Securitization

U.S. consumers are increasingly using their credit cards rather than tapping home-equity credit lines to pay debts or finance a big purchase, according to Sanford C. Bernstein.

Banco Santander is preparing another securitization of high leveraged, prime residential, Spanish mortgage loans to be issued from its Fondo de Titulizacion de Activos trust.

Bank of America scored a legal victory this week for all holders of second liens when the Supreme Court ruled that bankruptcy courts cannot void a second mortgage because it exceeds the value of the home.

Progress Residential priced its latest single family rental securitization tighter than the issuer’s previous deal and the most recent single family rental, Colony American Homes 2015-1, which priced last week.

Athlon Car Lease Nederland plans to securitize €713 million ($793 million) worth of car leases made to Dutch based corporate and small business borrowers.

The Supreme Court has ruled that bankruptcy courts cannot void a second lien because it exceeds the value of the collateral.

Two recent transactions, one Irish and one Spanish, tested investor appetite for peripheral RMBS. The results suggests there aren’t likely to be many more.

Lease expirations are up in collateral pools backing single family rental securitization and that could lead to higher vacancies and potentially lower cashflows.

Union de Creditos Inmobiliarios (UCI) is planning what will be the first investor-placed Spanish residential mortgage securitization since BBVAR 3 in July 2007.

Exeter Finance has hired Freddie Mac executive Paige H. Wisdom to be its chief financial officer.

Colony American Homes is working on its third ever single-family rental securitization, according to Kroll Bond Ratings Agency.

Sallie Mae is making more student loans that it can keep on its balance sheet

Progress Residential plans to tap the securitization market with a deal backed by a $438 million, five-year loan that pays only on interest, which is secured on a pool of 3,317 single-family rental homes.

Carrefour Banque, the captive consumer finance arm of the French retailer Carrefour S.A., Europe's largest retailer, plans to sell €400 million ($454 million) of securities backed by credit card receivables.