Securitization

The Ford Credit Auto Owner Trust 2020-REV1 transaction is Ford’s 12th under its platform that permits revolving assets during the pre-amortization period of the transaction.

Upstart is disputing an analysis accusing it of discriminating against prospective borrowers based on the college they attended, saying it contains “inaccuracies and misunderstandings.”

According to presale reports on Flagship’s $355 million auto-loan securitization, the subprime auto lender is removing the 2% collateral pool limit on loans over six years (72 months) that can be added during a three-month prefunding period for Flagship Auto Credit Trust 2020-1.

The lease deal – Santander’s sixth ABS of Chrysler Capital leases since 2017 – has a higher proportion of leases with original terms longer than 36 months (44.5%) than prior deals through the platform.

The data management and analytics firm has tapped Craig Phillips, a former top aide to U.S. Treasury Secretary Steven Mnuchin, as a senior adviser for the five-year-old firm’s business and product development activities in the mortgage loan space.

Toyota Motor Credit Co. is sponsoring a $1.25 billion loan-backed transaction (potentially upsized to $1.75 billion), while regional Toyota captive finance lender World Omni Finance Corp. is sponsoring an auto-lease deal at either $766.5 million or $962.9 million.

Sallie's first student-loan securitization of the year comes a week after SLM Corp. announced plans to sell more loans from its portfolio to fund a share buyback program.

Clarion Partners will tap the CMBS market to help finance a multiyear renovation of older Courtyard by Marriott-branded hotel properties it co-owns through a joint venture.

Historically low interest rates, low unemployment and positive yet slowing economic growth will support stable U.S. structured finance asset performance in 2020.

The loan participation is part of a debt refinancing package that paves the way for expanding the Parkmerced mega-development.

The Justice Department had issued subpoenas in 2014 and 2015 to GLS and other subprime lenders regarding underwriting criteria for lending as well as representations and warranties for loans being securitized, according to Kroll.

Trade associations representing mortgage lenders and securities market participants are asking the Federal Housing Finance Agency to rethink a plan to restrict pooling options for loans sold into uniform mortgage-backed securities.

Treasure Island Hotel & Casino is the latest Las Vegas casino tapping the commercial-mortgage securitization market as it winds up a multi-year, exhaustive renovation program.

Natixis will be marketing bonds as well loan-specific certificates tied to a $160 million first-mortgage taken secured by an Amazon headquarters building in Seattle, and a $92.5 million loan backed by a newly built addition to NYC's sprawling Memorial Sloan-Kettering Cancer Center campus.

The newly acquired industrial portfolio of transportation centers in major markets adds to Blackstone's global holdings of logistics properties in major transit hubs.

The $430.2 million PSMC 2020-1 transaction is a pool of 602 large-sized loans with an average loan balance of $715,978, all of which meet CFPB's QM standards.

Impact investing has long centered on environmental and social purpose, but governance could make huge strides as an ESG consideration in 2020.

Mercedes-Benz, Nissan and Ford will market up to $3.86 billion in new prime auto-lease securitizations, adding to a pipeline that opened up with Hyundai's deal last week.

Fannie Mae is sponsoring a $1.03B CRT transaction, while Caliber Homes Loans, New Residential and Onslow Bay fill the non-QM pipeline

Macro factors point to a solid year in the securitization market but wild cards abound, many of them political.