Navient Extends Maturity of Another $469M of FFELP Bonds
Student loan servicer Navient Corp. has extended the maturity of another $469 million of bonds backed by federally guaranteed student loans.
Consumer ABS
TD Bank Continues Card ABS Revival with Third 2016 Deal
The Toronto-Dominion Bank, which hadnt structured a credit-card securitization in 13 years prior to 2016, is prepping its third multi-currency notes offering of the year secured by Canadian dollar-denominated card receivables.
Consumer Loans Souring Fast in Bonds Tied to Online Lenders
A group of online consumer loans that were packaged into bonds is going bad faster than lenders and bond underwriters had expected, the latest sign that some startups that aimed to revolutionize the banking industry underestimated the risk they were taking
Prosper Marketplace CEO Aaron Vermut Resigns: Report
Aaron Vermut has resigned as chief executive of Prosper Marketplace, according to a report in The Wall Street Journal.
SoFI, PHEAA Showcase Quality Divides in Student-Loan ABS
SoFi Lending Corp. is marketing its fifth portfolio of refi student loans issued to select advanced-degree professionals. Meanwhile, the Pennsylvania Higher Education Assistance Agency is packaging its second portfolio of primarily FFELP consolidated loans, a significant portion of which carry existing or prior impairments.
Trump Gives Structured Finance Pros Their Best Shot at Rolling Back Dodd-Frank
Banking industry lobbyists and representatives are practically salivating over the election results, convinced that Republican control of the White House and Congress will finally give them the opportunity to roll back key parts of the Dodd-Frank Act.
South Dakota Approves 36% Rate Cap on Payday Lenders
Voters in South Dakota overwhelmingly approved a measure to cap interest rates on payday, installment and auto title loans at 36 percent.
Santander Reduces Risk in New Deep Subprime Auto ABS
Santander Consumer USA is smoothing out risk factors in its latest deep-subprime vehicle loan securitization. Drive Auto Receivables Trust 2016-C is a $1 billion offering of deep-subprime new and used retail auto and light-truck loans originated by Santander.
Verizon Sizes its 2nd Handset Securitization at $1.4B
Verizons second handset securitization transaction is initially sized at $1.4 billion, according to a Fitch Ratings
Online Lending Startup Targets Travelers
UpLift is the latest Silicon Valley startup seeking to peel off a slice of the $1 trillion credit card market.
Italian Finance Firm Markets 1.2B Consumer Loan ABS
Italian lender Agos Ducato S.p.A. is pooling the receivables from personal, auto, furniture and other-purpose loans totaling 1.34 billion.
What Volatility? Brexit-Like Reaction Fails to Materialize
Donald Trumps victory drew inevitable comparisons to Britains vote to exit the European Union in June, but so far the election results have failed to produce the kind of volatility seen in June much less the extreme moves in financial markets experienced in January
Verizon Preps 2nd Handset Financing Securitization
Verizon is making its second trip to the securitization market to help offset the expense of providing customers with financing for mobile phones.
Losses Shrink as Lending Club Seeks Return to Normalcy
Lending Club reported a smaller loss in the third quarter as the San Francisco-based marketplace lender sought to move beyond a scandal that interrupted its rapid growth.
Online Lender OnDeck Reports Fourth Straight Quarterly Loss
OnDeck Capital reported its fourth consecutive quarterly loss on Thursday as investors bought fewer loans and the firm was forced to make costly adjustments to its business.
GMAC UK Auto Loans Pooled in 7th E-CARAT ABS
E-CARAT 7 PLC is the latest British auto loan securitization of new and used Vauxhall Motors-branded vehicle loans originated by GMACs UK affiliate. The UK trust will issue GBP £416.7 million (US$468.18 million) in three classes of senior and subordinate notes secured by the loans.
Why Credit Card Accounts, Purchases Are Rising Again
The number of new credit card accounts jumped 11% to 84.9 million in the second quarter while monthly purchase volumes also increased, according to a report by the American Bankers Association.
American Credit Acceptance Graduates to AAA’ in New Auto ABS
Subprime indirect auto lender American Credit Acceptance caters to customers with flawed FICOs that average 543, and continues to extend the vast majority of new and used auto loans beyond five years. But nonetheless, the trust joins the ranks of other issuers with AAA-rated senior notes in its latest securitization of new and used auto and motorcycle loans thouogh a a $211.25 million notes transaction.
Online Lenders Band Together to Strike Back at Scammers, Stackers
Online lenders’ struggle with fraud is driving them to join new networks designed to find links between fraudulent loan applications and signs of borrowers trying to obtain multiple loans simultaneously.
SoFi, Fannie Mae Offer Cash-Out Refi for Student Loans
A new refinance mortgage offered by Social Finance, better known as SoFi, lets consumers tap into their home equity to pay down student loan debt at terms more favorable than a traditional cash-out refi.
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