Consumer ABS


CPS Closes on 4th Subprime Auto Loans Deal of 2014

The $178.6 million class A notes have an average life of 1.21 years and are rated ‘Aa2’ by Moody’s and 'AAA' by DBRS; in a press release published Wednesday the company disclosed that they yield 1.49%.

SoFi's IPO Target May Grow, CEO Says

Marketplace lender Social Finance may pursue a larger initial public offering than expected, CEO Mike Cagney said. Progress in its mortgage business will be pivotal to the company's future, he said.

Strong Demand for NewDay’s Inaugural UK Credit Card ABS

NewDay, a newcomer to the U.K. securitization market, has priced £293 million of bonds backed by credit card receivables.

N.Y. Regulator Subpoenas Santander, TD Bank in Subprime Auto Probe

New York's banking regulator has issued subpoenas to TD Bank and Santander over possible consumer abuses in the banks' subprime auto lending divisions.

Basel Cuts External Ratings in Revised Securitization Rules

International bank regulators finalized changes Thursday that will greatly diminish the role of external ratings agencies in weighting the risk of securitized assets in capital requirements.



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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Fannie Mae Exploring New Ways to Transfer Risk to Private Sector

Unlike their existing risk-sharing programs, which have drawn $12.5 billion of private capital into the mortgage market by referencing $454 billion of mortgages since their July 2013 inception, some of the latest deals transfer the first loss sustained when a homeowner stops making payments.

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