'Barclaycard is holding on to cash I was refunded over timeshare scam'

When Thomas Lynch and his wife bought into a bogus timeshare company they
managed to get most of the money refunded. But Barclaycard kept hold of some
of this cash without reason

Several years ago my wife and I bought into a timeshare company. In due
course we discovered that it was bogus, hiding behind “offices” in
Spain and Gibraltar that we understand have now gone into liquidation.

After many months of trying unsuccessfully to claim back our money, just
under £7,000, we engaged a reclaim company to do so on our behalf.
Eventually it was successful in obtaining three quarters of the original sum
back from Barclaycard. For this very satisfactory service we paid the claims
company a previously agreed fee.

Barclaycard has, however, retained the remaining quarter of our outlay, or
£1,731. We have written to it twice but it has failed to respond. We have
now waited patiently for almost a year for this matter to be resolved and,
as elderly pensioners, time is not on our side. Is there anything you can
do?

TL, Kent

You had a good experience with a timeshare in the past. Then, about six years
ago, your wife’s declining health meant that the one you had was no longer
suitable. You decided to acquire a different one through another
organisation.

Under Section 75 of the Consumer Credit Act the credit card company ordinarily
shares liability with the merchant where there is breach of contract or
misrepresentation for certain transactions worth between £100 and £30,000.

You duly paid by credit card.

When it turned out that the new timeshare deal was not as it had been
presented to you, you approached Barclaycard, battling long and hard to get
redress without success.

The claims management company you went to took a 20pc cut of the payment you
received, which was only three quarters of the sum you had lost on the
timeshare.

Normally such an arrangement would have been in full and final settlement, and
a line would have been drawn under this.

So it was with a degree of pessimism that I approached Barclaycard.

It took a full two months to come back, despite my prompting. Such a delay
always makes me see an amber light, particularly when the response is as
bland as the one Barclaycard came up with.

It said: “We reached an agreement with Mr Lynch through his third-party
claims management company in August last year and made a settlement that was
accepted by both parties. On the basis that this was agreed and paid, we are
unable to review the claim further.”

Sensing that something might not be quite right, I asked for evidence that
this had been in full and final settlement.

I was briskly assured it had been but was also told that Barclaycard was
constrained from showing the paperwork to me for data protection reasons.

Now (NYSE: DNOWnews) , however, having established that this was not an issue, Barclaycard
admits that the paperwork I was led to believe it had immediately to hand
was in fact nowhere to be found.

Barclaycard has therefore now reimbursed the remaining £1,731 of the Section
75 claim and comes out of this episode discredited.

You have given a 10th of this sum to charity.

• Find out how to contact Jessica here

Article source: http://uk.finance.yahoo.com/news/barclaycard-holding-cash-refunded-over-100112204.html

Elara Completes $120 Million Term Securitization Of Timeshare Loans

DALLAS, Nov. 24, 2014 /PRNewswire/ — Elara, a Hilton Grand Vacations Club resort, located in Las Vegas, NV, announced today that it has completed a term securitization transaction with the issuance of $120 million of asset-backed notes by its affiliate, Elara HGV Timeshare Issuer 2014-A, LLC. The transaction, backed by timeshare loans originated through a fee-for-service arrangement with Hilton Grand Vacations, is the first issuance sponsored by a fee-for-service timeshare owner.

Approximately $107 million of A-rated notes and $13 million of BBB-rated notes were offered in a private placement within the United States to qualified institutional buyers pursuant to Rule 144A and outside the United States in accordance with Regulation S under the Securities Act of 1933, as amended. The notes were backed by vacation ownership loans and had interest rates of 2.53% and 3.02%, respectively, for an overall weighted average interest rate of 2.58%. All of such securities having been sold, this announcement of their sale appears as a matter of record only.

Lantern Asset Management provides asset management services for Elara and facilitated this unique transaction fortifying the opportunity for subsequent securitizations of fee-for-service and capital-light ventures.  

