BMW Financial Services is in the market with a Term ABS Loan Facility or TALF-eligible dealer floorplan offering, which is lead managed by RBS Securities.
Preliminary details on the $550 million transaction are available via the link below from the ASR Scorecard database.
Consumer Credit Portfolio II is not a securitization, but Groundfloor is known for two deferred-pay residential transition loan ABS that are paying investors higher premiums than rated RTLs.
The announcement comes following an Institutional Shareholder Services report which urges shareholders to vote no on the CrossCountry Mortgage transaction.
The Federal Housing Administration put an end to pandemic-era relief last year, triggering a 28% jump in foreclosures on FHA loans in the first quarter and an expected spike in defaults ahead.
The 90-day-plus delinquency rate on student loans hit 10.3% in the first quarter, and New York Fed researchers warn that a second wave of defaults could be coming. Evidence is mixed regarding the likely impact on other consumer-lending segments.
If principal and interest DSCR falls below 1.75x, then 50% of all excess cash flows will be deposited into the deal's cash trap reserve account.
The Mortgage Bankers Association's Mortgage Credit Availability Index declined 0.4% to 107.9 in April after reaching a three-year high in March.
