Securitization

The current U.S. subprime auto lending market is developing a resemblance to its condition in the early- and mid-1990s, according to a report released yesterday by Moody's Investors Service.

CLO volume this year has been a bright spot for leveraged loans, with nearly $18 billion in funds launching so far, according to Royal Bank of Scotland analysts.

It’s fascinating to look under the hood of a particular deal and see all the moving parts that make it possible.

BMW Financial Services is readying a new securitization of auto loan receivables, according to a new shelf registration the company filed with the Securities and Exchange Commission (SEC) today. For the full filing, please click this link.

JPMorgan might have priced its $1.3 billion, new-issue conduit CMBS called JPMCC 2012-CBX tighter than initial price talk. However, this deal will not be enough to boost issuance up to volume levels predicted at the start of 2012, FTN Financial analysts said in a report this week.

Freddie Mac reported 30-year mortgage rates held unchanged at a record low 3.66% for the week ending June 29.

Many lenders and investors are shying away from participating in a special pilot program to refinance Rural Housing Service loans due to risky underwriting features and low profit margins.

As the Securities and Exchange Commission (SEC) considers imposing further regulations on money market funds, those close to the $2.6 trillion industry say the revisions are unnecessary, could threaten the very existence of the 40-year-old business and would limit access to a vital source of funding for state and local governments.

The Federal Home Loan banks (FHLBanks) increasingly turned to offering short-term, unsecured credit to financial institutions exposed to the turmoil in Europe as the 12-member cooperative's own core business dwindled, a government watchdog said Thursday.

Servicers supervised by the Office of the Comptroller of the Currency completed fewer loan modifications in the first quarter as the number of delinquent borrowers who need assistance appears to be shrinking.

The nation’s balance of delinquent loans shrank by another 37% in the three-month period ending in May while the market still is catching up with the consequences of bad underwriting during 2005-2007.

Highland Capital Management will stay on as the manager of a $950 million collateralized loan obligation after all.

Data provider CoreLogic announced today that it has incorporated anomynized servicer stop advance data into its private-label RMBS dataset.

Standard & Poor’s believes that the current positive trends in the U.S. auto sector will continue into 2H12. They expect ABS issuance in auto-related collateral to exceed their $80 billion forecast this year.

The National Association of Realtors’ (NAR) leading indicator of future home sales rebounded in May after an unexpected downdraft in April.

For the week ending June 22, the Refinance Index declined 8% to 4955 from 5386 - its highest level since April 2009. Over the previous two weeks, the index jumped 20% largely as a result of a surge in the Government Refinance Index as pre-June 2009 borrowers took advantage of a drop in mortgage insurance premiums on streamlined refinances that became effective June 11. Also, as a percent of total application activity, refinance share slipped to 79% from 81% previously.

Fitch Ratings said that uncertainty surrounding the Dodd-Frank Act, particularly in terms of the qualified residential mortgage (QRM) definition, has led many traditional RMBS issuers to postpone their issuance plans.

After a long winter of price declines, Standard & Poor's (S&P) finally reported that its 20-city house price index (HPI) turned up in April.

Royal Bank of Scotland (RBS) analysts said in their weekly report that the European Central Bank’s (ECB) decision last Friday to relax its repo criteria will revive CMBS issuance from lower-rated countries — namely Portugal and Ireland.

JPMorgan analysts said that the majority of consumer ABS asset classes have continuously exhibited solid collateral performance after the crisis, including timeshare ABS.