About Elara, a Hilton Grand Vacations Club Resort
Elara, a Hilton Grand Vacations Club Resort is a 52-story, 1,201-key timeshare resort located center-strip in Las Vegas, Nevada across from CityCenter.  The resort opened to the public in December 2009, and was branded by Hilton Grand Vacations (“HGV”), the timeshare division of Hilton Worldwide, in March 2012. Elara receives a full suite of services from HGV including day-to-day property management, sales and marketing, as well as servicing and collections related to newly originated consumer timeshare loans. Elara is a member of the Hilton Grand Vacations Club, a points-based exchange club which is comprised of over 220,000 members with access to 4,000+ Hilton properties globally. Resort Finance America, headquartered in Orlando, Florida, owns a controlling interest in Elara and is a portfolio company of Centerbridge Partners, L.P.  Resort Finance America makes debt and equity investments across the timeshare industry.

About Lantern Asset Management
Lantern Asset Management is a full-service asset management firm building value through origination, underwriting, acquisition and improving the performance of operating assets and related investments. Lantern’s asset management platform provides both financial resources and operational expertise to help transform businesses into industry leading enterprises. In addition to Elara, Lantern’s mandates include Bluejack National, Beacon Land Development, Montage Kapalua Bay, Sunrise Lodge, and Resort Finance America.  Lantern is headquartered in Dallas, TX.

Contact: Josh Governale
josh.governale@lanternam.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/elara-completes-120-million-term-securitization-of-timeshare-loans-300000139.html

Article source: http://ca.finance.yahoo.com/news/elara-completes-120-million-term-140000804.html

Timeshare Owner Education Goes Next-Gen

  • Email a friend

…We want Happy, Engaged, and Informed timeshare owners, who are excited about finding that next perfect getaway…

(PRWEB) November 24, 2014

The National Timeshare Owners Association has retained Barker Associates to produce interactive and dynamic content for its member education program, with the goal of encouraging new timeshare owners to get the most enjoyment out of their vacation ownership. Development will focus on presenting material in a fun and engaging way. This interactive learning approach will be especially important in reaching the key Gen Y demographic.

“For nearly twenty years, the NTOA has been focused on educating owners about the benefits and usage of timeshare and we are extremely pleased to have Chad J. Barker and his team working alongside of us,” said Gregory Crist, CEO of the NTOA. “The transformation of our education programs into new interactive workshops held during our regional meetings along with recorded webcasts will be invaluable to all of our members”, Crist continued.

In addition to the “Solving for Y” blog (http://www.barkerandassociates.net), Barker has contributed several articles for industry publications, all focusing on Gen Y and its burgeoning relationship to timeshare. He has provided research and educational materials for ARDA, AIF, and several prominent timeshare developers. He also sits on ARDA’s HOA Outreach Committee. Through this partnership, he will be aligning with NTOA’s primary educational partners, the Timeshare Board Members Association, and DAE, a leader in exchange and rentals.

“Getting to work with Greg and NTOA is beyond cool,” said Barker. “We want Happy, Engaged, and Informed timeshare owners, who are excited about finding that next perfect getaway. Owner satisfaction is the lifeblood of this industry and by offering quality ‘education’ we can foster a vibrant online community of such people, spreading those positive stories and experiences that too often fall through the cracks. And, of course, interactive content and brand advocacy are the best ways to get the younger crowd involved. What I love is that, in this context, the brand is ‘Timeshare’.”

About NTOA

As the premier organization giving a united voice to the nearly 8 million timeshare owners in the United States and Canada, the NTOA proactively seeks opportunities to promote the timeshare industry’s continued growth and positive public image. Their website is: http://www.nationaltimeshareownersassoc.com. Contact: Greg Crist, CEO at greg(at)ntoassoc(dot)com.

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Article source: http://www.prweb.com/releases/2014/11/prweb12347679.htm

Fitch: U.S. Timeshare Delinquencies Remain Low; Defaults Down

CHICAGO–(BUSINESS WIRE)–

U.S. timeshare ABS delinquencies stabilized in the third quarter following the return to historically normal levels, according to the latest index results from Fitch Ratings. Delinquencies remain lower compared to third quarter-2013 (3Q’13).

