Despite the ongoing euro area debt crisis, European auto ABS have remained a stable and active asset class with continued investor interest for standard auto assets (auto loan and auto lease receivables to private individuals and SMEs) over the last few years. Over the past 18 months, issuance in this asset class has come predominantly from Germany, France and the U.K. More recently, Norwegian and Swiss receivables have entered this asset class.
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In its latest Securitized Products Weekly, Nomura Securities cited Sallie Mae’s announcement from last week that stated $4.5 billion of FFELP loans, which comprise about 3% of its portfolio, was expected to consolidate under the Special Direct Consolidation Loan Initiative.
July 23 -
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The government-sponsored enterprises have implemented consistent guidelines for short sale procedures and those efforts are expected to expand to include additional loss mitigation efforts.
July 23 -
Correspondent One, which aims to be a major buyer of closed mortgages from nonbank lenders and others, has launched and is now in the process of closing some of its first transactions, according to vendors and consultants that work with the firm.
July 23 -
Today Freddie Mac said it is offering its tenth offering of multifamily MBS called structured passthrough certificates or K certificates.
July 23
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First Horizon National in Memphis said Friday that it lost close to $125 million in the second quarter after it bought back scores of soured mortgage loans from Fannie Mae and Freddie Mac.
July 23 -
After the Treasury Department rolled out its Home Affordable Modification Principal (HAMP) reduction program in October 2010, it didn’t take long to figure out the incentive payments to investors were not high enough to encourage a high level of participation.
July 22 -
A Federal Reserve Board proposal to enact strict limits on how much credit exposure the largest banks can have to a major counterparty has significant design flaws that could raise the cost of credit, according to new analysis by the Clearing House.
July 22 -
Mortgages outperformed over the week based on expectations that the Federal Reserve will initiate QE3 at its September meeting and a drought in supply.
July 20 -
The September expiration date for the Small Business Administration's (SBA) secondary market program for the first lien position means that first mortgages will no longer be eligible for a government guarantee.
July 20 -
Citigroup plans to cut roughly 350 additional jobs this year from its securities division, which includes investment banking and trading, according to published reports.
July 20 -
The Consumer Financial Protection Bureau (CFPB) published its report on the state of private student lending today. The report showed that loans in the sector are increasingly being underwritten to stricter criteria that benefits both lenders and borrowers.
July 20