Securitization

The Los Angeles-based manager, a unit of Canyon Capital Advisors, is issuing its first CLO in nearly a year through Canyon CLO 2016-1. The transaction is a follow-up to the $400 million Canyon Capital CLO 2015-1 issuance in April 2015.

AmeriCredit Financial Services, a unit of GM Financial, is marketing its second subprime auto loan securitization of the year, according to Moody’s Investors Service.

Winston & Strawn said this week that veteran financial services attorney Keith Andruschak has joined the firm’s corporate practice as a partner in New York.

Some of the biggest investors in mortgage bonds are asking the Consumer Finance Protection Bureau for additional clarification about their liability for purchases of loans that fail to comply with a new disclosure rule.

3i Debt Management priced a €400 million European collateralized loan obligation, according to Moody’s Investors Service.

Volkswagen AG’s latest auto lease securitization in Europe appears to show the automaker is making progress to repair nearly 11 million vehicles – and maintain its past solid quality securitization performance – in the wake of its diesel-engine emissions testing scandal that broke last September.

The Consumer Financial Protection Bureau on Wednesday ordered a San Diego student debt relief company to shut its operations, cancel all contracts and cease participating in the industry.

The Depository Trust & Clearing Corp. and Digital Asset Holdings are targeting the repurchase agreement market as the latest use case for a blockchain solution.

A growing number of ABS professionals expect credit quality to decline and underwriting standards to tighten this year, according to a survey released Tuesday by Capital One Bank.

The Dolphin Master Issuer Series 2016-1 is a Class A-only notes structure, which has been assigned a ‘AAA’ structured rating by Standard & Poor’s.The notes, for which ABN has no new assets in the collateral pool, are paying off the principal on three outstanding Dolphin issues.

Subprime consumer lender Avant currently rejects many of its personal loan applicants. It hopes to qualify more borrowers by offering cash to those who are willing to put their cars up as collateral.

Buyers of broadly syndicated corporate loans currently have an incentive to drag their feet closing trades; they will soon pay a hefty price if they don’t do their part. The reform should help lenders get assets off their books faster.

Freddie Mac has obtained new insurance policies under its Agency Credit Insurance Structure (ACIS) program.

Deutsche Bank and JPMorgan are marketing $818 million of commercial mortgage bonds, with heavy exposure to New York City, according to Fitch Ratings.

Five policy heavy-hitters issued a proposal last week to merge Fannie Mae and Freddie Mac into a single government corporation as a way to move beyond the conservatorships of the two government-sponsored enterprises.

There’s no doubt that competition is spurring subprime auto lenders to stretch their underwriting guidelines for new customers, which could lead to another bust. In February, 5.16% of securitized subprime auto loans were at least 60 days past due, according to Fitch Ratings. That slightly exceeded the level of late payments at the height of the Great Recession. Here’s a guide to who’s doing what.

JPMorgan Chase has packaged a highly concentrated portfolio of five office, hotel and retail property mortgages totaling $337 million.

Northpoint Commercial Finance is marketing $275 million of notes backed by dealer inventory financing for marine and recreational vehicles and manufactured housing, according to rating agency reports

New Residential is marketing a $260.0 million securitization of re-performing mortgage loans, according to Moody's Investors Service.