Consumer ABS

Ally Financial on Wednesday reported a third-quarter profit of $269 million, its third consecutive quarter in the black, driven by strong results in both its mortgage banking, and automotive finance units.

A FFELP-backed student loan ABS is in the market called Panhandle-Plains Higher Education Authority 2010-1.

Principia Partners recently surveyed over 500 investors, issuers, regulators and other structured finance professionals on the subject of investor due diligence.

Katten Muchin Rosenman hired five structured finance lawyers from Dewey & LeBoeuf, including five structured finance partners in New York and a financial products tax partner in Washington, D.C.

Ally Bank, formerly GMAC Bank, is in the market with Ally Auto Receivables Trust (AART) 2010-4.

Landon Parsons joined Moelis & Co. as senior advisor in the firm’s risk advisory group.

AmeriCredit Financial Services filed an S-3 with the Securities and Exchange Commission (SEC) to issue six classes of notes backed by auto receivables.

Ambac Financial Group, parent of the junk-rated bond insurer Ambac Assurance Corp., said in a regulatory filing Monday morning that it may be forced to file for bankruptcy by yearend because it has been unable to raise fresh capital.

The Securities and Exchange Commission's (SEC) proposal of Oct. 13 to require issuers to review the underlying assets in their ABS should create a much more uniform set of review standards - to the benefit of investors. However, it could significantly alter, perhaps to the ABS market's detriment, how the reviews are performed.

The so-called foreclosure scandal has grabbed headlines over the past month. ASR's November issue looks beyond the mainstream coverage to its effect on bondholders.