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Subprime Auto Lenders Put on Notice Over Ties to Shady Dealers

By Kevin Wack

A $26 million settlement by Santander Consumer is shining a light on the hard-to-measure problem of auto dealer fraud, while also raising questions about the adequacy of lenders' efforts to combat bad behavior


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Latest News

Deal Scan: Renovate America Adds to PACE Supply

– Renovate America launches $268 million of bonds backed by Property Clean Energy Assessements; Calibur Home Loans returns with non-prime RMBS, and three more collateralized loan obligations refinance.

Charles Citro Joins Morningstar as Head of CMBS

– Citro was most recently with Cushman & Wakefield, where he held a senior role within the asset surveillance group. He replaces Ken Cheng, who has taken on a new, senior-level position as analytical project manager at Morningstar Credit Ratings.

Caliber's Next Non-Prime RMBS Weighs in at $402M

– COLT 2017-1 is backed by 853 loans, nearly twice as many as Caliber Homes Loan's previous deal, completed in December; the sponsor has also introduced a new performance trigger that allows it to offer lower credit enhancement for the senior tranche.

CFPB, 20 States Take Sweeping Actions Against Ocwen

– Ocwen Financial and its subsidiaries faced a slew of accusations from federal and state regulators on Thursday, which raised questions about whether the firm could survive.

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Featured Articles

Navient's Not Done; Servicer Eyes More Student Loan Portfolios

– Incoming CFO Christian Lown says an agreement to purchase $6.9 billion of federally guaranteed and private student loans from JPMorgan Chase should encourage other banks to consider portfolio sales,

Supreme Court Sends Mixed Signals in Debt Servicing Case

– The justices appeared exasperated with both sides in a case that would define whether companies that buy distressed debt are covered under a federal statute setting limits on their activities.

LSTA Takes Risk Retention Fight to the Top

– The Loan Syndications and Trading Association is appealing directly to Treasury Secretary Steven Mnuchin to exempt collateralized loan obligation managers from rules requiring "skin in the game" of deals.

CLO Managers Holding Out Hope for Regulatory Relief

– Some are wording the language of amendments used to refinance deals so as to be able to benefit if risk retention rules are repealed.

A New Way to Hedge Commercial Real Estate

– Global Index Group has developed a synthetic product that allows investors to go long or short a leading U.S. commercial real estate index, the NPI. CBRE Capital Advisors is the exclusive broker.

Lackluster IPO Shows Subprime Lenders Still Face Hurdles

– Elevate Credit in Fort Worth, Texas, debuted Thursday at half the price the company had been targeting. Investors may have been spooked by the possibility of rising losses.

More Evidence that Rising Student Debt is Bad for Lenders

– New research from the New York Fed confirms a lingering concern: More prime-age, college-educated borrowers are delaying the decision to buy a home or make other purchases as they focus instead on paying off their student loans.

Bank Consortium Demos Leveraged Loan Trade via Blockchain

– Coordinators Synaps Loans, Credit Suisse and financial services consortium R3 say that the 90-minute "proof of concept" demonstrates that blockchain can be used for large-scale financial transactions.

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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.

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