Consumer ABS

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Michigan Gears Up $168M Private Student Loan Bond

Michigan Finance Authority plans to issue a $168 million bond backed by private student loans originated by the State’s finance authority.

Bank of the West Plots Inaugural Auto Loan Securitization

The credit quality of the pool of loans backing the deal is strong, but it includes more long-term loans than any recently rated by Moody's Investors Service.

CarMax Preps 4th Auto Loan Deal of 2014

CarMax Auto Owner Trust (CAOT) 2014-4 will issue a million money market tranche and three tranches with preliminary ‘AAA’ ratings from Fitch Ratings.

CFPB Examiners Find Illegal Practices in Student Loan Servicing Business

The Consumer Financial Protection Bureau released a report Tuesday highlighting illegal servicing practices in the $1.2 trillion student lending market, including charging illegal late fees, allocating payments to maximize late fees and misrepresenting minimum payments.

LeasePlan to Sell €537M Dutch Auto ABS

LeasePlan Nederland N.V. plans to sell €537 million ($684 million) of securities backed by Dutch auto lease installment receivables and residual value cash flows.

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Articles

Reg AB II Returns from Limbo

Regulation AB governs registration, reporting and disclosure requirements for all things asset-backed. The Securities and Exchange Commission appears to be ready to update it significantly, but, nearly four years after changes were originally proposed, it’s not clear exactly what the Commission will do.

Student Loan Market Headed for Crisis, CFPB Warns

The swelling trillion-dollar student loan market is missing key data and regulations necessary to head off another financial crisis, according to Rohit Chopra, the Consumer Financial Protection Bureau’s top official in charge of dealing with student loans.

Finra Files Proposal to Disseminate Price Data

The proposal would introduce dissemination of trade prices for securities ranging from highly liquid credit card and auto ABS to smaller and more esoteric deals in asset classes such as time shares, to commercial mortgage-backed securities (CMBS) and highly structured CDOs and collateralized loan obligations.

Fitch: External Factors Biggest Threat in 2014

Overall issuance growth will moderate in 2014, Fitch Ratings' managing director for asset backed securities says in the firm's outlook.

How Big Box Bankruptcies Would Impact CMBS

Direct exposure to either J.C. Penney or Sears is typically highest in seasoned deals where there are only a small number of loans remaining, and one is secured by a retail property.

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