Asset Securitization Report

Small Banks Count on Tech as Equalizer in Student Lending

– The private student loan market is dominated by large players, but some community banks are turning to a third-party tech company to help them get in the game.

Subprime ABS Loan Losses Spike in August

– Securitized subprime auto loan losses surged 27% on an annualized basis August, putting the sector on a path to approach post-crisis record loss levels by year’s end.

Sallie Mae Readies 3rd Private Student Loan Deal of Year

– Similar to Sallie Mae’s recent deals, the collateral consists entirely of what Sallie Mae categorizes as “traditional loans" - those to borrowers with an original FICO score of at least 640 if he or she attended a non-profit school.

ABS Totals

– Issuance volume of asset-backed securities for the year through September 30, 2016.


– Asset-backed securities that priced in the two weeks ended September 30, 2016.

ABS Managers

– Underwriting league tables for asset-backed securities for the year through September 30, 2016.

New Jersey Community Capital Wins Latest Fannie NPL Sale

– Fannie Mae has awarded its latest "community impact" pool of nonperforming loans to an affiliate of the nonprofit New Jersey Community Capital.

NextGear Readies Another $328M of Dealer Floorplan ABS

– The deal, NextGear's second of they year, is backed by funds advances to dealers to purchase primarily motor vehicle dealers of any new or used automobile, sport-utility vehicle van, minivan or light-duty truck for retail or wholesale use.

BMW Adds $1B of Lease ABS to Mix of Auto Deals

– BMW Vehicle Lease Trust 2016-2, is backed by leases to prime quality borrowers, according to Standard & Poor’s; it will issue four senior tranches that benefit from initial credit enhancement of 15.9%:.

Santander, Executer Boost Credit Metrics in New ABS Deals

– Santander Drive Auto Receivables Trust (SDART) 2016-3 consists of $1.178 billion in new and used vehicle loans originated or acquired by Santander Consumer USA, with a potential upsizing in the works. Exeter's third deal of the year is sized at $450 million in notes, backed by $471.2 million in subprime loans.

Goldman Sachs Reveals New Details About Its Consumer Lending Arm

– The Wall Street firm believes that its gold-plated brand will help attract middle-class borrowers.

RBS to Pay $1.1B to Close First of Its Major U.S. Mortgage Probes

– Royal Bank of Scotland Group agreed to pay $1.1 billion to settle the first of three major U.S. mortgage-backed securities probes the bank must overcome before it can resume dividend payments.

AmeriCredit Shaving Risk in Latest ABS

– The new deal structured by the General Motors Financial Co. subsidiary includes more loans to borrowers with 600-plus FICO scores as well as to those populating the higher end of AmeriCredit’s internal scoring tables. AMCAR also features slightly fewer loans over 60 months, and a higher weighted average APR.

Online Lending: 'Plenty of Room' to Grow. Where 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

U.S. Bank Taps Ferguson for New Role at Securities Services Unit

– U.S. Bank has hired James Ferguson to lead global strategies and product development for its securities services division.

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Verizon Selling Bonds Backed by Cell Phone Payments

The $1.17 billion deal follows a year’s worth of management deliberations over issuing asset-backeds, which Verizon expects to lower the cost of financing device payment-plan agreements.The deal will also ease pressure on the carrier's own corporate credit ratings.

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