Donna M. Mitchell

GM Financial Consumer Automobile will finance loans on new and used automobile loans, and it references two potential pools for securitization.

The year could be marked by volatility, induced in part by rising interest rates, but prime money market funds could still see a 0.08% rise in assets.

The investment bank defends its title as No.1 from 2021, and also dominated the auto ABS and commercial MBS asset categories, based on ASR's database.

As the Federal Reserve hikes rates and lenders tighten credit, the consumer sector is holding up—for now. What 2023 brings could heavily depend on employment.

Only credit card ABS saw a major increase, while other major asset classes dipped. Production in private student loan ABS dipped about 67.9%.

A portfolio of 669 newly originated, seasoned and performing line of credit loans will secure the transaction's mortgage-backed notes.

The asset manager is raising $372 million, and managing a portfolio with higher than average rates of turnover and overlap in collateral composition.

Though EFMT is considered non-prime, its mortgage borrowers have a WA original credit score of 737; an LTV of 71.0%; and a debt to income ratio of 33.1%.

In addition to their business investment purposes, the loans in BINOM 2022-INV are first-lien, fixed- and adjustable-rate, fully amortizing and interest-only.

After Athas Capital Group winds down DLJ Mortgage Capital will make all loan-level representations and warranties for the deal.

The inaugural CLO for Northwestern Mutual Investment Management and offers notes that appear to have a lower scenario default rate, plus higher WA recovery rate.

The deal's collateral manager, GC Advisors, will retain the subordinate $122.8 million tranche, leaving $264 million to be sold to bond investors.

GM Financial and Santander Consumer USA together once made up more than 80% of subprime issuance in 2011, and now they account for just 34% of YTD issuance.

When broken down by revenue, natural gas accounts for 80% of the assets' revenue mix; natural gas liquid accounts for 16% and oil revenue represents 4%.

The $755.5 million mortgage-backed securities deal will fund a range of properties, but large-balance loans represent 42% of the collateral pool's balance.

Loans with FICO scores less than 680 make up a smaller percentage of the pool, at 13.0%, compared with 18.2% for the Mosaic 2022-2.

Early amortization triggers and the use of cross-currency swaps will support the timely repayment of notes on the hybrid private and rule 144a deal.

More recent OMFIT securitizations have experienced increasing 30+ delinquencies as well as annualized net loss rates.

The notes also face a credit challenge because there is no mandatory repurchase of modified loans.

The deal also differs from other bank-sponsored, CLN transactions in that the rating agency will not limit the ratings to SBNA's long-term counterparty risk rating.