Exempting CLOs from “skin in the game” rules allows managers to unload more of the risk in these transaction; increasingly, they are doing this by issuing a second tranche of speculative- grade notes.

Since its inception, the qualified mortgage rule has been synonymous with loans purchased by Fannie Mae and Freddie Mac or guaranteed by government agencies. But a broader QM definition could change that by creating more competitive private-label options.

Democratic CFTC commissioner Rostin Behnam said Monday that the proposed changes to the proprietary trading ban go too far.

Anticipated changes to the qualified mortgage rule will give lenders more options and force them to rethink their views on risk.

For the first time, the collateral includes lease contracts from its standalone Genesis luxury sedan line; two models, the G80 (base price $41,000) and G90 (base price $68,000) account for 4% of the total pool balance.

Both Fitch Ratings and Kroll Bond Rating Agency expect to assign a single-A ratings to the senior tranche of notes to be issued; the sponsor’s prior four deals were rated by Kroll alone.

The subprime lender could lose a big partner now that Fiat Chrysler has officially announced it will form its own auto finance unit, and the two are negotiating an end to their 6-year-old relationship.

The $900 million transaction consists of a mix of fixed- and floating-rate bonds backed by receivables from inventory financing payments of primarily BMW, MINI and Rolls-Royce dealers.

Despite a steep drop in average FICO and increase in extended-term loans, DriveTime is shaving overcollateralization levels thanks in part to improved performance from its outstanding securitization portfolios.

The biggest decline was in the delinquency rates for offices and retail, but late payments on multifamily and industrial CMBS loans increased.

Blackstone originally included 21 of the 23 properties as collateral for a $2 billion loan issuance and securitization in 2016 to partially fund its $8.8B BioMed Realty buyout.

Dark clouds may not yet be on the horizon, but industry executives are sending the message to investors that they know a turn in the credit cycle is coming, and they are planning accordingly.