Consumer ABS

The Consumer Financial Protection Bureau (CFPB) is going to allocate half its budget to supervision and enforcement of consumer protection laws with a strong emphasis on non-bank lenders. "We can't enforce the law only against banks that are the easiest to find," said Elizabeth Warren, the leader of Treasury Department's CFPB implementation team. "Instead, we will build a strong enforcement arm that will for the first time ever put significant federal resources behind ensuring compliance by non-bank financial companies."

VW Credit (VCI) is in the market with an auto securitization called Volkswagen Auto Loan Enhanced Trust 2011-1 (VALET 2011-1 or 2011-1). The six-tranche offering, managed by JPMorgan Securities, is worth $1 billion.

Volkswagen is in the market with a €7.5 million German auto ABS deal that will be publicly placed.

The Japanese crisis had the most impact on CMBS secondary market activity versus all other securitization sectors tracked by capital markets data provider Epirasign Strategies.

JPMorgan Chase Bank is marketing a FFELP student loan-backed deal called Scholar Funding Trust 2011-A. The $268.3 million, 144A transaction is managed by JPMorgan Securities.

Fitch Ratings expects a growth in rehabilitation (rehab) student loans. Although rehab loans have always comprised a part of FFELP SLABS, their unique characteristics and performance history make separate assumptions necessary when analyzing student loan pools that have this type of collateral.

Santander Consumer USA is in the market with a $526.3 million auto receivable deal named Santander Consumer Acquired Receivables Trust 2011-S1 (SCART 2011-S1) managed by Citigroup Global Markets.

Prestige Financial Services (PFS) is in the market with Prestige Auto Receivables Trust 2011-1 (PART 2011-1), a six-tranche subprime auto loan receivables managed by JPMorgan Securities. The deal is worth $221.62 million.

New rules from Mexico’s banking regulator are an auspicious move for future securitizations from this sector, according to Maria Muller, senior vice president at Moody’s Investors Service.

Brazos Higher Education Authority (BHEA Series 2011-1) is offering a $1.5 billion student loans ABS.