What’s Really Remarkable about the Appeals Court Ruling on the CFPB

By H. Peter Haveles, Jr.

While attention has focused on the court’s holding that the CFPB’s organizational structure is unconstitutional, the DC Circuit made two other critical rulings that put a stop to the CFPB’s aggressive exercise of its enforcement authority.

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Latest News

Santander's Latest Chrysler Auto Loan ABS is Only "Midprime," Says Fitch

– Santander Consumer may be scaling back its presence in the subprime auto market, but the loans it makes to prime quality borrowers purchasing Chrysler, Jeep and Dodge vehicles are performing so poorly that Fitch now considers them to be “midprime.”

Moody's Concludes Ratings Review of $992M of FFELP Sponsored by Nelnet

– The deals include CIT Education Loan Trust 2005-1, CIT Education Loan Trust 2007-1, Nelnet Student Loan Trust 2014-4, Wachovia Student Loan Trust 2005-1 and Wachovia Student Loan Trust 2006-1.

Wells Fargo Preps CMBS with Significant Exposure to Co-ops

– The collateral pool contains 10 loans (8.4% of the balance) secured by multifamily cooperatives; these have LTVs significantly below the portfolio average, skewing the overall credit metrics.

Wentworth Returns With $103M Structured Settlement ABS

– Structured settlement finance company J.G. Wentworth is seeking to close next week on its first securitization of 2016 with a portfolio of receivables from court judgement, annuity and lottery proceeds purchased from consumer claimants.


Featured Articles

Why This Florida Regulator is Crying Foul Over Two Letters

– The Florida Public Service Commission, which oversees the state's utilities, wants credit rating agencies to stop identifying a type of bond issued by those companies as "structured finance." The "sf" designation is undeserved and has increased utilities' borrowing costs, the regulator argues.

Is Goldman's 'Marcus' a Serious Threat to Banks?

– Goldman Sachs' newly launched consumer lending website is aimed at some of the very same customers that big banks and marketplace lenders covet, yet there are plenty of questions about its business plan, its ability to manage credit risk and the prospects of online lenders in general.

Sprint Turns to the Airwaves to Buy Time for Turnaround

– The wireless carrier is entering into a sale-and-leaseback transaction for a portfolio of spectrum licenses granted by the U.S. government; proceeds of up to $7 billion will provide it with enough capital to fund operations and meet high yield debt maturities over the next few quarters.

Old CMBS Bubble is Resurfacing

– More than $200 billion of the most poorly underwritten commercial mortgages originated before the financial crisis come due this year and next, many of them still underwater.

Online Lending: 'Plenty of Room' to Grow. Do Banks Fit In?'

– Marketplace lenders' share of the consumer and small-business loan markets is small now, but is expected to grow substantially in the coming years. Banks looking to get in on the action have two choices: team up with these established players that have already perfected the technology or try to beat them at their own game

Takata Recall Puts Auto Lease ABS at Higher Risk of Losses

– The unprecedented scope – approximately 34 million vehicles from numerous manufacturers are affected – has resulted in a scarcity of replacement parts. This makes it difficult for remarket cars that are repossessed or returned at the end of a lease

Fannie, Freddie Helping Older Apartment Buildings Go Green

– Both government sponsored enterprises discount the interest rates on loans for buildings with one of several “green” certifications; they also underwrite some of the projected savings from upgrades on buildings of a certain age, allowing owners to take out bigger loans.


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Current Issue

Old CMBS Bubble is Resurfacing

More than $200 billion of the most poorly underwritten commercial mortgages originated before the financial crisis come due this year and next, many of them still underwater.

Current Issue