Nearly 34,000 leases for equipment finance are set to go into a new securitization from ClickLease. The firm focuses on lending to subprime and near-prime borrowers.
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.
The top three bank ABS investors reported a combined 12% decline in their holdings during the first quarter. But ABS investment was up at PNC Bank, Capital One and Radius Bank. (Includes two data tables.)
Delinquencies and losses on subprime auto ABS have been rising. Improved underwriting and inflation leveling out could help improve performance, according to industry analysts.
A proposal from FINRA to reduce the timeframe in which trades of MBS and ABS must be reported didn’t sit well with some industry participants, prompting the SEC to take a closer look at the proposal.
Christopher Stanley, a security engineer at SpaceX, is the first member of Elon Musk’s Department of Government Efficiency to join a GSE board.
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