Total delinquencies for 3Q’14 were 2.89%, down slightly from 2.92% in 2Q’14 and down further from 3.14% in 3Q’13. Consistent year-over-year improvement has been observed for two years. Furthermore, this is the lowest level of delinquencies reported by the Fitch index since 2007.

Defaults are down compared to last quarter, and are also showing year-over-year improvement. Defaults for 3Q’14 were 0.55%, down from 2Q’14 at 0.66%, and from the 0.64% observed a year ago for 3Q’13. The decrease this quarter is attributed to both seasonality and the inclusion of a new issuer with limited defaults to date. Though this is the lowest quarterly reported number since June 2008, the rate is still somewhat elevated compared to pre-recessionary levels.

On an annualized basis (rolling 12 months), defaults were 7.10% for 3Q’14, down from 7.45% for 2Q’14. This represents over two years of consecutive quarterly improvement as well as the lowest level of defaults for timeshare ABS in over four years.

Fitch’s Rating Outlook for timeshare ABS remains Stable due in part to the delevering structures found in timeshare transactions and ample credit enhancement levels.

Fitch’s timeshare ABS index is an aggregation of performance statistics on pools of securitized timeshare loans originated by various developers. Expected cumulative gross defaults on underlying transactions can range from 9% to above 20%. While delinquencies and defaults may vary on an absolute basis, most transactions supporting the index exhibit similar overall trends.

The Fitch timeshare performance index summarizes average monthly delinquency (over 30 days) and gross default trends tracked in Fitch’s database of timeshare asset backed securities (ABS) dating back to January 1997 and is available on a quarterly basis.

Fitch’s quarterly index can be found at ‘www.fitchratings.com‘ under the following headers:

Sectors Structured Finance ABS ABS Indices Timeshare

Contact:

Additional information is available at ‘www.fitchratings.com‘.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Article source: http://finance.yahoo.com/news/fitch-u-timeshare-delinquencies-remain-161200743.html

Fitch: U.S. Timeshare Delinquencies Remain Low; Defaults Down

CHICAGO–(BUSINESS WIRE)–

U.S. timeshare ABS delinquencies stabilized in the third quarter following the return to historically normal levels, according to the latest index results from Fitch Ratings. Delinquencies remain lower compared to third quarter-2013 (3Q’13).

Total delinquencies for 3Q’14 were 2.89%, down slightly from 2.92% in 2Q’14 and down further from 3.14% in 3Q’13. Consistent year-over-year improvement has been observed for two years. Furthermore, this is the lowest level of delinquencies reported by the Fitch index since 2007.

Defaults are down compared to last quarter, and are also showing year-over-year improvement. Defaults for 3Q’14 were 0.55%, down from 2Q’14 at 0.66%, and from the 0.64% observed a year ago for 3Q’13. The decrease this quarter is attributed to both seasonality and the inclusion of a new issuer with limited defaults to date. Though this is the lowest quarterly reported number since June 2008, the rate is still somewhat elevated compared to pre-recessionary levels.

On an annualized basis (rolling 12 months), defaults were 7.10% for 3Q’14, down from 7.45% for 2Q’14. This represents over two years of consecutive quarterly improvement as well as the lowest level of defaults for timeshare ABS in over four years.

Fitch’s Rating Outlook for timeshare ABS remains Stable due in part to the delevering structures found in timeshare transactions and ample credit enhancement levels.

Fitch’s timeshare ABS index is an aggregation of performance statistics on pools of securitized timeshare loans originated by various developers. Expected cumulative gross defaults on underlying transactions can range from 9% to above 20%. While delinquencies and defaults may vary on an absolute basis, most transactions supporting the index exhibit similar overall trends.

