Ally Returns with Another $1B of Auto Loan ABS
Ally Bank is marketing another $1 billion auto loan securitization, its third of the year.
Consumer ABS
Deal Scan: Palmer Square CLO Refi Puts AAA at Double-Digit Spread
Palmer Square refinances 2013 CLO, cutting spread on AAA-rated tranche to below 100 basis points; Dryden refinances 2014 European CLO: Five Guys cooking up $440M Whole Business securitization.
Yes, the President’s Words Do Matter, Even for Student Loan Litigation
Borrowers have had an uphill battle maintain a class action against student loan servicers; this could change as a result of the Trump administrations efforts to dismantle the CFPB.
SoFi Earns Double-A for $530M Personal Loan ABS
Social Finances new $530 million consumer loan securitization, its third of the year, is the first to earn a double-A, from both Kroll Bond Rating Agency and S&P Global Ratings.
BMW Pools 800M in German Captive Finance Loans
BMW Bank Gmbh will sell Euro bonds through the Bavarian Sky S.A., Compartment German Auto Loans 6 trust, which includes a 744 million, seven-year Class A note tranche that S&P is rating AAA.
Oklahoma Governor Vetoes Expansion of High-Cost Consumer Lending
Oklahoma Gov. Mary Fallin vetoed legislation Friday that would have expanded high-cost consumer lending in the Sooner State.
Lending Club’s $30M Quarterly Loss is Smallest in Last Year
Lending Club, the online consumer lender whose fortunes were hurt by scandal last year, lost $29.8 million in the first quarter amid lower revenues and rising expenses.
Online Lender Prosper Says System Error Overstated Loan Return
Prosper Marketplace, one of the largest U.S. online-lending platforms, notified the majority of the investors that buy its loans that it had overstated their annual returns due to a system error, a spokeswoman said.
Deal Scan: Five Issuers Launch $2.8B in Auto ABS
Toyota Motor Credit, DriveTime and AmeriCredit are marketing their second securitizations of 2017; Nissan Motor Credit is selling bonds backed by floorplan receivables; Mercedes-Benz Financial Services Canada i is issuing U.S.-dollar denominated notes.
House Panel Approves Reg Reform Bill Along Party Lines
After more than two days of debate, the House Financial Services Committee on Thursday approved its sweeping Dodd-Frank Act rollback bill.
CIBC Plans Additional ABS Issuance from CARDS II Trust
CIBC is planning to issue additional notes backed by credit-card receivables from its CARDS II Trust, according to presale reports from Fitch Ratings, DBRS and Moodys Investors Service.
How Technology Mitigated a Crisis in Student Loan ABS
Navient and Nelnet, the two largest student loan servicers, avoided downgrades on some $18 billion of bonds by extending their maturities. Getting the required consents from investors would normally take ages, but recent innovations speeded the process.
Deal Scan: Citi Issuing $1.1B in Card ABS
Citibank Credit Card Issuance Trust is issuing its latest revolving Citiseries securitization through $1.1 billion in notes backed by prime credit-card receivables. Also, IHS Market notes the tightening spreads in many U.S. consumer ABS asset classes.
CFPB Hits Auto Loan Servicer for $2.4M
The Consumer Financial Protection Bureau ordered an auto loan servicer on Wednesday to pay $2.4 million in fines and redress to consumers for failing to abide by a 2015 consent order alleging it bullied members of the military.
Fannie Makes it Easier for Student Loan Borrowers to Get Mortgages
Fannie Mae has made three selling guide changes aimed at helping the growing number of borrowers with student debt qualify for home loans, and may begin testing other similar proposals related to this goal.
Four Tricky Issues in the Trump-Cordray Standoff
President Trump and Consumer Financial Protection Bureau Director Richard Cordray appear locked in a game of chicken over his continued leadership of the agency
Avant Continues to Boost Credit Quality in Latest Securitization
Online consumer lender Avant continues to boost quality of its underwriting, and this is helping to reduce its funding costs.
Subprime Auto Lenders Put on Notice Over Ties to Shady Dealers
A $26 million settlement by Santander Consumer is shining a light on the hard-to-measure problem of auto dealer fraud, while also raising questions about the adequacy of lenders' efforts to combat bad behavior
Citi CFO: Student Loan Market Shows Signs of Overheating
Student loans are showing signs of growing too fast, perhaps the only market flashing a warning even as the economic recovery grows older, Citigroup Chief Financial Officer John Gerspach said
Deal Scan: Dell, Ascentium Launch Equipment ABS
Dell and Ascentium launched a pair of equipment lease securitizations; NextGear readies notes backed by auto dealer inventory financing; Consumer Portfolio Services closes on auto ABS.
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