ABA Seeks Marketplace Lender to Partner with its Members
The American Bankers Association has been searching for an online platform to allow its member banks to get into the digital lending business.
Consumer ABS
SoFi Returns to High FICO Borrowers in Student Loan ABS
SoFi Lending Corp. is launching its first offering of the year of bonds backed by private loans refinancing student debt.
Exeter Boosts Credit Quality in Latest Subprime Auto ABS
With new management at the helm, Exeter Finance Corp. spent the past year trying to halt a slide in credit quality, profits and the performance of its $3 billion-plus subprime auto loan portfolio.
Auto Finance Shifts into Digital Age
A deal between Ford Motor Credit and a San Francisco-based startup will give car buyers the option of customizing their own loan terms.
LeasePlan to Pool £545 Million in UK Vehicle Leases
A Dutch-based auto leasing firm is pooling a UK-based £545million securitization of corporate and public sector vehicle leases and residual value claims.
Flagship Applies Brakes to Risks in Subprime Auto
Flagship Credit Acceptance is raising CE levels and slicing off its riskier borrowers from its first securitization for 2017.
CFPB Clearing Decks with Slew of Lawsuits as Cordray Battle Looms
The Consumer Financial Protection Bureau is ramping up enforcement actions ahead of a possible political showdown between President Donald J. Trump and the agencys director, Richard Cordray.
First CMBS of 2017 Refinances Five Marriott Hotels
The first commercial mortgage securitization of the year is being used to refinance five hotels owned by Ashford Hospitality Prime and managed by Marriott International.
SolarCity Gathers Pool of Solar Loans
SolarCity has returned with a new solar-panel financing securitization after nearly a years absence from the asset-backed market. The transaction is also its first since December 2015 featuring a collateral pool of direct loans for consumers to purchase solar-panel installations.
Santander, Ally Mark 2017 ABS Debuts
A tale of two cities? Santander Consumer USA on Thursday put together the first deep-subprime securitization of 2017 that also comes with the highest expected losses of any outstanding loan portfolio on the market. Meanwhile, Ally Financial launched its first deal of 2017 with auto loans from one of the best-performing prime auto-lender portfolios, in terms of losses and delinquencies.
CFPB Suit Against Navient Followed Apparent ‘Ultimatum’
CFPB lawSuit Against student loan sevicer Navient Followed Apparent 'Ultimatum' to settle by January 20
CarMax Enters 2017 Auto ABS Fray In $1.14B Deal
The CarMax Auto Owner Trust 2017-1 is among six asset-backed transactions so far this year involving both prime and subprime auto loan and lease pools identified through ratings agency presale reports and regulatory filings.
CFPB Says Navient “Illegally Failed” Borrowers
The Consumer Finance Protection Bureau is suing the nations largest student loan servicer, Navient, for illegally failing borrowers.
Chrysler Emissions Charges Add to Strain at Santander
Up to 60 auto-related securitizations, including deals issued by Santander Consumer USA, could face some residual fallout from emissions-tampering software allegations asserted against Fiat Chrysler Automobiles N.V. last week.
Treasury Plans a Fix for Student Loan Repayment Plan
The federal government is trying to fixing a big problem with a generous repayment plan for guaranteed student loans: borrowers often get kicked out of it when they fail to resubmit paperwork each year.
SoFi Takes Ratings Dip in Latest Consumer Loan Pool
SoFi Consumer Loan Program 2017-1 is secured by a pool of $550 million in loans, and has a capital structure consisting of a $426.4 million series of Class A notes and $50.7 million in Class B notes. The A notes' 'A' rating by Kroll is a notch below the 'A+' earned in its last transaction in November.
Citibank Issuing $500M Two-Year Credit Card ABS
Citibank plans to issue $500 million of two-year notes backed by credit card receivables, according to regulatory filings.
Ford Boosts ABS Credit Quality Amid Mild CNL Increases
The $1.57 billion Ford Credit Auto Owner Trust 2017-A is lauded by Moodys Investors Service for its high weighted average FICOs (736) and as a strong follow-up to its last transaction (FCAOT 2016-C) that also featured slightly stronger pool characteristics.
Supreme Court sharply divided on credit card surcharge bans
The U.S. Supreme Court appears to be sharply divided on credit card surcharge bans.
Discover to Issue $800M in 1st Credit Card Deal of Year
Discover Bank plans to issue $800 million of five-year notes backed by credit card receivables, according to regulatory filings.
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