The nation's fifth-largest bank on Monday rolled out a three-month consumer loan that is far less expensive than the typical payday loan. The move comes as regulators are encouraging banks to reach out to the subprime market, which they largely abandoned.
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The transaction's note size is to be determined, but is backed by €750M in lease-backed receivables, compared to €1.5 billion in VW's most recent German lease ABS in May.
October 9
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The transaction comes six months after Adams said it was in talks about a possible merger with Fairway Outdoors and REIT conversion.
October 9
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Destruction from Michael's storm surge and flooding has potential to affect 57,000 homes, with a worst-case total of $13.4 billion in reconstruction cost value, according to CoreLogic's latest estimates.
October 9
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The Oak Brook, Ill.-based manager is adding interest-only notes as well as a subordinate, single-B rated tranche in an extension of a 2016 CLO.
October 9
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Wyndham Destinations has increased the level of investor protection on its next offering of bonds backed by timeshare loans to offset the slightly weaker collateral.
October 9
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The average exposure is well under the overcollateralization cushions for CLO managers, who also had plenty of notice about ATD's longstanding leverage concerns and supplier issues well before the Chapter 11 filing.
October 5
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The deal benefits from lower credit enhancement requirements after pooling higher FICOs and more seasoned contracts; but residual values continue to decline for the German automaker.
October 5
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Consumer Portfolio Services' fourth auto-loan securitization of the year has a 3.97% share of loans previously assigned to CPS asset-backed portfolios, compared to an 11.97% share in its last transaction.
October 4
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Rising wages and savings rates resulted in a decline in past-due payments in the second quarter, the American Bankers Association said in its quarterly report on delinquency trends in consumer lending.
October 4
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DriveTime is making less-risky loans under a $750 million contract purchase agreement with Ally Financial; it appears that the sponsor is also funding some of this lending through its own securitization platform.
October 4
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The firm's fourth deal of the year has loss projections less than half of its earlier deals, with an influx of aged, pre-crisis option ARM loans with little delinquency history.
October 3
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A two-year-old lawsuit by the CFPB may be languishing, but nine members of the Teachers Federation of America sued the student loan servicing giant alleging that it misled borrowers in public service professions in order to line its pockets.
October 3
