CFPB lawsuit, potential rating downgrades add to NCSLT struggles

National Collegiate Student Loan Trust (NCSLT), a private student loan trust, could see a swathe of downgrades from Fitch across at least 12 ABS transactions, following a proposed consent judgment filed by the Consumer Financial Protection Bureau (CFPB) last week.

  • By Sasha Padbidri
  • 25 Sep 2017

Fitch placed 17 tranches across 12 NCSLT transactions issued from 2003 to 2007 on Ratings Watch Negative on Monday, because a CFPB lawsuit could divert cash otherwise paid to ABS note holders. NCSLT trusts have 14 securitizations totaling $6.7bn outstanding, according to data from JP Morgan.

“The proposed consent ...

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