ECMC Group Preps $373.7M Rehab FFELP Securitization
ECMC Group is marketing $373.7 million of notes backed by federally guaranteed student loans that were once delinquent but are now making timely payments.
Consumer ABS
More Student Loan Borrowers Should Get Income-Driven Plans: CFPB
The Consumer Financial Protection Bureau on Thursday urged student loan servicers to provide more help to consumers who apply for income-driven repayment plans.
US Bank Taps Joe Nardi to Lead Structured Fin Trust Svcs
U.S. Bank Global Corporate Trust Services has hired Joe Nardi to lead its global structured finance group, which provides services that support the mortgage-backed and asset-backed securities for which U.S. Bank is trustee and paying agent. Nardi, who has more than 20 years of financial services experience, 19 of which in corporate trust, will oversee […]
Capital One Returns with $750M of Credit Card ABS
Capital One is returning to the securitization market with $750 million of notes backed by credit card receivables.
Prosper Reports $35M Loss as Revenue Plummets
Prosper Marketplace in San Francisco reported a $35 million loss in the second quarter, adding to the struggles of the entire marketplace lending sector
Finally, Some Good News for Online Lender Avant
Avant, the online lending platform based in Chicago, appears to be back in the good graces of capital markets investors.
JPMorgan Adding $1.35B Card-Backed Transaction
Standard & Poors on Thursday assigned an expected AAA rating on the Class A (2016-5) series of C seven-year notes, the only tranche in the issuance. The notes will carry an interest rate of 1.27% and supported by 14% credit enhancement a level in line with Chases recent receivables-backed issues in 2016.
Honda Files for 3rd Owner Trust Deal of 2016
American Honda Finance Corp. has filed for its third super prime loan securitization of the year, in a $1.25 billion transaction that could be upsized to $1.5 billion. The deal comes as the company has experienced growing levels of delinquencies and repossessions that have not shaken ratings agencies' faith in Honda's performance as a long-term asset-backed issuer.
NJ Senate Panel Seeks Revamp Of State Student Loan Program
The Higher Education Committee passed a measure Monday that would forgive the loans of deceased borrowers.
Lending Club Finds It Hard to Reconcile with Banks
Bank purchases of Lending Club loans was down 47% in the second quarter from the first, despite higher incentive payments offered by the marketplace lender. Lending Club said that while its loan-purchases program is stabilizing with asset managers and hedge funds, banks have yet to be lured back into the fold.
Earnest Gains Ratings Bump to 3rd Student Loan ABS
Online lender Earnest completed its third student-loan securitization in six months, in another oversubscribed offering that raised the finance companys total issuance to $527 million for 2016. The offering's senior notes were rated 'AA' by DBRS, a bump from the previous single-A ratings of its two prior transactions this year.
Ally to Investors: Auto Worries Are Overblown
Ally Financial, the nation's largest auto lender is dismissing comparisons between the subprime mortgage bubble and the more recent boom in car loans.
Hyundai Marketing Third Auto Lease ABS of Year
Hyundai is marketing its third auto lease securitization of the year, according to Fitch Ratings.
Avant Ups Investor Protection to Woo Back Investors
Online lender Avant is returning to the securitization market for the first time since shedding staff and shelving expansion plans in the spring with a $200 million notes offering featuring loans with higher-quality credit features.
NJ Senate to Probe State Student Loan Authority
New Jersey lawmakers have called a hearing next week to grill the states student loan authority about its collection practices and lending terms.
Home Improvement Finance Co. Issuing 1st ABS
Foundation Finance Co., which underwrites and acquires installment loans issued by third-party home improvement contractors, is launching its first-ever collateralization sized at $178.15 million.
Flagship Credit Acceptance Nets First-Ever Triple-A
Flagship Credit Acceptances third subprime auto loan securitization of the year is the companys first-ever to earn an initial triple-A credit rating.
Loan Standards Tighter than a Decade Ago, Fed Finds
Lending standards for most business and residential real estate loans as well as subprime consumer loans are tighter than the 10-year average, according to a survey of senior bank loan officers released by the Federal Reserve Board.
Santander AG Planning 1.5B Revolving Auto Loan ABS
Standard & Poors has assigned a preliminary A rating to a 1.5 billion four-year revolving securitization of auto, motorcycle and trailer loans originated by Santander Consumer Bank AG.
Toyota, Nissan Offer Combined $2.5B Prime Auto ABS
Toyota and Nissan are marketing a combined $2.5 billion of bonds backed by retail auto loans.
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