Consumer ABS

AmeriCredit Financial Services, a unit of GM Financial, is marketing its second subprime auto loan securitization of the year, according to Moody’s Investors Service.

Volkswagen AG’s latest auto lease securitization in Europe appears to show the automaker is making progress to repair nearly 11 million vehicles – and maintain its past solid quality securitization performance – in the wake of its diesel-engine emissions testing scandal that broke last September.

The Consumer Financial Protection Bureau on Wednesday ordered a San Diego student debt relief company to shut its operations, cancel all contracts and cease participating in the industry.

A growing number of ABS professionals expect credit quality to decline and underwriting standards to tighten this year, according to a survey released Tuesday by Capital One Bank.

Subprime consumer lender Avant currently rejects many of its personal loan applicants. It hopes to qualify more borrowers by offering cash to those who are willing to put their cars up as collateral.

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.

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.

Citigroup is marketing $771 million of commercial mortgage bonds backed by 37 loans secured by 75 properties, according to Kroll Bond Rating Agency.