The Fitch timeshare performance index summarizes average monthly delinquency (over 30 days) and gross default trends tracked in Fitch’s database of timeshare asset backed securities (ABS) dating back to January 1997 and is available on a quarterly basis.

Fitch’s quarterly index can be found at ‘www.fitchratings.com‘ under the following headers:

Sectors Structured Finance ABS ABS Indices Timeshare

Contact:

Additional information is available at ‘www.fitchratings.com‘.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Article source: http://finance.yahoo.com/news/fitch-u-timeshare-delinquencies-remain-161200743.html

Fitch: U.S. Timeshare Delinquencies Remain Low; Defaults Down

CHICAGO–(BUSINESS WIRE)–

U.S. timeshare ABS delinquencies stabilized in the third quarter following the return to historically normal levels, according to the latest index results from Fitch Ratings. Delinquencies remain lower compared to third quarter-2013 (3Q’13).

Total delinquencies for 3Q’14 were 2.89%, down slightly from 2.92% in 2Q’14 and down further from 3.14% in 3Q’13. Consistent year-over-year improvement has been observed for two years. Furthermore, this is the lowest level of delinquencies reported by the Fitch index since 2007.

Defaults are down compared to last quarter, and are also showing year-over-year improvement. Defaults for 3Q’14 were 0.55%, down from 2Q’14 at 0.66%, and from the 0.64% observed a year ago for 3Q’13. The decrease this quarter is attributed to both seasonality and the inclusion of a new issuer with limited defaults to date. Though this is the lowest quarterly reported number since June 2008, the rate is still somewhat elevated compared to pre-recessionary levels.

On an annualized basis (rolling 12 months), defaults were 7.10% for 3Q’14, down from 7.45% for 2Q’14. This represents over two years of consecutive quarterly improvement as well as the lowest level of defaults for timeshare ABS in over four years.

Fitch’s Rating Outlook for timeshare ABS remains Stable due in part to the delevering structures found in timeshare transactions and ample credit enhancement levels.

Fitch’s timeshare ABS index is an aggregation of performance statistics on pools of securitized timeshare loans originated by various developers. Expected cumulative gross defaults on underlying transactions can range from 9% to above 20%. While delinquencies and defaults may vary on an absolute basis, most transactions supporting the index exhibit similar overall trends.

The Fitch timeshare performance index summarizes average monthly delinquency (over 30 days) and gross default trends tracked in Fitch’s database of timeshare asset backed securities (ABS) dating back to January 1997 and is available on a quarterly basis.

Fitch’s quarterly index can be found at ‘www.fitchratings.com‘ under the following headers:

Sectors Structured Finance ABS ABS Indices Timeshare

Contact:

Additional information is available at ‘www.fitchratings.com‘.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Article source: http://finance.yahoo.com/news/fitch-u-timeshare-delinquencies-remain-161200743.html

Fitch: U.S. Timeshare Delinquencies Remain Low; Defaults Down

CHICAGO–(BUSINESS WIRE)–

U.S. timeshare ABS delinquencies stabilized in the third quarter following the return to historically normal levels, according to the latest index results from Fitch Ratings. Delinquencies remain lower compared to third quarter-2013 (3Q’13).

Total delinquencies for 3Q’14 were 2.89%, down slightly from 2.92% in 2Q’14 and down further from 3.14% in 3Q’13. Consistent year-over-year improvement has been observed for two years. Furthermore, this is the lowest level of delinquencies reported by the Fitch index since 2007.

Defaults are down compared to last quarter, and are also showing year-over-year improvement. Defaults for 3Q’14 were 0.55%, down from 2Q’14 at 0.66%, and from the 0.64% observed a year ago for 3Q’13. The decrease this quarter is attributed to both seasonality and the inclusion of a new issuer with limited defaults to date. Though this is the lowest quarterly reported number since June 2008, the rate is still somewhat elevated compared to pre-recessionary levels.

On an annualized basis (rolling 12 months), defaults were 7.10% for 3Q’14, down from 7.45% for 2Q’14. This represents over two years of consecutive quarterly improvement as well as the lowest level of defaults for timeshare ABS in over four years.

