Michigan Finance Authority plans to issue a $168 million bond backed by private student loans originated by the States finance authority.
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 Auto Owner Trust (CAOT) 2014-4 will issue a million money market tranche and three tranches with preliminary AAA ratings from Fitch Ratings.
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 Nederland N.V. plans to sell 537 million ($684 million) of securities backed by Dutch auto lease installment receivables and residual value cash flows.
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.
Vice President of Regulatory Compliance
Firm: Clayton Holdings
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