Consumer ABS

A cap on the allocations of borrower accounts to not for profit servicers of the Federal Direct Loan Program could result in losses for Federal Family Education Loan Program-backed securities, said Fitch Ratings.

Europe’s auto ABS pipeline continues to build and the latest boost comes from SOFIRA’s EUR550 million ($714.5M) revolving cash securitization of dealer floorplan receivables extended to auto dealers in France.

BMW plans to launch a CHF 300 million ($318M) Swiss auto lease ABS, Bavarian Sky Europe, Compartment 1; the issuer’s first transaction in the Swiss market.

European banks and vehicle manufacturers are increasingly funding auto lending through the securitization market, according to Standard & Poor's report.

Sallie Mae is marketing its second private student loan-backed securitization of 2013 via the $851 million SLM Private Education Loan Trust 2013-B.

Nelnet plans to issue a $765 million Federal Family Education Loan Program (FFELP) loans-backed securitization that also includes 24.6% of rehabilitated loans.

GE Commercial Distribution Finance Corp. plans to issue $442 million of deal floorplan asset backed noted from its GE Dealer Floorplan Master Note Trust, Series 2013-1 structure.

The private student lending market may get a boost from the reset of the Stafford loan rate but that won’t necessarily lead to more securitization of these loans.

The Structured Finance Industry Group has 55 members and counting. The new trade organization’s website now has a link to all of those who have joined the group.