There’s a growing market for ABS where deals are negotiated discreetly between the issuer and a handful of investors. The securities typically don’t receive credit ratings.
The defendants said the case was not timely and the bureau’s allegations didn’t apply to them because of statutory wording. The judge, using dictionary definitions and SCOTUS precedent, rejected those claims.
The ABS includes royalties for more than 200 songs that hit number one on the charts. However, none of the songs were disclosed in a rating report on the transaction, and only three artists were identified.
Some investors in MBS and ABS are ready to discard data collected in the past two years due to distortions from actions by the federal government. One problem: projecting asset performance moving forward.
Fitch and DBRS released reports outlining the risks, physical or otherwise, of climate change to MBS and ABS. They said impacts varied by area and that vigorous policy efforts could help stem losses.
The House passes legislation to help address legacy contracts for MBS and ABS tied to LIBOR; the SEC expands payment methods for various filing fees; transportation ABS is performing well despite supply chain issues.
Bank investment in auto ABS surged 19% during the third quarter, including big gains at TD Bank and KeyBank. Fifth Third and Commerce Bank also reported strong growth in total ABS. (Includes two data charts.)
Hotwire Communications and Flexential are issuing their first ABS. The Hotwire deal is tied to fiber-to-the-home networks while two ABS from Flexential are linked to data centers.
Non-agency MBS hit the market ahead of Thanksgiving; rating upgrades possible with new commercial MBS methodology at Moody’s; timeshare securitization performance stable; Fitch extends comment period for proposed criteria to rate shipping container ABS; California launches tobacco-settlement securitization.
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