Finance

What investors need to know about the new non prime residential mortgage backed securities.

GM Financial Services is marketing its first auto loan securitization of the year, according to Standard & Poor’s.

Wells Fargo Commercial Mortgage Securities is marketing nearly $1 billion in commercial mortgage bonds with a higher-than-average exposure to single-tenant loans and exposure to external pari passu borrowings.

Hilton Grand Vacations plans a debut $145 million timeshare loan securitization of loans targeting primarily Japanese tourists for a newly opened resort in Honolulu.

Westgate Resorts is readying $175 million of notes backed by timeshare loans, according to DBRS.

Ocwen Financial is a step closer to the day when it can resume purchases of mortgage servicing rights.

Banco Bilbao Vizcaya Argentaria (BBVA) and Banco Popular Español are securitizing consumer loans issued in Spain. Banco Popular's €510 million two-year revolving securitization is its first-ever in its home country.

The Rhode Island Student Loan Authority (RISLA) is issuing $50.26 million in new revenue bonds backed by a pooling of new and consolidated loans to be originated through the state’s private loan program.

Trade-ins represent a growing risk for auto lenders, according to Moody's Investor Service.

Citigroup has launched the first offering of commercial mortgage bonds in a week.

Investcorp Credit Management EU is debuting its first European CLO since announcing its acquisition of the debt management business from 3I Group last October.

Competition for leveraged loans is tough, and that’s forcing some of the biggest buyers to tap new sources of financing.

The LSTA pointed to recent research reports noting that outsized exposure to certain troubled retail apparel and department stores has expanded for collateralized loan obligations.

Global distressed debt fund manager King Street Capital Management is issuing its first collateralized debt obligation ever.

Implementation of the second phase of the common securitization platform had been projected for next year, but the anticipated time frame was delayed following "lessons learned" from the first phase.

Fannie Mae has obtained reinsurance for $510 million of credit losses on $20.4 billion of single-family residential mortgages through a pair of credit insurance risk transfer transactions.

GMAC is issuing its eighth asset-backed UK transaction in a £385.8 million (US$481.3 million) bond offering backed by individual and small-business vehicle lease contracts.

Fitch Ratings says the auto loan and lease sectors will continue to experience deteriorating credit performance throughout 2017, as defaults accelerate among subprime borrowers and used-car values in decline.

Servicing practices that unnecessarily increase what a borrower owes can contribute to delinquencies. But other misconduct, such as inaccurate credit reporting, can have more insidious effects on a borrower’s financial health.

Signs of growing weakness in the U.S. auto loan market are hurting the bottom line at one of the nation’s largest car lenders.