Synchrony Financial Predicts Increase in Loan Losses
Synchrony Financial said Tuesday that it is expecting loan losses to rise over the next year as more consumers struggle to pay off their credit card balances
Consumer ABS
States Joining Ranks of Student Loan Cherry Pickers
State student loan authorities sense a business opportunity helping graduates who are gainfully employed lower their payments. Their low-cost funding could put them in competition with banks and marketplace lenders.
Spruce Offers Up First Energy-Efficiency ABS Deal
Spruce Finance, Inc., a newly formed financier of residential energy-efficiency and solar panel installations, is issuing its first securitization of home improvement loans originated through both its predecessor companies and Fannie Mae.
Self-Regulation of Marketplace Lending Does Not Go Far Enough: FTC
Marketplace lenders have unveiled a number of self-regulatory plans over the last year in an attempt to stave off government intervention. But a top official at the Federal Trade Commission said Thursday that what has been done so far is not sufficient to protect borrowers.
DriveTime, Foursight Rev Up Subprime ABS Deals
Two new auto loan pools being issued this week by Foursight Capital and DriveTime Auto Group provide evidence of subprime auto lendings ongoing market momentum.
Navient Preps FFELP ABS With Heavy Exposure to Pennsylvania
Less than three months after predicting that banks would resume unloading portfolios of federally guaranteed student loans, Navient Corp. appears to have completed such a purchase.
N.Y. Regulator Said to Expand Online Lending Review to More Firms
New York's financial regulator has ordered 28 online lenders to disclose whether they offer loans to state residents and to describe the types of financing they provide, according to a person briefed on the matter.
California Republic, Westlake Add to Auto Loan ABS Supply
California Republic is marketing another $400 million auto loan securitization, its second of the year.
JPMorgan To Offer 2nd Credit Card ABS of 2016
The Class A CHASEseries (2016-2) Notes are being issued by JPMorgans Chase Issuance Trust, a filing with the Securities and Exchange Commission states. The Class A notes are due 2021.
Warnings of Credit Slippage from Big-Bank Chiefs
Speaking at an industry conference Thursday, the heads of several big banks including JPMorgan Chase, Bank of America and U.S. Bancorp warned of looming deterioration in their loan books.
Income-Based Finance Could Teach Education a Lot About Markets
The pricing of student loans, and higher-ed degrees themselves, should have more to do with the proven earning power of a universitys graduates in the eyes of some innovators. Big data could play a huge role.
Harley-Davidson Cruising in with $300M Motorcycled ABS
The bonds are being issued through Harley-Davidson Motorcycle Trust 2016-A in a five-tranche notes structure, according to the filing with the Securities and Exchange Commission on Tuesday. The notes are backed by a pool of loans with a principal balance of $450 million.
Risks in Prime Auto Lending Are Rising for Banks: Moody’s
U.S. banks are taking bigger risks in auto lending as they compete for market share in a sector that remains red-hot.
Obama Admin. to Supremes: Don’t Take Case that Riled Bankers, Online Lenders
The Obama administration and an independent federal banking agency are advising the Supreme Court not to review a lower-court ruling that has roiled the marketplace lending sector and caused consternation throughout much of the consumer finance industry.
US CLOs Have Limited Exposure to Retailers
In a report published Tuesday, Wells said that retailer loans held by collateralized loan obligations are performing as well, if not better, than most of other loans in CLO portfolios, outside of the oil and gas industries. In addition, only 8% of retail loans in CLOs are trading under $80.
Synchrony Maintains Card ABS Structure 2016-2 Deal
The Synchrony Credit Card Master Note Trust is issuing a $650.6 million notes offering including $547 million in Class A and Class B notes to be issued with 27% and 20% credit enhancement, respectively. That mirrors, to the dollar, its previous private-label credit card securitization in March.
Proposed Alternative to Libor Faces Tough Road Ahead
A committee convened by the Federal Reserve to examine potential replacements for widely used interbank offered rate benchmarks has published its interim conclusions, identifying two potential alternatives.
France’s BPCE Group Securitizing 5B in Personal Loans
BPCE Group, Frances second-largest bank, is pooling together 5 billion (U.S.$5.6 billion) worth of personal consumer loans into a securitization portfolio, including a mix of auto, cash, home improvement and debt consolidation loans.
Honda, Ally Launch $1.8B in New Prime ABS
American Honda and Ally Financial each filed for new securitization offerings Wednesday, with Honda launching its second ABS of 2016 with a $1.28 billion portfolio comprised of its typical low-interest, high credit-quality loans.
SoFi Beefs Up Investor Protections in Latest Student Loan Bonds
SoFi Lending, the marketplace lender that specializes in refinancing student loans to borrowers in post-graduate medical, legal and professional fields, has baked some additional investor protections into its latest securitization.
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