Consumer ABS


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.

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 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.



Reg AB II Returns from Limbo

Regulation AB governs registration, reporting and disclosure requirements for all things asset-backed. The Securities and Exchange Commission appears to be ready to update it significantly, but, nearly four years after changes were originally proposed, it’s not clear exactly what the Commission will do.

Student Loan Market Headed for Crisis, CFPB Warns

The swelling trillion-dollar student loan market is missing key data and regulations necessary to head off another financial crisis, according to Rohit Chopra, the Consumer Financial Protection Bureau’s top official in charge of dealing with student loans.

Finra Files Proposal to Disseminate Price Data

The proposal would introduce dissemination of trade prices for securities ranging from highly liquid credit card and auto ABS to smaller and more esoteric deals in asset classes such as time shares, to commercial mortgage-backed securities (CMBS) and highly structured CDOs and collateralized loan obligations.

Fitch: External Factors Biggest Threat in 2014

Overall issuance growth will moderate in 2014, Fitch Ratings' managing director for asset backed securities says in the firm's outlook.

How Big Box Bankruptcies Would Impact CMBS

Direct exposure to either J.C. Penney or Sears is typically highest in seasoned deals where there are only a small number of loans remaining, and one is secured by a retail property.


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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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