Consumer ABS

News

Regulatory Scrutiny Keeping Lid on Losses on Subprime Auto ABS

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 & Poor’s.

GMAC Plans Second China Auto Loan ABS of 2015

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.

Student-Loan Servicer Navient May Face CFPB Lawsuit

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.

Forget China; ABS Investors Only Have Eyes for the Fed

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 Taps Securitization Market to Fuel Loan Growth

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.

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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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How Solar Securitization is Clearing the Tax Hurdle

Tax credits complicate the solar industry’s ability to attract capital markets investors. Here’s what’s being done about it.

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