Late payments on subprime auto loan securitizations are rising rapidly, and increased regulatory scrutiny of both lending and servicing is partly to blame, according to Standard & Poors.
The transaction, called Rongteng Individual Auto Mortgage Backed Securitization 2015-2, pool loans with a weighted average term of 2.3 years; the loans are seasoned, on average, by seven months.
The Consumer Financial Protection Bureau is considering suing Navient Corp., the largest student loan company in the U.S., for allegedly cheating borrowers, Navient officials disclosed in a Securities and Exchange Commission filing.
Spreads on many kinds of asset-backeds are at their widest levels of the year, but the price action is nothing like what is happening in the Dow and S&P 500 indexes, which lost another 5% Monday.
Avant, which is part of a new breed of online marketplace lenders, announced a $139 million securitization deal on Thursday. Our plan is to be a repeat issuer, Chief Executive Al Goldstein said.
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, its not clear exactly what the Commission will do.
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 Bureaus top official in charge of dealing with student loans.
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.
Overall issuance growth will moderate in 2014, Fitch Ratings' managing director for asset backed securities says in the firm's outlook.
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.
Firm: 3i Debt Management
Tax credits complicate the solar industry’s ability to attract capital markets investors. Here’s what’s being done about it.Current Issue