consulting argues that bringing these lending platforms into the regulated banking system will ensure that the flow of credit isn't disrupted when rates rise and the credit cycle turns.

Sprint Exploring Securitization of Handset Financing

– Wireless carriers are increasingly embracing plans that let customers pay for devices in installments, often with no down payment. Since the carriers must pay vendors for the equipment upfront, these plans tie up a lot of working capital, particularly for expensive smartphones. Securitization offers a way to free up working capital by selling the rights to future installment payments.

Gradual Shift in Asset Mix Boosts Credit Quality of Spanish Covered Bonds

– Since the financial crisis, most Spanish banks have actively managed the mix of assets backing these bonds, in favor of residential mortgages at the expense of commercial mortgages and real estate developer loans, which are more expensive for them to hold.

Marketplace Lenders Have a Plan B If Court Ruling Stands

– In the worst-case scenario, they'll get state licenses and reprice a portion of their loans, but executives of the highflying industry say they doubt such steps will be necessary

Top 10 US CLO Managers Lost Market Share in First Half

– Moody’s Investors Service’s rankings of the U.S. collateralized loan obligations shows that the market share of the top 10 declined slightly in the first half; but in Europe, the 10 biggest have gotten even bigger.

Santander Consumer Continues Push into Subprime

– Santander Consumer USA Holdings isn't backing off of its aggressive play for borrowers with blemished credit, even as the company's auto lending practices remain under intense scrutiny from regulators

What to Watch for as Treasury Examines Marketplace Lending

– Marketplace lenders see the agency's interest, which appears to stem largely from a belief in the industry's innovative promise, as validation for a sector that barely existed just a few years ago.

The Next Big Thing in Cat Bonds: Prevention

– A venture between Goldman Sachs, Swiss Re, RME, The Rockefeller Foundation and consultancy re:focus partners is searching for a way to structure a “cat-like” bond for infrastructure that’s designed to make cities more resilient to natural catastrophes.

Has Solar Securitization Lost A Potential Issuer?

– SunEdison is buying Vivint Solar. Its plans for the second largest solar developer mean securitization is definitely not the cards.

‘No Action’ Letter Provides CLOs Limited Relief from Risk Retention

– It provides limited relief from risk retention rules for pre-2015 vintage CLO notes that are refinanced after December 2016.

Ford's Car-Sharing Experiment and the Future of Auto Finance

– Ford Motor Co. recently announced a pilot program with Getaround, a tech company whose mobile app enables city dwellers to rent out their cars by the hour.

Forbearance Puts FFELP Bonds At Risk of Default

– Taxpayers aren’t the only ones on the hook when Uncle Sam gives borrowers more time to pay off their student loans; investors in student-loan backed securities are also paying a price.

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