The new ABS, comprised of prime auto loans, is a portion of a security Ally privately issued in March. Ratings firms said the deal had a weaker pool composition than previous Ally securitizations.
Members of the National Association of Insurance Commissioners defended NAIC’s plan to allow state insurance commissioners to overrule the ratings assigned to MBS and ABS held by insurance companies.
DBRS issued a new methodology to assess ABS issuance of loans tied to fine art and collectibles. There’s a growing interest in fine art lending among borrowers, lenders and potentially ABS investors.
A Federal Deposit Insurance Corp. consent order against Cross River Bank, a partner in marketplace lending securitizations, won’t impact outstanding ratings on ABS, according to Kroll Bond Rating Agency.