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Structured Finance News

Sallie Mae Still Looking to Grow FFELP Portfolio

– Sallie Mae is still interested in adding to its holdings of Federal Family Education Loan Program loans, even if it took a pass on a $3.6 billion portfolio that CIT sold to Nelnet this month.

Vacancies in Blackstone’s Rental Bonds Decline in February

– The vacancy rate for properties backing Blackstone’s Invitation Homes single-family rental securitization declined to 6.5% in February, from 8% in January.

Kubota Prices $300M Equipment Loan ABS

– Kubota Credit Corp. priced its inaugural term securitization, a $300 million transaction backed by agricultural, construction and turf equipment loans.

Nelnet Acquires FFELP Portfolio from CIT

– The transaction, which was disclosed in a regulatory filing, includes the purchase of residual interests in a total of $2.6 billion of securitized student loans and related assets and approximately $950 million of unsecuritized student loans.

Santander, Ally Price Subprime Auto ABS

– Santander and Ally Financial priced a total of $2.1 billion of bonds backed by subprime auto loan receivables on Wednesday.

Mitsubishi Prices $215M Prime Auto ABS

– Mitsubishi Motors has priced a $215 million prime auto loan securitization, its first in over two years.

Sankaty Advisors Offers $655M CLO

– Sankaty Advisors is marketing a $655.75 million collateralized loan obligation, according to a presale report published by Standard & Poor’s.

Ginnie Mae Nixes Mortgage Servicing Transfers

– Ginnie Mae has halted the transfer of mortgage servicing rights from Bank of America to a nonbank servicer because the bank is missing documents such as recorded mortgages and title policies on the underlying home loans.

REO-to-Rental ABS Dogged by Claims of House Price Impact

– Critics of REO-to-rental securitization are concerned the sector could have a destabilizing impact on housing prices. Do they have a case?

World Omni Prices $849M Auto Loan ABS

– The class A2 notes with a weighted average life of 2.55-years yield 16 basis points over the eurodollar synthetic forward curve.

New Caps Allow European SF Ratings to Float Higher

– Fitch Ratings has taken positive rating action on 150 tranches of 113 structured finance transactions that are capped relative to the sovereign ratings of Ireland, Portugal and Spain.

TELOS Asset Mgmt Preps its Fifth CLO

– Standard & Poor's has assigned preliminary ratings to the deal, TELOS CLO 2014-5.

Senate Banking Leaders May Delay Vote on GSE Reform

– Questions are being raised about whether Senate Banking Committee leaders will delay a pending vote on their mortgage finance reform bill as they struggle to secure additional votes.

ACA Plans $259M Subprime Auto ABS

– American Credit Acceptance plans to issue $259.17 million of securities backed by retail subprime auto loan receivables, its second public deal in 2014.

Moody’s: Johnson-Crapo Bill May Unlock Private Label RMBS

– The housing finance reform bill introduced by US Senators Tim Johnson and Mike Crapo could be key to unlocking the private-label residential mortgage-backed securities market, according to Moody’s Investors Service.