Consumer ABS

Bank purchases of Lending Club loans was down 47% in the second quarter from the first, despite higher incentive payments offered by the marketplace lender. Lending Club said that while its loan-purchases program is stabilizing with asset managers and hedge funds, banks have yet to be lured back into the fold.

Online lender Earnest completed its third student-loan securitization in six months, in another oversubscribed offering that raised the finance company’s total issuance to $527 million for 2016. The offering's senior notes were rated 'AA' by DBRS, a bump from the previous single-A ratings of its two prior transactions this year.

Ally Financial, the nation's largest auto lender is dismissing comparisons between the subprime mortgage bubble and the more recent boom in car loans.

Hyundai is marketing its third auto lease securitization of the year, according to Fitch Ratings.

Online lender Avant is returning to the securitization market for the first time since shedding staff and shelving expansion plans in the spring with a $200 million notes offering featuring loans with higher-quality credit features.

New Jersey lawmakers have called a hearing next week to grill the state’s student loan authority about its collection practices and lending terms.

Foundation Finance Co., which underwrites and acquires installment loans issued by third-party home improvement contractors, is launching it’s first-ever collateralization sized at $178.15 million.

Flagship Credit Acceptance’s third subprime auto loan securitization of the year is the company’s first-ever to earn an initial triple-A credit rating.

Lending standards for most business and residential real estate loans as well as subprime consumer loans are tighter than the 10-year average, according to a survey of senior bank loan officers released by the Federal Reserve Board.