Santander Consumer, Hurt by Deep Subprime, Inches Up the Credit Band

By Kristin Broughton

Santander Consumer USA Holdings plans to increase lending to consumers with solid credit scores after being squeezed by higher losses on its subprime auto book.

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PCS Creates "High Quality" Label for Synthetic Securitization

– The Initiative is designed to boost the quality and transparency of these deals, which offer an alternative way for European banks to free up capital for more lending.

Wells Fargo Goes It Alone on 1st CMBS of 2017

– This bank is holding on to $31.7 million of the notes to be issued in the $634.9 million conduit transaction in order to comply with risk retention rules, according to rating agency presale reports.

Madison Capital Preps $302M MIddle Market CLO

– The deal will bring CLO asset at Madison Captal, a unit of New York Life Insurance Co. to $710 million, according to Standard & Poor's. The firms total assets under management are $8 billion.

VW Marketing Its 3rd U.K. Lease ABS in Eight Months

– The collateral for the £750 million deal consists of 43,487 leases, primarily to consumers, for new and used Audi, Volkswagen and Skoda vehicles, according to Moody's Investors Service.


Featured Articles

Flawed Reliance on Credit Scores Leads to Confusion

– Credit scoring models—whether from VantageScore, FICO, or any other developer— are designed to rank order consumers. Credits scores—the outputs of those models— are not designed to predict a fixed level of risk.

Aircraft Lessors Taking New Routes to Securitization

– Increasingly, these transactions are being structured to give lessors more flexibility in terms of both the types of collateral and the ability to actively trade aircraft. As a result, transactions more accurately reflect lesssors’ fleets

Canadian Banks Picking Up the Slack in US Credit Card ABS

– U.S. dollar denominated issuance by Canadian card companies has been rising for three years, and shows no signs of stopping, thanks to cheaper funding costs and increasing comfort levels of buyers south of the border.

Different Kind of Regulatory Relief for CMBS Market

– Even as the Trump Administration moves to loosen regulation, commercial mortgage bonds are enjoying a different kind of relief: Investors like risk retention so much they're willing to pay up for it.

Investors’ Victory in GSE Case May Be Turning Point Against Treasury

– A federal appeals court ruling has opened the door for litigants to challenge a 2012 decision by the U.S. government to sweep all of Fannie Mae and Freddie Mac's profits into the coffers of the Treasury Department

Citi's Servicing Exit Tips the Scale Toward Nonbanks

– The deal is the latest in a series of large servicing acquisitions by the publicly traded New Residential Investment Corp; the New York-based nonbank will pay approximately $950 million and $32 million for Citi's mortgage servicing rights and related advances, respectively.

Shift from Leases to Loans Is Powering Solar Securitization

– Owning may offer consumers more savings than leasing, but loans pose a different set of risks to investors when pooled into collateral for bonds.

Another Refi Wave Overtakes U.S. CLO Market

– Like the refinancing that managers raced to complete before Dec. 24, 2016, this activity is driven by a desire to avoid retaining skin in the game. But this time, managers are taking advantage of a narrow exemption spelled out 18 months ago in a "no-action" letter from the SEC.


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Five Questions Facing the GSEs' Common Securitization Platform

It's unclear how the new political environment will affect the platform's viability or how investors will view the securities issued on it. The next year could determine the project's success and role reshaping the secondary mortgage market.

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