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Unlike Santander’s existing retail auto loan platform, Santander Retail Auto Lease Trust 2017-A is backed by prime quality collateral. The leases were originated by its Chrysler Capital division, through dealers of Fiat Chrysler vehicles.
The San Francisco firm is the latest U.S. lender to tighten credit standards amid concerns that consumers are shouldering too much debt.
The company increased the concentration of sub-550 Beacon score borrowers to more than 13%, and cut the share of prime 700-plus loans by more than two-thirds from its prior deal.
A bipartisan coalition of AGs and officials representing 25 states sent a letter to Education Secretary Betsy DeVos today urging the department to reject what they said was a campaign to dismantle state oversight of the industry.
In a surprise move, the Supreme Court will decide whether Amex may bar merchants from steering customers to less expensive card networks. The card issuer will have to prove the consumer gain from its practices outweighs the merchant pain.
Investors don't appear to be overly concerned about recent management changes at the student loan refinance lender.
CFPB Director Richard Cordray is using the Equifax breach to suggest the CFPB be given power to examine credit reporting agencies for potential cybersecurity lapses.
The biggest opportunity would likely come from limits to PLUS loans for parents and graduate students, something that is beyond the scope of regulators and would require congressional action.
The credit quality of the collateral is similar to that of the sponsor's prior deals, but there are some structural changes; the senior notes benefit from more overcollateralization, but total OC has declined.
The deal, Sunrise SPV 20 S.r.l., is collateralized by more than 120,000 auto, furniture and personal loans originated by the Italian lender.
The loans have an average balance of €18.5k (US$22.1k) and went to 39,698 borrowers; they are secured by a pool of new (46.8%) and used (53.2%) cars, according to Moody's Investors Service.
HELOCs make up approximately 11.51% of the collateral; 22.5% of the HELOC borrowers are currently eligible to make draws up to their credit limit.
Changes under consideration in federal student lending policy could create huge opportunities for private student lenders.
For the first time, the marketplace lender is using its own balance sheet: It's contributing 27.66% of the collateral. The rest comes from three third-party investors.
While the new deal, dubbed OneMain Financial Issuance Trust (OMFIT) 2017-1, is branded as OneMain, the loans were underwritten using Springleaf’s risk scores, which were adopted company-wide in October 2016.
Regulators reached a $183.5 million settlement with the court-appointed receiver of an Oregon private equity firm that could provide debt relief to 41,000 students of the bankrupt Corinthian College
Borrowers have an average FICO of 749, up two points from its earlier transaction this year and the highest of any past HART transaction; and the concentration of borrowers with FICOs lower than 650 is down four percentage points, at just 3%
ECMC Group is marketing another $500 million of notes backed by federally guaranteed student loans that were once delinquent but are now making timely payments.
Moody's believes that rules grandfathering existing transactions increase the risk that these deals could be left unhedged; it may downgrades some European RMBS and U.S. student loan-backed securities.
As of March 31, the early-stage delinquency rate was just 2.5% of total all private student loans, according to MeasureOne, up five basis points from the same point in 2016.
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