Non-Mortgage ABS

Browse articles from all of our Newsletters related to Non-Mortgage ABS.

May 29, 2015 - Inside MBS & ABS

Bank ABS Holdings Declined in Early 2015, Continuing a Trend That Began During 2013

Banks and thrifts held $155.55 billion of non-mortgage ABS on their books as of the end of March, a 2.3 percent decline from the previous quarter, according to a new Inside MBS & ABS analysis of call-report data. The first-quarter figures mark the fifth straight quarterly decline in bank ABS holdings, which peaked at $173.80 billion at the end of 2013. Bank ABS holdings were down 9.9 percent from the first quarter of last year. Almost every ABS category was...[Includes two data tables]


May 15, 2015 - Inside MBS & ABS

Electronic Contracts for Loans Increasingly Common In ABS Market, Presenting Efficiencies and Some Risks

ABS issued in recent years have included a marked increase in the use of electronic contracts, particularly for prime auto deals. Industry analysts note that e-contracts can be treated similarly to physical contracts, though issuers must address concerns from investors, lenders and rating services. “The pace of e-contract adoption has increased, and some prime auto captives are believed by industry participants to be moving to 100 percent e-contract origination by the end of 2015,” DBRS said this week. “The adoption of e-contracts has also occurred across the ABS industry, with subprime auto and timeshare lenders beginning to use them for loan originations.” Use of e-contracts in the auto space has been boosted...


May 8, 2015 - Inside MBS & ABS

Despite Regulatory Concerns, PACE Programs Continue to be Regarded as Viable Funding Choice

Despite the Federal Housing Finance Agency’s misgivings about Property Assessed Clean Energy programs, ABS issuers are finding investors for deals backed by these loans. Since March 2014, three rated residential ABS transactions and one private unrated commercial deal backed by PACE assessments have been issued for a combined total of $503.65 million. All three residential ABS deals were rated “AA,” with average assessments totaling $59,628. The PACE program was launched in 2008 by the city of Berkeley, CA, as a pilot to promote energy efficiency in residential, commercial, agricultural and industrial properties...


April 24, 2015 - Inside MBS & ABS

Prime Auto ABS Collateral Weakening Continues, But Tax Refunds Appear to Provide Brief Respite

Two new reports from Fitch Ratings, taken together, indicate a modest weakening in the collateral backing U.S. auto ABS deals is continuing, with perhaps a temporary reprieve thanks to short-term cash flow positives for consumers, mostly tax refunds and lower gasoline prices. Still, the overall outlook is positive. U.S. prime auto ABS collateral has been marginally weakening in the last few years, most recently because of amped-up competition among auto finance companies, Fitch said in a report out this week, based on transactions issued between 2007 and fourth-quarter 2014. “The quality of prime auto loan securitized pools was...


April 24, 2015 - Inside MBS & ABS

GE Capital’s Wind Down Could Hurt ABS Market; It’s Not Clear How Existing Deals Will Be Serviced

General Electric’s announcement that it will exit most of its financial services businesses is just over two weeks old, but already there are signs that one casualty could be the ABS market. According to reports from Barclays and others, GE’s decision to unload its commercial lending and leasing operation could result in lower issuance volume because GE Capital traditionally has funded these portfolios – estimated to be $74 billion in size – through ABS shelves. “As such, GE’s decision to sell the portfolio is...


April 24, 2015 - Inside MBS & ABS

Non-Mortgage ABS Issuance Up Sharply in Early 2015 Thanks to Big Gains in Business, Vehicle Transactions

Non-mortgage ABS production jumped sharply higher in the first quarter of 2015, with $50.08 billion of new issuance, according to a new Inside MBS & ABS analysis and ranking. First-quarter issuance was up 38.1 percent from the previous three-month period, although early 2015 was down 6.3 percent from a year ago. The two strongest segments of the market were vehicle finance ABS, which accounted for 46.7 percent of issuance during the first quarter, and business loan ABS, which chipped in another 30.9 percent of new production. Ford Motor Credit had...[Includes three data charts]


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