Rocket is set to issue its second consumer loan ABS; Golub Capital issues rare long-duration CLO; large jumbo MBS from Chase; ratings performing as expected.
Downgrades of securities issued by the subprime auto lender highlight the challenges ABS investors can experience working with loan originators who also service their own production.
Figure has big plans for its loan registry, positioning it as a competition to MERS. To this point, though, Figure’s blockchain-powered DART registry has been used only in its internal platform.
Fitch, S&P and Moody’s continued to dominate the ABS market’s key sectors: vehicle and business finance. The residential MBS business is spread out more among the five major ratings services. (Includes two data tables.)