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If you thought the subprime mortgage-backed security was an artifact of the past, think again. Nomura Holdings and Angel Oak Capital have a deal that may help revive the part of the market that went bust during the crisis. Their success could encourage more banks to dip their toes back into riskier mortgages.
March 24 -
BB&T's auto-finance division will stop dealers from marking up the price on sales contracts, and instead will offer a flat-fee compensation program.
June 19 -
California Republic Bancorp in Irvine has securitized and sold $238 million of notes backed by its car loans.
June 21
California Republic Bancorp in Irvine has securitized and sold $390 million in notes backed by prime automobile loans.
The $1.3 billion-asset company
California Republic Bank has issued a total of nine auto-loan securitizations in its history, totaling $2.5 billion.
"In 2015 we expect to execute progressively larger securitizations each quarter," President John DeCero said in a news release.
Credit Suisse Securities was underwriter, sole bookrunner and placement agent on the offering. Mitchell Silberberg & Knupp was legal counsel.