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SoFi has entered the post-Thanksgiving pipeline with its sixth student loan refinancing transaction this year, in line with its plans to issue 12 securitizations in 2017. -
The leadership tussle at the Consumer Financial Protection Bureau (CFPB) threatens to muzzle the watchdog or even have it put down. Many in the securitization industry would welcome that, but this newspaper is not so keen to bid farewell to Main Street's best friend just yet.
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The long awaited student loan securitization from the UK Department for Education might be the closest structured finance investors get to being able to bet on the economic effects of the country's exit from the European Union.
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Lending Club has filed deal documents for a securitization backed by prime consumer loans after executives indicated this month that the company will issue two deals before year-end.
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The Senate last week confirmed Joseph Otting as head of the Office of the Comptroller of the Currency (OCC), but his background in community banking raises questions for the future of online lender-bank partnerships, and raises new questions about the proposed special purpose bank charter for marketplace lenders.
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The Cleveland Federal Reserve took down a report on marketplace lending following withering criticism from the industry over the central bank’s comparison of the market to pre-crisis subprime mortgage lending.
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The ABS market was abuzz this week after a controversial report from the Cleveland Federal Reserve compared online consumer lending to the pre-crisis subprime mortgage market, drawing criticism from market players for its “inflammatory” assessment. But the report comes at a time of increasing loss rates on consumer loans and a rush by lenders to adjust their loss expectations, writes Sasha Padbidri.
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Online consumer lender Upstart achieved new tights on a securitization that was priced on Wednesday, with spreads ratcheting tighter by 35bp-110bp across the capital stack.
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The spat between the European Parliament and the ECB over accounting standards is ugly – and mostly unnecessary. Accounting matters, but it’s not real life. What matters is cold hard cash.
