Angel Oak reverts to in-house origination for next nonprime RMBS
Similar to the sponsor's prior transaction, however, the collateral includes a large portion of loans underwritten using bank statements to verify borrower income: 49%.
Subprime lending
Goldman Sachs investors win right to sue as group over CDOs
The investors initially won the right to sue as a group in 2015 before an appeals court reversed the ruling; the $13 billion lawsuit can now proceed as a class action.
Westlake upsizes third straight 2018 deal in $1.1B subprime ABS pricing
Westlake increased the size of all eight classes of notes by at least 37% as investor demand surges for subprime ABS paper
By
Glen Fest
Santander, Westlake, CAC & Flagship ready $2.5B subprime auto ABS
Westlake's $800 million offering features increased exposure to loans sourced through a relationship with Ally Bank; CAC's $398 million deal is notable for having less seasoned collateral.
OnDeck reports record profit in 2Q, eyes second bank partnership
The online small-business lender was aided by loan growth, wider margins and stable credit trends. Its shares surged by 25% after second-quarter earnings were announced.
Conn’s ups credit enhancement on latest consumer loan ABS
Conn’s has increased the credit enhancement on its latest consumer loan securitization to account for rising losses on its managed portfolio, according to rating agency presale reports.
AmeriCredit boosts credit metics (again) in latest subprime auto ABS
Loans backing the $1.2 billion AmeriCredit Automobile Receivables Trust 2018-2 have the highest weighted average FICO score in the history of the platform.
By
Glen Fest
Neuberger Berman affiliate readies 1st nonprime RMBS
The bulk of the collateral, 59.6%, was acquired from Impac Mortgage Corp., a lender with a long track record; the remainder, 40.4%, from Sprout Mortgage Corp., a relative newcomer.
Lower loss expectations allow UACC to cut credit enhancement
The credit quality of the initial collateral pool is similar to that of United Auto Credit Corp.'s previous transaction, but the performance of the lender's managed portfolio of subprime loans is improving.
By
Glen Fest
2nd rating agency downgrades Honor Finance subprime auto ABS
Kroll Bond Rating Agency says the riskiest notes issued in the 2016 transaction are at “substantial risk of loss,” following on the heels of a similar move by S&P last week. Kroll also put a more senior class of notes under review for a possible downgrade.
Dubious Honor: 1st subprime auto ABS downgrade post-crisis
S&P has cut its credit ratings on a deep subprime loan securitization completed by Honor Finance in 2016, warning that the most subordinate tranche of notes issued in the deal is “at risk of not being repaid.”
OneMain’s next subprime auto ABS features longer revolving period
OneMain can add qualifying loans to the pool of collateral for the first two years of the transaction; by comparison, its two prior deals featured one-year revolving periods.
By
Glen Fest
Santander adding $1B-1.3B to subprime U.S. auto ABS pipeline
The Dallas-based lender's third foray into the deep subprime ABS market in 2018 arrives as recent Santander DRIVE securitizations are performing well with recently lowered loss expectations from S&P Global Ratings.
By
Glen Fest
Called collateral boosts credit metrics of CPS’ next subprime auto ABS
Loans originally securitized in three 2013 transactions account for some 11.4% of the initial collateral for the $230 million CPS Auto Receivables Trust 2018-C, according to S&P Global Ratings.
Consumer lender Regional Management taps securitization market for $150M
The notes, which are rated by DBRS, are backed by a mix of products to borrowers with weak credit; the pool of collateral will revolve over the first two years of the transaction.
Angel Oak closes on 1st RMBS with third-party originations
Lauren Hedvat, Angel Oak's managing director of capital markets, said that the rising non-qualified mortgage volume in the market has expanded the number of third-party origination loan packages for purchase.
Santander boosts share of new-car originations in $1.2B subprime ABS
In Santander Consumer USA's third subprime shelf offering of 2018, new cars represent 55.8% of the collateral. In previous deals dating to 2013 new-car concentrations did not exceed 40.9%.
By
Glen Fest
GLS, ACA both preparing 2nd subprime auto bond offerings of 2018
Global Lending Services returns to double-A status in its new $299.4M transaction, while American Credit Acceptance issued another AAA-rated deal with a substantial prefunding account feature.
By
Glen Fest
DriveTime’s credit-quality improvements buoy risks in new $486M subprime ABS
Despite a steep drop in average FICO and increase in extended-term loans, DriveTime is shaving overcollateralization levels thanks in part to improved performance from its outstanding securitization portfolios.
By
Glen Fest
Credit quality of Caliber nonprime RMBS is moving back up
The borrowers behind the $401.6 million COLT 2018-2 have weighted average liquid reserves of $426,633, or nearly twice the level of borrowers backing a deal completed in January.
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