Consumer ABS

The financial crisis reached its apex in fall 2008 when major Wall Street firms collapsed. But for the big three rating agencies - Moody's Investors Service, Standard & Poor's and Fitch Ratings - the crisis began at least a year before, when they started issuing massive downgrades of RMBS.

Standard & Poor's, along with Moody's Investors Service and Fitch Ratings, downgraded billions of dollars structured transactions in the summer of 2007, resulting in a wave of criticism. So when Deven Sharma was named S&P president on Sept. 1 of that year, he kicked off a reform program that continues today.

Michael Wade will be leaving Credit Suisse. Wade was hired by Credit Suisse from Barclays Capital about a year ago as a managing director and co-head of asset finance in the global markets solutions group along with Tricia Hazelwood.

The Securities and Exchange Commission (SEC) today voted unanimously to propose amendments that would remove references to credit ratings in several rules under the Exchange Act.

Rising energy and food prices continue to stress the consumer's ability to spend disposable income and can derail the economy if things get much worse, according to James Frischling, president at NewOak Capital.

KAR Auction Services said that its subsidiaries Automotive Finance Corp. (AFC) and AFC Funding Corp. have entered into the fourth securitization agreement with BMO Capital Markets Corp., Deutsche Bank , and Barclays Bank.

Student loan defaults have improved dramatically since peaking in 2009, according to Moody’s Investors Service's private student loan indices.

When global regulators last year announced final international capital and liquidity standards, bankers for the first time in months breathed a sigh of relief, appearing even to welcome the agreement.

Santander Consumer USA is in the market with Santander Drive Auto Receivables Trust 2011-1(SDART 2011-1). The eight-tranche offering, which is over $800 million, is backed by auto receivables.

Avis Budget Car Rental is marketing ABS backed by rental fleet vehicles totaling $600 million.