The Toronto-based lender is planning to sell debt backed by nearly C$2 billion ($1.5 billion) of prime uninsured mortgages. That's a new development in a country where big banks have historically packaged government-insured mortgages into bonds.
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The trend of putting ever-smaller pieces of the same commercial mortgages into multiple securitizations requires investors to be extra careful, and will inevitably make workouts of bad loans more complicated.
May 19
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Issuance volume of asset-backed securities for the year through August 18, 2017.
May 19 -
JP Morgan Chase is marketing another offering of bonds backed by a mix of conforming and jumbo residential mortgages, according to Moodys Investors Service.
May 18 -
Subprime lenders are adding $1.74 billion to the auto-loan ABS market this week in a trio of deals marking the second issuance of the year for each.
May 18 -
Hyundai Capital America is marketing its second auto-lease securitization of new Hyundai and Kia vehicles this year, totaling $1.12 billion in bonds. This is the 12th overall lease transaction for Hyundai Capital.
May 18
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Ford Motor Credit and Mercedes-Benz Financial Services USA launched a pair of dealer floorplan securitizations totaling $1.9 billion Thursday.
May 18 -
State regulators felt they were strung along by the mortgage servicing giant Ocwen Financial after years of promises that were never fulfilled, resulting in successive enforcement actions against the company.
May 18
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SoFi Lending Corp. is marketing its third securitization of the year of loans refinancing the student debt of high earning professionals, as it continues to accelerate the pace of lending.
May 17 -
Volkswagen Finance S.A., E.F.C. is selling 750 million in bonds in its fourth public securitization of auto loans extended to borrowers purchasing VW Group vehicle models in Spain. Only 2.2% of the pool is impacted by the lingering fallout from the 2015 emissions scandal, according to Moody's.
May 17 -
As financial institutions look closer at the increasingly detailed consumer credit data available, they are learning consumers are more apt to pay off personal loans before mortgages, auto loans and credit cards
May 17
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Nelnets first federally guaranteed student loan securitization in almost a year is backed primarily by consolidation loans.
May 16 -
Prosper Marketplaces first new unsecured consumer loan securitization of 2017 has an unusual selling point: a collateral pool of higher-risk loans that it nonetheless believes will improve on recent rising default rates.
May 16
