Consumer ABS

U.S. Bank National Association, which is U.S. Bancorp's lead bank, has completed the purchase of the domestic and European-based securitization trust administration businesses of Bank of America. The deal closed on Dec. 30.

CIT Group has completed and executed a service agreement with the Pennsylvania Higher Education Assistance Agency (PHEAA) to service $7.4 billion of its portfolio of government-guaranteed student loans now serviced by CIT.

Credit card ABS collateral performance measures started the new year with continued across-the-board performance improvements as shown by the latest index results from Fitch Ratings.

Eversheds has appointed structured finance and derivatives lawyer Kingsley Ong as partner in its Hong Kong banking and finance team.

Sallie Mae has closed its deal to buy $27 billion of securitized federal student loans and related assets from Student Loan Corp. (SLC), which is majority-owned by Citibank.

Though the Basel II process to write new international capital standards lingered for nearly a decade, its successor has come a remarkably long way in just the past year.

One of the biggest challenges for the securitization industry in 2011 will be managing through the host of regulatory changes that are set to shape its future.

Recent attacks on securitization have centered on its legal soundness.

For 2010, U.S. public ABS issuance reached $53.51 billion, according to preliminary figures from the ASR Scorecards database.

U.S. marketed ABS volume is now at $89.5 billion with 197 deals in 2010 as of three days before 2010 ends, according to data from Dealogic.