In a first-of-its kind ruling, a bankruptcy court ordered a 2021 whole-business securitization from Hooters Restaurant Group to be cancelled and essentially re-issued.
The DOJ has filed charges against four former Tricolor executives for defrauding finance providers and ABS investors by double-pledging collateral and manipulating collateral characteristics.
The request came from the CRE Finance Council, the Mortgage Bankers Association and the Securities Industry and Financial Markets Association. The groups said the disclosure requirements have negatively impacted the commercial MBS market.
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.