The $178.6 million class A notes have an average life of 1.21 years and are rated Aa2 by Moodys and 'AAA' by DBRS; in a press release published Wednesday the company disclosed that they yield 1.49%.
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.
NewDay, a newcomer to the U.K. securitization market, has priced £293 million of bonds backed by credit card receivables.
New York's banking regulator has issued subpoenas to TD Bank and Santander over possible consumer abuses in the banks' subprime auto lending divisions.
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.
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
In the news: How Ability-to-Repay Rules Could Reshape RMBS Market
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.Current Issue