Consumer ABS

The folks at law firm Dechert put out their annual golden turkey awards for dubious achievements in the commercial real estate market, a few of which are perfectly applicable to other areas of structured finance.

The Pennsylvania Higher Education Assistance Agency (PHEAA) has paid $12.3 million to settle tax-law violations and protect the tax-exempt status of its student loan bonds.

Kroll Bond Rating Agency (KBRA) is seeking public comment on its auto loan ABS rating methodology. The report, which was released today, offers detailed insight into KBRA's rating methodology of prime and subprime U.S. auto loan ABS.

The private or non-guaranteed student loan default rate index was stable at 4.8% for 3Q11, as reported by Moody’s Investors Service's private student loan indices,

We are in a balance sheet slowdown: overleveraged households are tightening their belts, holding back on consumption, thereby choking off the economy's main engine.

CWCapital (CWC), Boston, on Thursday revealed that it has bought $2.6 billion of Fannie Mae multifamily servicing rights from Citigroup. No price was disclosed.

In the first decision of its kind stemming from class action litigation over the collapse of the auction-rate securities (ARS) market, a federal appeals court panel in New York ruled Monday that Merrill Lynch had adequately disclosed to customers that it was preventing auctions from failing.

Lloyds Bank priced its $600 million U.K. credit card deal via the Penarth Master Issuer Plc's medium-term note program.

Nordstrom is in the market with a private-label credit card deal underwritten by the Royal Bank of Scotland. The securitization is called Nordstrom Credit Card Master Note Trust II – Series 2011-1.