Consumer ABS

Berwin Leighton Paisner (BLP) has made an addition to its banking and capital markets (BCM) group. The firm has hired structured finance specialist Prashanth Satyadeva.

Financial institutions looking to wind down assets not related to core banking functions — especially those with large consumer credit exposure — will continue to face challenges given ongoing volatility in the credit and equities markets, according to a Fitch Ratings report.

The Royal Bank of Scotland plc and NatWest are marketing a $500 million credit card ABS under its Arran Cards Funding program.

Venable has hired a capital markets attorney with a background in derivatives transactions and regulations.

More professionals, including securitization staff, are continuing to leave Morgan Stanley, published reports have indicated.

The auto pipeline is filling up with securitizations that are due to price by mid-week. Santander Consumer USA (SC USA), Mitsubishi Motors Credit of America (MMCA) and Ally Bank are all in the market with their respective auto transactions.

Albert Sohn, previously head of securitized products at Credit Suisse, will move into alternative investments in asset management at the bank. In his new position, Sohn will manage structured credit and residential real estate assets, according to an internal memo obtained by ASR.

Ally Bank has filed with the Securities and Exchange Commission a propectus supplement to issue an auto securitization under its Ally Auto Receivables Trust 2012-1.

One day after his appointment as the director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray sent a clear signal that he intends to move aggressively to enforce the agency's expanded authority.

SLM Corp. or Sallie Mae is in the market with SLM Student Loan Trust 2012-1 worth $765 million.