Consumer ABS

New data shows that originations continue to grow in several categories — especially to subprime credit card customers.For bank credit cards, lending to subprime customers increased 41% from 2010 to 2011. Subprime borrowing hit a four-year high in December with 1.1 million new bank credit cards issued, according to a National Consumer Credit Trends Report produced by Equifax [EFX] and CreditForecast.com. CreditForecast.com is a joint venture of Equifax and Moody's Analytics.

For now at least, the Obama administration is declining to endorse legislation by Illinois Sen. Richard Durbin that would allow borrowers to discharge their private student loan debt in bankruptcy.During a congressional hearing on Wednesday, Treasury Secretary Timothy Geithner was non-committal about the legislation, while at the same time suggesting that he is broadly sympathetic with Durbin's concerns about the private student loan market.

Nomura Securities analysts said that since the start of 2012, they have seen an issuance surge in equipment ABS sector with roughly $3.7 billion issuance across five deals versus $1.65 billion issued in the first three months of last year.

Auto ABS performed slightly better in January versus December with net losses and delinquencies dipping and recovery rates increasing, according to Standard & Poor's.

In competitive sports, being first is always the goal. But the distance between the U.S. — at the head of the pack — and the rest of the world in crafting financial reforms is becoming a major hurdle for implementing the Dodd-Frank Act.

An Apollo Global Management managed European fund will acquire €650 million ($860 million) of Irish consumer credit card receivables from Bank of America.

Credit card ABS performance stayed strong in Wells Fargo Securities' credit card indices for March's distribution period, according to a report released this afternoon.

Yesterday the Education Finance Council (EFC), which represents U.S. nonprofit and state agency student finance organizations, opposed the Fairness for Struggling Students Act of 2011.

GreatAmerica Leasing Corp. is in the market with a transaction called GreatAmerica Leasing Receivables Funding, L.L.C. Series 2012-1 (GALC 2012-1).

Harley Davidson Credit Corp. has filed an S-3 with the Securities and Exchange Commission (SEC) for possible issuance under its Harley Davidson Motorcyle Trust. The trust is collateralized by new and used motorcycle contracts.