Subprime auto deals that experienced distressed servicing transfers last year saw swings in delinquencies and ultimately took an elevated level of losses, according to Kroll Bond Rating Agency.
Initial estimates on Hurricane Helene’s impact; Ginnie to host summit with a focus on nonbanks; MSR financing securitization from Freedom; T-Mobile moves forward with cell phone financing ABS.
Rated ABS issuance was relatively flat in the second quarter. In the non-agency MBS market, rated production was buoyed by the surging home-equity sector. (Includes two data tables.)
FINRA received approval from the SEC to shorten reporting requirements for most trades of MBS and ABS from within 15 minutes to within one minute of a deal having transpired.
As per a consent order with the CFPB, Navient has agreed to pay $120 million in restitution and fines and permanently exit federal student loan servicing.
Most of the top bank ABS investors reported declines in their holdings during the second quarter. Radius Bank and Capital One bucked the trend by growing their portfolios. (Includes two data tables.)
ABS backed by home equity investments are offering unlevered returns in the low double digits. The first rated HEI ABS was issued in October and industry players are anticipating exponential growth.
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