High-Tech Repo Men Reshape Subprime Auto Lending

Advances in technology could explain why lenders continue to offer subprime car loans. While the loans are still risky, these technologies have made the process of repossessing vehicles cheaper and easier, minimizing potential losses on soured loans.

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Latest News

Silver Bay Prices Single Family Rental Securitization

– The company sold approximately $312 million of certificates with a blended effective interest rate of LIBOR plus 1.92%; it did not indicate how each tranche priced.

Morgan Stanley, BofAML CMBS Price $911M CMBS Conduit

– Morgan Stanley and Bank of America Merrill Lynch priced $911 million of bond backed by 67 mortgage loans on 72 multifamily and commercial real estate properties.

Enterprise Preps $800M Fleet Lease Deal

– The $800.2 million deal, Enterprise Fleet Financing Series 2014-2, will be backed by payments on a pool of open-end and closed-end vehicle fleet lease contracts for cars, light-duty trucks, and other vehicles.

Orange Lake Returns with $148M Timeshare Deal

– Timeshare operator Orange Lake Country Club return to the market for the first time in two years with a $148 million securitization.


Featured Articles

Banking on the Upstart Solar Securitization Industry

– The solar industry is still developing, but Mercatus CEO Haresh Patel has suggestions for banks that want to get in on it now.

The Right Way to Regulate Overseas Swaps Trading

– Decisions about how to apply U.S. swaps trading rules abroad should be based less on fears of risk to the financial system and more on considerations of market integrity, according to attorney Timothy Karpoff.

New Investors Flocking to CLO Triple-A Paper

– While the Volcker Rule gets blamed for the sudden lull in CLO issuance in January and February, it’s now getting some credit for helping one aspect of the roaring comeback: the infusion of new primary investors in triple-A tranches.

Social Finance’s 2nd Rating, and Why the Big 3 Still Matter

– Social Finance has been talking up the fact that it bagged a rating from Standard & Poor's for its second securitization of peer-to-peer loans; why it (still) matters.

Mosaic Eyes Securitization Takeout for P2P Solar Loans

– Solar finance peer-to-peer lender, Mosaic plans to finance solar panels via a solar loan platform that is, for the first time-ever, packaged with residential operations and maintenance (O&M) offered by Enphase Energy, a California based microinverter company.

Trust-Preferred Investors Add Pressure on Deadbeat Banks

– Trust-preferred creditors are starting to give deadbeat banks an unenviable choice: negotiate repayment or run the risk of forced liquidation.

Climate Risk Pushing Corporates to Consider ILS

– To date, most issuance of bonds transferring risk of property damage to investors has come from insurers who are looking for an alternative to reinsurance. Yet climate change is bringing an increasing incidence of floods, windstorms and other kinds of extreme weather, requiring corporate issuers to pay ever more attention.

Single-Asset, Single-Loan CMBS is Back

– Securitization of very large commercial mortgages is picking up again, and so is the leverage in some of these deals.

RMBS Breach Cases Hinges on Imminent Decision

– Investors who purchased hundreds of billions of dollars of mortgage bonds issued before the financial crisis will soon find out whether they can proceed with claims that sponsors of these deals misrepresented the quality of the underwriting.

Eminent Domain Mortgage Seizures Down But Not Out

– Although the concept of using eminent domain as a tool to address the continuing widespread issue of underwater mortgages is facing serious headwinds as a result of the above factors, the concept is not dead.

The Unlikely Champions of "Qualified" CLOs: European Central Bankers

– CLO managers have been lobbying hard to shape rules requiring them to keep ‘skin in the game.’ Now they are getting support from an unlikely source – the Bank of England and the European Central Bank.

Florida Hurricane Catastrophe Fund Eyes ILS

– The Florida Hurricane Catastrophe Fund, which reimburses insurers operating in the state for a portion of their catastrophic hurricane losses, has also been contemplating insurance-linked securities as a means of transferring risk as well as fueling competition among potential reinsurers.

Single-Family Rental ABS: Will It Last?

– Despite headwinds, prospects remain strong for more securitization in the single family rental space, says Wall Street Emprises CEO Alex Kangelaris.

Minnesota Bankruptcy Delivers a Trups Reality Check

– American Bancorp. in St. Paul, Minn., went into liquidation last week when managers of collateralized debt obligations backed by its trust preferred securities pressed for involuntary bankruptcy to collect debt and unpaid interest.

Assured Aims to Attract DPR Issuers with Double-A Wrap

– Why market participants still see value in bond insurance, even for an asset class that is not many notches away, ranging between triple-B and single-A, depending on the rating agency and originator.


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Current Issue

Single-Asset, Single-Loan CMBS is Back

Securitization of very large commercial mortgages is picking up again, and so is the leverage in some of these deals.

Current Issue