Startup that Lends to International Students Raises $6M
A Washington, D.C.-based startup that finances higher education in the U.S. for international students announced a $6 million equity funding round.
Consumer ABS
Banks Mine Data to Find High Earners Who Live It Up
They are called HENRYs high earners, not rich yet and they have the potential to generate lucrative wealth-management and other fees for banks if they could just dial back their spending.
Huntington Stepping Up Auto Loan Securitization Post Merger
Huntington Bancshares, which hasnt made a trip to the securitization market since June of last year, will be offering $2.6 billion in bonds backed by auto and commercial loan receivables during the fourth quarter.
Latest Usury Law Ruling is Positive for Marketplace Lenders
A recent federal court decision affirming the right of a servicer to collect on private student loans originated on Sallie Maes behalf isnt just good news for investors in student loan-backed securities; its also good news for marketplace lending platforms.
Crédit Agricole Consumer Unit Plans 1.3B German Loan ABS
A German consumer finance arm of Crédit Agricole is securitizing its third rated pool of unsecured consumer loans in a 1.3 billion (US$1.48 billion) transaction.
Is Lending Club Late to the Auto-Finance Party?
Lending Club is pivoting back to the strategy it was pursuing prior to the abrupt ouster of its chief executive officer in May.
Navient Sets Third All-Rehab Student Loan Securitization
A single class of floating-rate Class A notes totaling $896 million is being issued through the Navient Student Loan Trust in the seven-death conducted by Navient this year.
Auto Lending is Losing its Luster for Banks
Several banks, including Fifth Third Bancorp and Citizens Financial Group, plan to scale back indirect auto lending, citing increased competition and narrowing spreads. Others are reducing exposure by selling off large chunks of auto loans though they remain committed to auto lending.
Earnest Marketing its Fourth Offering of Refi Student Loan ABS
Earnest is marketing its fourth offering of bonds backed by refinance student loans, according to DBRS.
Ranks of Unbanked Decline to Lowest Post-Crisis Level
The number of unbanked households in the U.S. has continued to decline in recent years despite a slowing-down of the economic recovery, the Federal Deposit Insurance Corp. found in itsbiennial survey unbanked and underbanked households.
Santander’s Latest Chrysler Auto Loan ABS is Only “Midprime,” Says Fitch
Santander Consumer may be scaling back its presence in the subprime auto market, but the loans it makes to prime quality borrowers purchasing Chrysler, Jeep and Dodge vehicles are performing so poorly that Fitch now considers them to be midprime.
Moody’s Concludes Review of $992M of FFELP Sponsored by Nelnet
Moody's Investors Service concluded its review of five federally guaranteed student loan securitizations either sponsored by or administered by Nelnet. The rating reviews take into account the slower rate of repayment of the collateral.
Wentworth Returns With $103.3M Structured Settlement ABS
Structured settlement finance company J.G. Wentworth is seeking to close next week on its first securitization of 2016 with a portfolio of receivables from court judgement, annuity and lottery proceeds purchased from consumer claimants.
Why One in Three Rehabbed Student Borrowers May Redefault
One-in-three rehabilitated borrowers could be driven back into default on their federal student loans, according to a report released this week by the Consumer Finance Protection Bureau
CFPB Denounces ‘Wrongly Decided’ PHH Ruling
The Consumer Financial Protection Bureau decried an appeals court ruling last week that found its single-director structure unconstitutional, saying the opinion was "wrongly decided" and had "no basis in the text of the Constitution or in Supreme Court case law."
Goldman’s Lesson from Online Lending Turmoil: Take It Slow
Goldman Sachs will take "a very deliberate and methodical approach" to building its online lending platform,
CFPB Blames Servicer Breakdowns for Student Lending Woes
Student loan borrowers face breakdowns and delays in applying for repayment plans that feature loan forgiveness or interest subsidies, the Consumer Financial Protection Bureau said in a report released Monday
Is Goldman’s ‘Marcus’ a Serious Threat to Banks?
Traditional banks and marketplace lenders may soon find themselves united in competition against a common threat: Goldman Sachs.
Another Bumper Crop of Auto ABS as $6.7B Launched This Week
Eight prime and subprime auto loan and lease securitizations have arrived in the asset-backed market this week, tallying up approximately $6.72 billion in new deals.
More Americans Falling Behind on Car Loan Payments, S&P Says
Subprime borrowers are falling behind on their car loan payments at the highest rate in more than six years, and some bonds backed by these loans are vulnerable to getting downgraded, according to S&P Global Ratings
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