Consumer ABS

WASHINGTON — In its first year of operation, the Consumer Financial Protection Bureau (CFPB) has already proved to be one of the busiest regulators in Washington.

The Consumer Financial Protection Bureau (CFPB) Monday afternoon released its Loan Estimator form, which will eventually replace the good faith-estimate disclosure that borrowers receive three days after applying for a mortgage.

The default rate of securitized private non-guaranteed student loans will be stable but high this year, according to a report released by Moody's Investors Service this morning.

The U.S. ABS market's post-July 4 issuance is a mix with Wyndham Worldwide Corp. and Sallie Mae joining two auto transactions from Hyundai Motor Co. and World Omni Financial Corp.

Today the European Central Bank's (ECB) governing council announced how the mandatory provision of loan-by-loan ABS data will be introduced into the securitization single loan-level data repository known as the European DataWarehouse.

U.S. credit card delinquencies reflect the significant improvement of the card sector over the last two years, according to Fitch Ratings.

The European Bank for Reconstruction and Development (EBRD)said today in a press release that it has invested $50 million in the first securitization made by a Russian private bank since the beginning of the financial crisis.

Congress on Friday approved an omnibus transportation bill that also included a five-year extension of the National Flood Insurance Program and a one-year extension of the low rates on federally guaranteed student loans.

In their recent Consumer ABS Weekly, Citigroup Global Market analysts said that the eight to 10 basis point concession for two– to three-year equipment lease ABS is attractive versus auto ABS. They also expect more spread differential compression between these sectors.

The Consumer Finance Protection Bureau (CFPB) doesn't have a direct mandate over the securitization industry, yet it is one of the biggest regulatory wildcards, particularly for deals backed by residential mortgages in the foreseeable future.