BMW Financial Services has joined in the cavalcade of captive auto finance companies in the securitization market early this year a $1 billion offering of notes backed by U.S. auto leases.
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There’s no doubt that competition is spurring subprime auto lenders to stretch their underwriting guidelines for new customers, which could lead to another bust. In February, 5.16% of securitized subprime auto loans were at least 60 days past due, according to Fitch Ratings. That slightly exceeded the level of late payments at the height of the Great Recession. Here’s a guide to who’s doing what.
March 24 -
JPMorgan Chase has packaged a highly concentrated portfolio of five office, hotel and retail property mortgages totaling $337 million.
March 24 -
Northpoint Commercial Finance is marketing $275 million of notes backed by dealer inventory financing for marine and recreational vehicles and manufactured housing, according to rating agency reports
March 24 -
New Residential is marketing a $260.0 million securitization of re-performing mortgage loans, according to Moody's Investors Service.
March 24 -
California Republic Bancorp in Irvine is pressing the accelerator on plans to expand its indirect auto lending business despite increasing industry concerns that the sector may be overheating.
March 24
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Citigroup is marketing $771 million of commercial mortgage bonds backed by 37 loans secured by 75 properties, according to Kroll Bond Rating Agency.
March 23 -
The number of borrowers behind on private student loan payments rose slightly in the fourth quarter of 2015, but the overall trend is for continued improvement, according to Fitch Ratings.
March 23 -
European CLO manager CVC Credit Partners is preparing its first broadly syndicated loan portfolio of 2016 that will issue 400 million (US$447.3 million) in euro-denominated bonds.
March 23 -
Germanys Bank11 fr Privatkunden und Handel GmbH (Bank11) is securitizing 550 million in auto-loan backed securities in a series of two classes of notes through its Revocar ABS platform.
March 22 -
The online consumer lender Avant is expanding into auto lending.
March 22 -
Fannie Mae priced its second offering of the year of Connecticut Avenue Securities transferring the credit risk on mortgages that it insures.
March 22


