Fitch Ratings expects net losses to reach 1.45% over the life of the deal, down from prior deals, thanks to the introduction of a selection criteria that stipulates a minimum FICO score of 650.
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The average home value backing the loans is $117,000, well below the average $150,000 of other recent RPL securitizations, according to Fitch Ratings.
August 28
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Scott Powell will lead the auto lender while continuing to serve as CEO of Santander Holdings, the U.S. division of the Spanish banking giant Banco Santander.
August 28
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Fannie Mae and Freddie Mac will adjust their risk-sharing deals so that they can accommodate high loan-to-value loans refinanced under the programs replacing the Home Affordable Refinance Program.
August 28
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The alternative reference rates committee announced in June its recommendation of a broad Treasuries repo financing rate as an eventual replacement for U.S. dollar Libor, which is derived from polling data.
August 27
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The family-owned real estate group affiliate has committed a significant amount of capital to growing the finance and investment side of the organization, which includes balance sheet lending.
August 27
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The pricing of BlueMountain Fuji's second-ever transaction pushed the monthly new issuance total to $10.1 billion - only the third time since last November the market has eclipsed the $10 billion barrier.
August 27
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The GMF Floorplan Owner Revolving Trust 2017-3 transaction is the second transaction backed by dealer inventory finance receivables to be issued by the captive lender this month.
August 24
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More than 20% of the pool is comprised of well-seasoned subprime auto loans previously securitized in American Credit Acceptance's asset-backed deals in 2012-2014.
August 24
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While the new deal, dubbed OneMain Financial Issuance Trust (OMFIT) 2017-1, is branded as OneMain, the loans were underwritten using Springleaf’s risk scores, which were adopted company-wide in October 2016.
August 24
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The number of junk-rated companies downgraded fell to 19 in July, comparedwith an average of 30 for the trailing 12 months. The upgrade count also fell 10, down from 19 in June.
August 24
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Marjan van der Weijden, an 18-year veteran of the company based in London, Is taking over Duignan’s former role as global group head of structured finance and covered bonds.
August 23
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It’s not clear whether syndicated credit agreements require 100% investor consent before adopting a new benchmark. The industry trade group suggests giving new loans the flexibility to change indexes without unanimous approval, but investor advocates are balking.
August 23
