With revenue lower than expected due to the coronavirus pandemic, California is allowing electric utilities to use securitization to avoid sharp rate increases for customers.
A federal judge in Delaware rejected the CFPB’s $19.1 million proposed consent decree with 15 student loan trusts because the law firm that signed on behalf of the defendants lacked authority.
During the 2008 financial crisis, investors in non-agency MBS sought repurchases from issuers, citing faulty underwriting and disclosures. A similar surge in putbacks could be on the way for the auto ABS market.
A longer statute of limitation and increased disclosure requirements could help attract long-term investors in the MBS and ABS market, industry experts recommend.
A recent court ruling in the case of Powell v. Ocwen Financial could significantly expand liability for non-agency MBS participants by subjecting MBS transactions to the Employee Retirement Income Security Act.
LendingClub, which operates an online marketplace, recently issued its first consumer loan-backed ABS of the year. The loans were originated under a model that has been successfully challenged in certain courts, raising concerns from rating agencies.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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