Consumer ABS

News

Canadian Banks Picking Up the Slack in US Credit Card ABS

U.S. dollar denominated issuance by Canadian card companies has been rising for three years, and shows no signs of stopping, thanks to cheaper funding costs and increasing comfort levels of buyers south of the border.

Santander, ACA Add Nearly $1.3B to Subprime ABS Pipeline

Both lenders on Thursday had debut asset-backed transactions on their particular subprime securitization platform, with both representing the 10th and 11th subprime ABS auto deals to launch in the U.S. securitization market this year – and among seven to roll out this month.

Ford Preps Another $1B Prime Auto ABS with 5-Yr Revolver

This transaction's credit enhancement, initial pool composition, and the criteria for any future loans added to the pool are all consistent with the previously revolving transaction, completed last year.

Appeals Court Aids CFPB in Constitutionality Case, but Adds a Twist

A federal appeals court agreed Thursday to scrap an earlier ruling against the Consumer Financial Protection Bureau's constitutionality, saying it will revisit the issue at a hearing on May 24, while also opening the door to discuss a new wrinkle in the case.

Hilton Builds In Additional CE for New Timeshare ABS

The Class A notes are supported with 19.75% CE, involving 16.5% subordination a 1.25% reserve account and 2% overcollateralization. That is an increase from the 2014-A transaction that had 16% CE for the Class A notes.

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Articles

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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Current Issue

Five Questions Facing the GSEs' Common Securitization Platform

It's unclear how the new political environment will affect the platform's viability or how investors will view the securities issued on it. The next year could determine the project's success and role reshaping the secondary mortgage market.

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