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.)

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.

A task force at the National Association of Insurance Commissioners recommended adoption of a proposal to alter credit ratings on investments at insurance companies. However, NAIC didn’t move forward with the proposal at a meeting last week.

The new ratings methodology would bring ratings for private student loan ABS in line with ratings for other consumer-backed ABS.

Ally Bank, Huntington National Bank and Santander Bank are in the market with credit-linked notes tied to auto loans.

The SEC or another federal entity should map credit ratings among competing rating services, similar to efforts by regulators in other countries, according to Morningstar. The firm said rating mapping can help keep competition strong among rating services.

Cogent Communications is using 13 million IP addresses as collateral for a novel securitization.

Ginnie to increase reporting requirements on defaults, loss mitigation; Fitch prepares to rate commercial PACE securitizations; loans for hotels near Disney World head into commercial MBS; FHA extends waiver tied to Ginnie multifamily MBS.

Declining mortgage refinance rates are causing a slowdown in solar ABS prepayments, increasing risks for investors.

CRT deals involving auto loans typically have a pro rata structure, which can create more risks for investors than the sequential pay structure in ABS transactions. Structures are also evolving, including a deal issued by a nonbank in partnership with a bank.