Consumer ABS


CircleBack Lending Completes First Securitization

The $106 million of bonds backed by consumer installment loans were underwritten by investment banking firm Jefferies.

CommonBond Closes Its Inaugural Student Loan Securitization

CommonBond Student Loan Trust 2015-A, issued a single tranche of notes with a weighted average life of 4.02 years and ratings of ‘A (high)’/‘Baa2’ from DBRS/ Moody’s Investors Service; the notes pay 165 basis points over swaps.

Subprime Auto Lender GLS Debuts in Public Securitization Market

Kroll has assigned an 'A' rating to the senior tranche of GSL Auto Receivable Trust 2015-1, which benefits from 36.25% hard credit enhancement.

Argentina Still Holds Clues to Grexit Securitization Fallout

If you want to know what a Greek exit from the euro would do to the €16.64 billion ($18.54 billion) of bonds out there backed by Greek assets, start with Argentina.

In Auto Lending, CFPB Hits Speed Bumps

The powerful Consumer Financial Protection Bureau is helping to reshape mortgage and payday lending, but its attempts to curb abuses in auto lending have been largely stymied by the clout of car dealers and the fragmented nature of auto finance.



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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Over Enrolled: How Sallie Mae Manages Growth in its Balance Sheet

To avoid either running afoul of the FDIC or potentially ceding market share, the bank has to get some of the loans that it makes off its books, either via whole loan sales or securitization

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