Consumer ABS


Santander Consumer Restates Earnings Again as Accounting Woes Fester

Even after Friday's announcement, Santander Consumer's accounting issues do not appear be fully resolved. The Fort Worth, Texas-based firm said that it expects to report the existence of additional, previously unreported material weaknesses in internal control over financial reporting.

DriveTime Takes Fourth Lap Around 2016 ABS Market

In the previous three years, DriveTime has not exceeded three auto loan securitizations in one year. With three months remaining in 2016, the subprime auto lender is already on deal No. 4.

Group BPCE Issuer Pooling Card Receivables

A pool of credit card receives issued by Group BPCE’s Natixis Financement unit are being securitized in the second-ever issuance through the Purple Master Credit Cards, FCT in France. The €651 million transaction mostly consists of €550 million in a Class A2016-1 series of notes.

U.K. Online Lender Zopa Tapping Securitization Market

The £138 million deal, dubbed Marketplace Originated Consumer Assets 2016-1, will issue five tranches of notes, four of them with preliminary ratings from Moody's Investors Service.

ABS East: Another Court Ruling Clouds Marketplace Lending

The Aug. 31 decision by the Maryland Court of Appeals could require marketplace lenders and others who arrange for federal or state banks to fund consumer loans to consumers residing in Maryland to obtain licenses.



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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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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