The revisions would require asset-backed issuers to provide enhanced disclosures including information for certain asset classes about each asset in the underlying pool in a standardized, tagged format and revise the shelf offering process and eligibility criteria for asset-backed securities.
Regulatory hurdles, stability of counterparties, the rep and warranties framework, exogenous variables, and technical factors all pose challenges; but GSE reform will probably have the biggest influence, according to Morningstar.
The auto loan market has a different track record and players than mortgages, setting the stage for a unique fight among prosecutors, lenders and dealers.
While the recovery in issuance of non-agency residential mortgage backed securities remains anemic and disappointing, there is growing supply of GSE risk-sharing programs.
In a joint discussion paper, the central banks say that securitization market was unfairly tarnished and that a well functioning market can help provide credit to businesses.
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.
Risk-retention rules could thin the ranks of CLO managers; the industry was hoping for a workaround, but what it got is pretty much unworkable.
The U.S. market for collateralized loan obligations would shrink by 75% if proposed risk-retention rules are implemented, according to the Loan Syndication and Trading Association.
Longstanding tensions within the American Securitization Forum (ASF) boiled over in March, when most of its board of directors resigned and formed a new trade group.
Vice President of Regulatory Compliance
Firm: Clayton Holdings
In the news: How Ability-to-Repay Rules Could Reshape RMBS Market
As more and more Chinese gain the financial access to buy a car with a loan, lenders will look increasingly to securitization to keep origination going.Current Issue