Asset Securitization Report

Moody’s: Struggling Malls Pose Outsized Risk to CMBS

– In a report published Thursday, Moody’s Investors Service spelled out how the systemic threat of troubled shopping mall loans within CMBS portfolios is a growing cause of concern among investors – and the need for greater awareness of the signs pointing to a mall’s hopes (or otherwise) at long-term viability.

Ocwen Agrees to $900K Settlement with Washington State

– Ocwen Financial Corp.'s loan servicing subsidiary has reached a settlement with the Washington State Department of Financial Institutions' consumer services division over the servicer's practice of using unlicensed offshore companies.

Ygrene Energy Hires 3 Finance Execs as it Prepare to Tap ABS

– Ilan Gleiser joins as chief risk officer, Giancarlo Gennaro joins as senior director of finance, and Rasool E. Alizadeh joins as director of capital markets and asset-backed securities.

ABS Totals

– Issuance volume of asset-backed securities for the year through August 26, 2016.

Scorecards

– Asset-backed securities that priced in the two weeks ended August 26, 2016.

ABS Managers

– Underwriting league tables for asset-backed securities for the year through August 26, 2016.

Financial Services Forum Exec Bolts to Head Online-Lender Group

– Nat Hoopes, executive director of a trade group that represents the chief executives of Wall Street banks, is making the jump to fintech.

Fitch: Subprime Auto ABS Losses Leap to 7.39% in July

– The weaker collateral pools in recent-vintage subprime auto loan pools are leading to rising delinquencies and portfolio losses, with July's annualized net losses climbing 17% month-over-month, and 28% year-over-year.

Why Subprime Mortgages Lend Themselves to Securitization

– Many lenders are still reluctant to give mortgages to borrowers with less-than-pristine credit, yet such loans are far more likely than prime jumbo loans to be bundled into collateral bonds. Sreeni Prabhu of Angel Oak Capital credits banks' behavior and higher interest rates for that reality.

Lending Club Hires Wall Street Execs to Win Back Investors

– Lending Club hired a pair of Wall Street executives to strengthen relationships with investors after many pulled back from buying the loans it arranges online during a tumultuous second quarter.

NorthStar Preps $90M Private Student Loan Securitization

– The collateral is high quality and highly seasoned; however there is a risk that some of the loans to borrowers studying for the bar or in medical residency could be discharged in bankruptcy, according.

New Plan Would Let FHLBs Accept Expanded Collateral

– The Federal Housing Finance Agency is seeking to make it easier for Federal Home Loan Banks to accept certain kinds of collateral, including commercial real estate loans, for advances.

Santander Consumer's 2Q Results Postponed a Second Time

– Santander Consumer USA Holdings again delayed its second-quarter results and financial statement due to ongoing discussions with federal regulators about accounting issues.

Angel Oaks Funding Costs Fall in 2nd Non-Prime RMBS

– Angel Oak Capital’s second securitization of non-prime residential mortgages brought its funding costs down significantly, helped by the addition of some new investors.

Home Partners Preps Another $342M of Single Family Rental Bonds

– The deal is backed by a portfolio of 1,410 single-family rentals, 1,343 of which are leased to tenants who have the right to purchase the leased property at a premium during the term of the lease: Moody's sees this as a credit positive.


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Current Issue

States Joining Ranks of Student Loan Cherry Pickers

State student loan authorities sense a business opportunity helping graduates who are gainfully employed lower their payments. Their low-cost funding could put them in competition with banks and marketplace lenders.

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