Consumer ABS


Santander, Ally Mark 2017 ABS Debuts

Santander’s Drive Auto Receivables Trust 2017-A (DRIVE) is the eighth overall deeper subprime deal issued through the lender’s DRIVE platform, but presents the heaviest risks of this or any other subprime ABS in the market, according to presale reports

CFPB Suit Against Navient Followed Apparent 'Ultimatum'

The CFPB alleged that Navient added $4 billion in interest charges to the principal balances of borrowers by enrolling borrowers in multiple, consecutive forbearance plans instead of in cheaper, alternative repayment plans.

CarMax Enters 2017 Auto ABS Fray In $1.14B Deal

COAT 2017-1, underwritten by lead bookrunner Barclays, is largely consistent with previous transactions involving CAF-originated loans through 169 CarMax superstores in 84 U.S. markets.

Chrysler Emissions Charges Add to Strain at Santander

Allegations that Chrysler used emissions tampering software could impact up to 60 auto-related securitizations. Moody’s Investors Service believes any “material exposure” would be limited to just those sponsored by Santander Consumer USA, which sponsors captive finance transactions through its jointly managed Chrysler Capital platform.

Treasury Plans a Fix for Student Loan Repayment Plan

A new plan will make it easier for borrowers to recertify for a generous repayment plan each year by providing consent for the Internal Revenue Service to electronically share tax data with the Education Department and its loan servicers



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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What’s So Unusual about Sprint’s Airwaves Securitization

The wireless carrier, though only rated single-B, has more leeway from existing investors to enter into a transaction like this than even some investment-grade companies.

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