Securitization

Is Fitch Ratings going easier on bonds backed by federally guaranteed student loans than Moody’s Investors Service? That’s the conclusion of analysts at Barclays.

Wells Fargo is marketing what may be the first offering of commercial mortgage bonds to comply with Regulation AB II.

J.G Wentworth priced its third securitization of 2015 and said it plans to increase its issuance program to four deals per year from the usual three starting in 2016.

When news broke in October that New York’s Stuy Town was being sold, observers expected the $3 billion loan on the property to be paid off without a glitch. Recent litigation might change that.

A jump in lending in many parts of Europe, coupled with rising economic growth and higher employment, should help bolster the performance of securitizations in Europe, according to Fitch Ratings.

LoanDepot closed its first securitization of personal loans today, the company announced in a press release.

The sponsor will securitize a RM3 billion ($469 million) portfolio of auto loans extended to borrowers in China.

Westgate Resorts has completed its second timeshare loan securitization of the year.

BNP Paribas Personal Finance, a subsidiary BNP Paribas, plans to resume securitizing personal consumer loans via its Noria platform.

The next single-borrower commercial mortgage securitization refinances a portfolio of industrial properties acquired this year by Global Logistic Properties.

Navient is marketing $259 million of securities backed by private student loans it sponsored and services.

Losses on the subprime auto loans that are bundled into bonds are creeping higher. In a release today, Fitch Ratings said the figure hit 8.05% in October on an annualized net basis, from 7.61% a year earlier.

Castlelake LP is preparing its second securitization of leases on older aircraft, according to Kroll Bond Rating Agency.

The banking industry won a small victory this month when the House voted to nullify Consumer Financial Protection Bureau guidance that had led to recent auto lender settlements, but the real battle over the bill and its potential impact is just beginning.

Issuance of CLOs in the U.S. market this year fell short of 2014 totals will fall further next year, Wells Fargo Securities Senior Analyst David Preston said in a recent report.

Commercial mortgages bundled into securities will keep seeing their underwriting standards deteriorate from this year into 2016, say JPMorgan analysts.

The Consumer Financial Protection Bureau took "misguided and deceptive" actions in extracting settlements from indirect auto lenders for possible discrimination against minorities, House Republicans said in a report issued Tuesday.

Despite tighter scrutiny from regulators, the issuance of bonds backed by subprime auto loans could reach their pre-crisis peak next year.

Morgan Stanley is readying a deal backed by 57 commercial mortgages. Amounting to $611.8 million in total, the notes on offer consist of a number of tranches, according to a presale report from Moody’s Investors Service.