Finance

As banks exit mortgage servicing, new players are turning to

Ally Bank is planning a $1.25 billion prime auto loan securitization, according to a presale report by Fitch Ratings.

John Deere Capital Corp. plans to issue a $851.42 million equipment lease- backed securitization, according to prospectus supplement filed with the U.S. Securities and Exchange Commission today.

The Federal Housing Finance Agency’s new initiative to help streamline modifications for eligible borrowers is likely only to have a minimal impact on MBS, according to analysts at JP Morgan.

J.P. Morgan and Deutsche Bank are working on a $285 million CMBS backed by the Hotel del Coronado in San Diego, according to a Morningstar presale report.

The Oklahoma Student Loan Authority plans to issue a $211.82 million securitization of Federal Family Education Program loans, according to an offering memorandum.

Monex Credit Co. (MCC) will issue $75 million of precious metal backed notes.

Automotive Rentals (ARI) plans to issue a $453 million ABS backed mostly by fleet lease contracts for light trucks and cars.

National Bank of Canada plans to issue $419 million credit card receivables backed notes from its Canadian credit card trust.

In the week ended March 22, Moody’s Investors Service assigned new provisional or definitive ratings to seven collateralized loan obligations totalling $3.8 billion.

DBRS said in a report today that it declined to rate two RMBS transactions this year because of weaker representations and warranties (R&W) framework proposals in these recent securitizations.

Blame it on the weaker reps & warranties in the $616 million transaction.

Deutsche Bank and Bank of America Merrill Lynch priced the $710 million of CMBS notes backed by the fee interest in Worldwide Plaza, a 47-story office tower located at 825 Eighth Avenue in New York City, according to a person familiar with the deal.

Auto dealership advocates are warning that costs will rise for borrowers if the Consumer Financial Protection Bureau presses banks to curtail auto loan markups determined by dealers.

CKE Restaurants, the parent company of Carl’s Jr. and Hardee’s, sold $1.05 billion of bonds backed by franchise royalty and license payments above initial price talk.

The recently announced merger of American Airlines and US Airways may create new risk for credit card securitizations tied to the airlines brand, according to two reports published this month by Moody’s Investor Service and Standard & Poor’s.

Newtek closed on $20.9 million of securities backed by small business loans; Guggenheim placed this issue with four institutional investors.

Only vulnerable super-senior classes in CMBS are exposed to the risk of interest shortfalls that affected the super senior class of Morgan Stanley Capital I, 2007-HQ13, according to Fitch Ratings.

Fitch Ratings announced on Wednesday that the $190mn StratReal Industrial Portfolio I in BACM 2007-1 entered special servicing after struggling with weak underlying performance for two years.