The higher rating from Kroll Bond Rating Agency came at a steep price: The senior tranche of notes to be issued benefits from 78% credit enhancement; Dividend's prior deal was rated single-A.
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The Plano, Tex., company was founded by veterans of AIG and GE and has been in business only three years; the $598 million transaction represents roughly a quarter of loans and leases it has funded to date.
May 14 -
Trucks and SUVs make up 84.7% of the collateral for $1.58 billion Ford Credit Auto Owner Trust 2018-A, reflecting consumer declining demand for passenger vehicles.
May 14
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The London interbank offered rate has its faults, but at least it compensates for counterparty risk; not so the benchmark being touted as a replacement.
May 14
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The Show Me State accounts for 9.1% of the collateral, up from 3.4% from the sponsor’s prior deal, completed in November; as of April, 12 homeowners in the state had missed a payment.
May 11
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The credit characteristics of borrowers are similar to those of the insurer's previous transaction in March, with a weighted average FICO of 777, income of $243,738 and liquid reserves of $236,904.
May 10
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The Dallas-based lender, a unit of the global banking giant Banco Santander, was able to lower credit enhancement on the senior notes to 63.55% from 65.25% on the previous deal in February.
May 10
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AmeriCredit returns to securitization for the first time since November with a $1.1 billion deal, while Flagship's $223 million deal, its second of 2018, takes a step back in collateral quality.
May 9
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The senior tranche of Credit Acceptance Auto Loan Trust 2018-2 benefits from initial credit enhancement of 51.61%, up from 49.93% in a February deal; it comes from additional subordination.
May 9
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The CFPB's acting director announced new political hires and more plans to overhaul the agency in an email Wednesday.
May 9
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PHH Corp. took a net loss in the first quarter but was able to surpass minimums for net worth and available cash necessary for Ocwen Financial to acquire the company.
May 9
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Collateral for the mortgage bonds does not include what Moody's Investors Service terms the "improvements," a 42-story building, state-of-the-art digital signage or a 452-room luxury hotel.
May 9
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Legal costs and legacy issues related to previous management continue to weigh on the online lender's results.
May 8
