The partial federal government shutdown, now into its fourth week, is having an impact on ABS and MBS issuers that register deals with the Securities and Exchange Commission.
DBRS continued to rank as the most active rating servicing in non-agency MBS as of the end of the third quarter, with S&P Global leading the industry in ABS ratings, according to a new ranking by Inside MBS & ABS. [Includes two data charts.]
Issuers of auto ABS will likely continue to complete clean-up calls on seasoned transactions even in a rising interest-rate environment, according to S&P Global Ratings. The rating service said clean-up calls yield a positive impact for auto ABS issuers and investors.
With marketplace lending securitization volume on track to have one of its best years, analysts at Morningstar Credit Ratings expect the sector to continue growing in 2019 despite some headwinds in the economy and the regulatory landscape.
The fundamentals of non-mortgage ABS will remain relatively strong in 2019, with $249 billion in issuance compared with what’s expected to be a post-crisis high of $245 billion at the end of this year, according to a recent forecast by Kroll Bond Rating Agency.
The first post-crisis subprime auto ABS to suffer a downgrade has been demoted further due to ongoing performance issues. The downgrades so far have been limited to the lowest tranche of the ABS issued by Honor Finance, but the class B notes are on watch for a potential downgrade.
Performance of ABS backed by credit-card receivables remained strong in the third quarter of 2018 despite rising consumer-debt levels, according to an update from Moody’s Investors Service.
Green securitizations have sprouted across the structured-finance industry, sometimes impacting a transaction’s credit quality, Moody’s Investors Service said in a recent report.
The Structured Finance Industry Group has welcomed a recent court ruling that allows ABS investors to intervene in a case brought by the Consumer Financial Protection Bureau that aimed to hold securitization trusts liable for violations committed by servicers.
A federal court recently allowed asset-backed securities investors to intervene in a case brought by the CFPB against securitization trusts. Industry participants said it is an important and favorable decision for the securitization industry. Back in September 2017, the CFPB brought an enforcement action against National Collegiate Student Loan Trusts regarding certain student loan debt-collection practices. While the CFPB acknowledged that subservicers – not the trusts themselves ...
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