Fitch’s Rating Outlook for timeshare ABS remains Stable due in part to the delevering structures found in timeshare transactions and ample credit enhancement levels.

Fitch’s timeshare ABS index is an aggregation of performance statistics on pools of securitized timeshare loans originated by various developers. Expected cumulative gross defaults on underlying transactions can range from 9% to above 20%. While delinquencies and defaults may vary on an absolute basis, most transactions supporting the index exhibit similar overall trends.

The Fitch timeshare performance index summarizes average monthly delinquency (over 30 days) and gross default trends tracked in Fitch’s database of timeshare asset backed securities (ABS) dating back to January 1997 and is available on a quarterly basis.

Fitch’s quarterly index can be found at ‘www.fitchratings.com‘ under the following headers:

Sectors Structured Finance ABS ABS Indices Timeshare

Contact:

Additional information is available at ‘www.fitchratings.com‘.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Article source: http://finance.yahoo.com/news/fitch-u-timeshare-delinquencies-remain-161200743.html

Fitch: U.S. Timeshare Delinquencies Remain Low; Defaults Down

CHICAGO–(BUSINESS WIRE)–

U.S. timeshare ABS delinquencies stabilized in the third quarter following the return to historically normal levels, according to the latest index results from Fitch Ratings. Delinquencies remain lower compared to third quarter-2013 (3Q’13).

Total delinquencies for 3Q’14 were 2.89%, down slightly from 2.92% in 2Q’14 and down further from 3.14% in 3Q’13. Consistent year-over-year improvement has been observed for two years. Furthermore, this is the lowest level of delinquencies reported by the Fitch index since 2007.

Defaults are down compared to last quarter, and are also showing year-over-year improvement. Defaults for 3Q’14 were 0.55%, down from 2Q’14 at 0.66%, and from the 0.64% observed a year ago for 3Q’13. The decrease this quarter is attributed to both seasonality and the inclusion of a new issuer with limited defaults to date. Though this is the lowest quarterly reported number since June 2008, the rate is still somewhat elevated compared to pre-recessionary levels.

On an annualized basis (rolling 12 months), defaults were 7.10% for 3Q’14, down from 7.45% for 2Q’14. This represents over two years of consecutive quarterly improvement as well as the lowest level of defaults for timeshare ABS in over four years.

Fitch’s Rating Outlook for timeshare ABS remains Stable due in part to the delevering structures found in timeshare transactions and ample credit enhancement levels.

Fitch’s timeshare ABS index is an aggregation of performance statistics on pools of securitized timeshare loans originated by various developers. Expected cumulative gross defaults on underlying transactions can range from 9% to above 20%. While delinquencies and defaults may vary on an absolute basis, most transactions supporting the index exhibit similar overall trends.

The Fitch timeshare performance index summarizes average monthly delinquency (over 30 days) and gross default trends tracked in Fitch’s database of timeshare asset backed securities (ABS) dating back to January 1997 and is available on a quarterly basis.

Fitch’s quarterly index can be found at ‘www.fitchratings.com‘ under the following headers:

Sectors Structured Finance ABS ABS Indices Timeshare

Contact:

Additional information is available at ‘www.fitchratings.com‘.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Article source: http://finance.yahoo.com/news/fitch-u-timeshare-delinquencies-remain-161200743.html

Fitch: U.S. Timeshare Delinquencies Remain Low; Defaults Down

CHICAGO–(BUSINESS WIRE)–

U.S. timeshare ABS delinquencies stabilized in the third quarter following the return to historically normal levels, according to the latest index results from Fitch Ratings. Delinquencies remain lower compared to third quarter-2013 (3Q’13).

Total delinquencies for 3Q’14 were 2.89%, down slightly from 2.92% in 2Q’14 and down further from 3.14% in 3Q’13. Consistent year-over-year improvement has been observed for two years. Furthermore, this is the lowest level of delinquencies reported by the Fitch index since 2007.

