Asset Securitization Report

ABS Totals

– Issuance volume of asset-backed securities for the year through October 21, 2016.


– Asset-backed securities that priced in the two weeks ended October 21, 2016.

ABS Managers

– Underwriting league tables for asset-backed securities for the year through October 21, 2016.

Earnest Marketing its Fourth Offering of Refi Student Loan ABS

– The $175 million deal, EARN 2016-D, will issue four classes of notes; the senior, class A-1 tranche is provisionally rated ‘AA’ by DBRS.

Ranks of Unbanked Decline to Lowest Post-Crisis Level

– The number of unbanked households in the U.S. has continued to decline in recent years despite a slowing-down of the economic recovery, the Federal Deposit Insurance Corp. found in itsbiennial survey unbanked and underbanked households.

GE Money Pools €1.56B in French-Loan RMBS

– The debt consolidation loans originated by GE are backed by French homes, in a deal arranged by Morgan Stanley and the second true-sale securitization of debt consolidation receivables. The deal builds on a smaller initial €871.2 million SapphireOne issuance in July.

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.”

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

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

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.

Moody's Concludes 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.

Wentworth Returns With $103.3M 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.

CFPB Denounces 'Wrongly Decided' PHH Ruling

– The Consumer Financial Protection Bureau decried an appeals court ruling last week that found its single-director structure unconstitutional, saying the opinion was "wrongly decided" and had "no basis in the text of the Constitution or in Supreme Court case law."

Next CMBS to Comply with Risk Retention Backed by Manhattan Office Bldg

– Deutsche Bank provided the $254 million first mortgage on the property at 667 Madison Avenue. The 10-year loan pays only interest, and no principal, for its entire term. It was used to defease a mortgage that was set to mature in 2007.

Net Cash Flow Surging for Colony Starwood SFR ABS

– Colony Starwood Homes, a former major investor in distressed loans now focusing on managing single-family home rentals, is structuring a new asset-backed deal of SFR income offering the largest cash flow projection of any recent peer deals in the nascent asset class.

New MS/BAML Trust Showcases Huntington Bank HQ

– The national headquarters building for Huntington National Bank in Columbus, Ohio, is among the 101 properties securing 60 commercial loans in an office-centric, $953.2 million securitization pieced together by Morgan Stanley, Bank of America Merrill Lynch and three other lenders/sellers.

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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.

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