Consumer ABS

Student loan giant Sallie Mae reported a 36% decline in first quarter earnings yesterday, to $112 million, even as it’s growing private loan business rose by 23%, to $1.2 billion.

The bankcard defaults rose slightly, although defaults for other consumer loan categories dropped in March including autos, Standard & Poor's analysts noted this morning in an emailed note.

This week auto issuance is once again driving volume in the ABS market with deals from Ford Motor Credit Co., Honda Motor Co. and BMW.

A Consumer Financial Protection Bureau (CFPB) proposal would protect certain information banks provide to the agency, but one prominent group is claiming CFPB doesn't have a right to the information in the first place.

Total SLABS year-to-date issuance is $3 billion this year. which includes the most recent Sallie Mae offering, Standard & Poor's analysts said in an emailed market summary this morning.

FICO's new chief executive is starting in defense mode, as the credit-score giant looks to regain the reputation and business it has lost in the wake of the financial crisis.

The JPMorgan Chase Commercial Mortgage Securities Trust 2012-C6 deal expected to price next week is in the market.

As per its usual, the auto ABS market this week has been busy with deals. Today alone Bank of America, Toyota Motor Credit Corp. and GM Financial priced their respective auto ABS transactions.

Charles Schwab is looking for a managing director who will focus on conducting structured finance analysis on ABCP and non-mortgage ABS, according to job database Fins Finance.