SoFi Marketing Another $436M of Student Loan Bonds
SoFi Lending Corp. is in the market with another $436.67 million of notes backed by private student loans.
Consumer ABS
CFPB Orders For-Profit College to Refund $23.5M in Student Loans
The Consumer Finance Protection Bureau has ordered Bridgepoint Education to refund $23.5 million to students it alleges were deceived into taking out private student loans that cost more than advertised.
JPMorgan Feels ‘Modest’ Pinch from Venture into Subprime Cards
Over the past year JPMorgan Chase has rapidly expanded its credit card business, in part by attracting new customers with spotty credit histories; But rest assured that the company is only dipping its toe into the pool of subprime borrowers, says Gordon Smith, chief executive of JPMorgan's consumer and community bank
Mizuho Affiliate Plans $362.2M U.S. Auto ABS
Orico (or Oriental Corp.), a Japanese finance company partly owned by Mizuho Financial Group, is structuring a $362.2 million asset-backed portfolio of U.S. dollar denominated notes backed by yen-denominated prime auto loans issued to individual and corporate borrowers in Japan
Auto ABS Back in Fast Lane: $7B Hits Market Post Labor Day
This week, nine auto loan- and lease-backed deals totaling $7.1-$7.4 billion (including a potential upsizing) took the on-ramp to the securitization market, reversing a slow summer of new issuance.
Lending Club Seeks to Bolster Its Retail Investor Base
Lending Club, which is seeking to rebound from a recent corporate governance scandal, plans to step up its efforts to sell loans to everyday investors, Chief Executive Scott Sanborn said
SoFi Returns with $203M of Consumer Loan ABS
Online lender Social Finance is marketing another $203 million of bonds backed by unsecured consumer loans.
Ally Financial Ups Credit Quality in $750M Auto ABS
Ally Financial has structured its third nonprime auto loan securitization of the year in a new $750 million asset-backed transaction with slightly enhanced credit quality over its previous deals.
First Investors Boosts Pool Size in Latest Subprime ABS
First Investors Auto Owner Trust 2016-2 is a $230 million asset-backed pooling of more than 11,000 new- and used-auto loans a transaction exceeding the pool size and loan population of recent securitizations pieced together by First Investors.
Ford Trust Plans Another Offering of German Auto Loan ABS
Ford Motor Co. is securitizing its second round of German auto loans this year in a 541.7 million pool of both private and commercial borrower receivables tied to significant balloon payments.
PHEAA Marketing 1st FFELP ABS in Over A Year
The Pennsylvania Higher Education Assistance Agency is making its first trip to the securitization market in over a year.
Mercedes-Benz to Launch $1.24B Captive-Finance ABS
Mercedes-Benz Financial Services USA is preparing its first captive-finance loan receivables securitization of the year, in a $1.24 billion transaction that could be upsized to $1.5 billion.
Amazon and Wells Fargo Terminate Student Loan Partnership
Amazon.com and Wells Fargo on Wednesday ended their partnership to offer college students a discount on private student loans, quickly abandoning what the bank lauded just six weeks ago as a "tremendous opportunity."
In a First, Ford Names Woman to Head Finance Unit
Ford Motor promoted veteran executive Joy Falotico to lead the Ford Credit lending unit, making her the first woman to run the operation that provides financing to auto buyers and dealers worldwide.
World Omni Driving by with $940M of Auto Loan ABS.
World Omni is braving the August hear to bring $941.49 million of notes backed by auto loans to market.
Financial Services Forum Exec Bolts to Head Online-Lender Group
Nat Hoopes, executive director of a trade group that represents the chief executives of Wall Street banks, is making the jump to fintech.
Fitch: Subprime Auto ABS Losses Leap to 7.39% in July
The weaker collateral pools in recent-vintage subprime auto loan pools are leading to rising delinquencies and portfolio losses, with July's annualized net losses climbing 17% month-over-month, and 28% year-over-year.
NorthStar Preps $90M Private Student Loan Securitization
NorthStar Education Finance, a Delaware non-profit, is marketing $90 million of bonds backed by private loans to medical and law students.
Santander Consumer’s 2Q Results Postponed a Second Time
Santander Consumer USA Holdings again delayed its second-quarter results and financial statement due to ongoing discussions with federal regulators about accounting issues.
Wells to Pay $4M to CFPB for Illegal Student Loan Servicing
The Consumer Financial Protection Bureau said Monday that Wells Fargo had engaged in illegal student loan servicing practices by processing payments to maximize late fees.
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