Defaults are down compared to last quarter, and are also showing year-over-year improvement. Defaults for 3Q’14 were 0.55%, down from 2Q’14 at 0.66%, and from the 0.64% observed a year ago for 3Q’13. The decrease this quarter is attributed to both seasonality and the inclusion of a new issuer with limited defaults to date. Though this is the lowest quarterly reported number since June 2008, the rate is still somewhat elevated compared to pre-recessionary levels.

On an annualized basis (rolling 12 months), defaults were 7.10% for 3Q’14, down from 7.45% for 2Q’14. This represents over two years of consecutive quarterly improvement as well as the lowest level of defaults for timeshare ABS in over four years.

Fitch’s Rating Outlook for timeshare ABS remains Stable due in part to the delevering structures found in timeshare transactions and ample credit enhancement levels.

Fitch’s timeshare ABS index is an aggregation of performance statistics on pools of securitized timeshare loans originated by various developers. Expected cumulative gross defaults on underlying transactions can range from 9% to above 20%. While delinquencies and defaults may vary on an absolute basis, most transactions supporting the index exhibit similar overall trends.

The Fitch timeshare performance index summarizes average monthly delinquency (over 30 days) and gross default trends tracked in Fitch’s database of timeshare asset backed securities (ABS) dating back to January 1997 and is available on a quarterly basis.

Fitch’s quarterly index can be found at ‘www.fitchratings.com‘ under the following headers:

Sectors Structured Finance ABS ABS Indices Timeshare

Contact:

Additional information is available at ‘www.fitchratings.com‘.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Article source: http://finance.yahoo.com/news/fitch-u-timeshare-delinquencies-remain-161200743.html

Fitch: U.S. Timeshare Delinquencies Remain Low; Defaults Down

CHICAGO–(BUSINESS WIRE)–

U.S. timeshare ABS delinquencies stabilized in the third quarter following the return to historically normal levels, according to the latest index results from Fitch Ratings. Delinquencies remain lower compared to third quarter-2013 (3Q’13).

Total delinquencies for 3Q’14 were 2.89%, down slightly from 2.92% in 2Q’14 and down further from 3.14% in 3Q’13. Consistent year-over-year improvement has been observed for two years. Furthermore, this is the lowest level of delinquencies reported by the Fitch index since 2007.

Defaults are down compared to last quarter, and are also showing year-over-year improvement. Defaults for 3Q’14 were 0.55%, down from 2Q’14 at 0.66%, and from the 0.64% observed a year ago for 3Q’13. The decrease this quarter is attributed to both seasonality and the inclusion of a new issuer with limited defaults to date. Though this is the lowest quarterly reported number since June 2008, the rate is still somewhat elevated compared to pre-recessionary levels.

On an annualized basis (rolling 12 months), defaults were 7.10% for 3Q’14, down from 7.45% for 2Q’14. This represents over two years of consecutive quarterly improvement as well as the lowest level of defaults for timeshare ABS in over four years.

Fitch’s Rating Outlook for timeshare ABS remains Stable due in part to the delevering structures found in timeshare transactions and ample credit enhancement levels.

Fitch’s timeshare ABS index is an aggregation of performance statistics on pools of securitized timeshare loans originated by various developers. Expected cumulative gross defaults on underlying transactions can range from 9% to above 20%. While delinquencies and defaults may vary on an absolute basis, most transactions supporting the index exhibit similar overall trends.

The Fitch timeshare performance index summarizes average monthly delinquency (over 30 days) and gross default trends tracked in Fitch’s database of timeshare asset backed securities (ABS) dating back to January 1997 and is available on a quarterly basis.

Fitch’s quarterly index can be found at ‘www.fitchratings.com‘ under the following headers:

Sectors Structured Finance ABS ABS Indices Timeshare

Contact:

Additional information is available at ‘www.fitchratings.com‘.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Article source: http://finance.yahoo.com/news/fitch-u-timeshare-delinquencies-remain-161200743.html

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