Securitization

The action stems from 2017, when the CFPB filed a lawsuit claiming Navient steered borrowers who might have qualified for income-driven repayment plans into more expensive forbearance instead.

The Kansas City-based firm created the ETFs in response to demand from clients, in particular the wealth management community.

Since July 21, 2021, the cutoff date before its last deal, Avant's active credit card accounts increased 388%, to its current 1 million accounts.

Across both deals, the class A notes have total initial hard credit enhancements of 19.25% of the pool balance. Class B notes benefit from 13.00% in total hard credit enhancement, and class C notes benefit from 9.25%.

Chatham will provide funding for the equity portion of CLOs, according to a person with knowledge of the matter. CTM will start issuing CLOs — leveraged loans repackaged as bonds — in 2025.

On a cumulative basis, Moody's expects the asset pool to have a net loss of 1.25%, down from 1.50% in the prior deal.

The notes benefit from total initial hard credit enhancement that represents 8.0% of the pool balance on the class A notes. Classes B, C, D and N benefit from credit enhancement levels representing 5.40%, 2.20%, 0.50% and 0.25%, respectively.

A manager termination notice was issued Tuesday involving a $375 million asset-backed security sold in 2017 and backed by most of TGI Friday's revenue-generating assets.

Affirm Asset Securitization benefits from overcollateralization in several forms. Target overcollateralization during the revolving period will equal 2.65% of the initial adjusted pool balance.

The pool consists of 16,272 contracts, with an average contract balance of $93,502. On a weighted average (WA) basis, the contracts have an original term of 55.7 months.