Pagaya has been growing its securitization capabilities as it sets its sights on partnerships with large banks.

The final rule for private fund advisers addressed many concerns of CLO market watchers around compliance burdens. Separately, a federal appeals court held that syndicated term loans aren’t securities.

A recession could put some strain on whole-business securitizations that are reliant on cash flows beyond royalties, according to S&P.

Downgrades of GSE CRT transactions, Freddie Mac K-deals and student loan ABS followed a downgrade of the credit rating for the U.S. to AA+.

DBRS said it’s in talks with the SEC to resolve a potential enforcement action related to its compliance with recordkeeping requirements.

SEC exempts MBS and ABS issuers from cybersecurity disclosure requirements; plethora of novel ABS issuance; student loan ABS defaults hit record high.

If the proposal is implemented, some mortgage originations that have gone into bank portfolios would likely go into MBS instead. The impact on bank investment in MBS and ABS looks to be much more modest.

The privately-owned financial services company has been offering subprime auto ABS for decades.

Total ABS issuance in the first half of 2023 was running slightly below the level of a year ago, but the key markets — vehicle and business finance — were both up as of the end of June. (Includes two data charts.)

The new acquisitions show that the real estate investment trust is making good on its commitment to expand beyond mortgage investments.