Auto lender CarMax Inc. revised its third quarter earnings estimates Tuesday morning, due to the stronger-than-expected performance of its outstanding securitizations. Revised earnings per share expectations to 17 cents or 18 cents, which includes a favorable adjustment in the valuation of its retained interests in securitized receivables of approximately 1 cent per share. "The net loss rates on our more recent securitizations have been trending consistently lower than we assumed," said Austin Ligon, president and chief executive officer of CarMax. This adjustment will contribute approximately one cent to third quarter EPS."
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Notes A, B and C benefit from credit enhancement amounting to 33.3%, 16.2% and 7.0%, and the deal's capital structure will repay investors on a combined pro-rata and sequential basis.
May 7 -
Originators increased program offerings for the fifth consecutive month, but overall credit availability remains tight, the Mortgage Bankers Association said.
May 7 -
The top five issuers in the pool represent 4.73% of the pool, which is noticeably more diversified compared with the 12.50% concentration, according to Fitch's stressed portfolio at initial expected matrix point.
May 7 -
Rep. Andy Barr, R-Ky., is introducing a bill to establish an Office of Supervisory Appeals at each of the banking regulators that would give banks more power over the appeals process.
May 7 -
Price growth is decelerating but still driving historic home equity gains for owners and widening the gap between the haves and have-nots in housing, ICE finds.
May 6 -
Under the capital structure the senior notes will be repaid on a pro rata basis. Otherwise, the notes in the structure will benefit from excess spread and a senior-subordinate structure.
May 6