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Leveraged Loan Funds See 14th Outflow In Last 16 Weeks; Year-To-Date Sum Falls Into The Red

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Fitch Rates Nelnet Student Loan Trust 2014-6

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Fitch Ratings assigns ratings to Nelnet Student Loan Trust (NSLT) 2014-6 student loan asset-backed notes as follows:

–$565,000,000 class A notes ‘AAAsf’; Outlook Stable;

–$8,300,000 class B notes ‘A+sf’; Outlook Stable.


High Collateral Quality: The trust collateral consists of 100% Federal Family Education Loan Program (FFELP) loans including approximately 65% rehabilitated (rehab) loans. In Fitch’s opinion, the credit quality of the trust collateral is high, based on the guarantees provided by the transaction’s eligible guarantors and at least 97% reinsurance of principal and accrued interest provided by the U.S. Department of Education (ED). The U.S. is currently rated ‘AAA’, Outlook Stable.

Sufficient Credit Enhancement: Cash flow scenarios for class A and B notes were satisfactory under Fitch’s respective stresses. Total credit enhancement (CE) is provided by overcollateralization (OC) and excess spread, and for the class A notes, 1.45% subordination is provided by the class B notes. At closing, total and senior parity are expected to be 101.79% and 103.29%, respectively. A target OC amount equal to the greater of 2.27% of the adjusted pool balance and $2 million must be met before excess spread can be released from the trust.

Adequate Liquidity Support: Liquidity support is provided by an approximate $12.9 million reserve account (2.25% of outstanding note balance), funded at closing with note proceeds. On or after the January 2016 distribution date, the specified reserve requirement will be the greater of 0.25% of the outstanding note balance and 0.10% of the initial note balance.

Acceptable Servicing Capabilities: Nelnet, Inc. will service approximately 36.28% of the NSLT 2014-6 portfolio. Xerox Education Services LLC (Xerox-ES), Great Lakes Educational Loan Services Inc. (GLELSI) and Pennsylvania Higher Education Assistance Agency (PHEAA) will service 47.22%, 9.07% and 7.44%, respectively, of the remaining portfolio. In Fitch’s opinion, all servicers are acceptable servicers of FFELP student loans.


Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades. For further discussion of Fitch’s sensitivity analysis, please see the presale titled ‘NSLT 2014-6′, dated July 28, 2014, available at

Additional information is available at ‘‘.

Applicable Criteria and Related Research:

–’Global Structured Finance Rating Criteria’ (May 20, 2014);

–’Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (June 23, 2014);

–’Representations, Warranties and Enforcement Mechanism in Global Structure Finance Transactions’ (April 17, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions

Additional Disclosure

Solicitation Status


Security Upgrades & DowngradesFinanceFitch RatingsFFELP

Fitch Ratings

Primary Analyst

Nicole Edwards, +1-212-908-9114


Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004


Secondary Analyst

Victoria Ohorodnyk, +1-212-908-0866

Associate Director


Committee Chairperson

Tracy Wan, +1-212-908-9171

Senior Director


Media Relations

Sandro Scenga, New York, +1-212-908-0278

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Fitch Affirms Nelnet Student Loan Trust Series 2009-3

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Osum Oil Sands Corp. Acquires Orion Oil Sands Project and Closes Senior Secured Credit Facilities

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RAIT Financial Trust Announces Second Quarter 2014 Financial Results

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Vice President Biden Admits He Occasionally Takes Out Payday …

Vice President Joe Biden appeared with Al Sharpton this morning on MSNBC where he spoke candidly about Hillary Clinton, his 2016 presidential aspirations and the financial hardships his family has faced since becoming the vice president. Following is a transcript of that discussion which will air this evening on Sharpton’s show, PoliticsNation, on MSNBC.

AL SHARPTON: Tonight I want to welcome a guest on my own show where I host. Tonight that guest is Joe Biden who is President Obama’s vice president. Welcome to my show, Mr. Vice.

JOE BIDEN:  It’s a pleasure to be with you.

AL SHARPTON: Mr. Vice, I want to start off by asking you about Hillary Clinton saying she was broke when she was removed from the White House.

JOE BIDEN:  I’ve heard Hillary talk about the financial struggles she and President Clinton faced in the early days of their post presidency. Believe me, I know how stressful it can be struggling to make ends meet.

AL SHARPTON:  You’ve struggled too?

JOE BIDEN:  Oh sure. I’m still struggling. Like so many Americans, Jill and I lie awake nights worrying about having enough money to pay the bills.

AL SHARPTON: Pay the bills? But you eat in fancy restaurants with President Obama. You stay in nice hotels. And that suit you’re wearing, it looks pretty expensive.

JOE BIDEN:  (chuckles) I couldn’t afford a suit like this. This is a suit Al Gore left behind at the vice presidential mansion.

AL SHARPTON:  Get outta here!

JOE BIDEN:  It’s true. We found boxes of expensive suits in the attic that he out grew when he got fat.

AL SHARPTON:  Well he’s rich enough now to buy all the fat clothes he wants. He has more money than the Clintons. Maybe even Oprah.

JOE BIDEN:  I think it even surprised him how lucrative his global warming show became.

AL SHARPTON:  And it made him a lot of money, too. You know, people are going to be shocked that you have to wear Al Gore’s clothes.

JOE BIDEN:  Everybody thinks because you’re the vice president you’re rolling in dough. I wish it were true, but it’s not. I’m no different than millions of other Americans who struggle every month to make ends meet.

AL SHARPTON:  Hillary said they had to borrow money to buy houses.

JOE BIDEN:  She was fortunate to know wealthy people willing to lend her large sums of money.

AL SHARPTON:  You tellin’ me you don’t know any rich people?

JOE BIDEN:  As the vice president I interact with wealthy people all the time. But the Biden family’s friends are mostly blue collar workers. Just regular folks struggling to get by. Unfortunately, many of them are unemployed. So no, there isn’t anybody to borrow money from. And even if there were, we’d never be able to pay it back.

AL SHARPTON:  So how do you get by?

JOE BIDEN:  Well, like millions of other Americans, Jill and I live on a tight budget. But even then there are the unexpected expenses that always seem to occur during the the lean times. When the brakes on the car go out or the roof starts to leak.

AL SHARPTON:  How do you manage during those times?

JOE BIDEN:  Sometimes I’ve had to take a payday loan. It doesn’t happen very often, but there have been times it’s been my only option.

AL SHARPTON:  But you’re the vice president of America. Can’t you just go get some money from the place where they make it?

JOE BIDEN: (chuckling) Oh, if it were only that simple. Look, I don’t want anyone thinking we’re going hungry or anything. We’ve eaten for free at the White House plenty of times. But every now and then when our backs are against the wall financially, I’ll head over to an inner city check cashing business and get a payday loan. It’s no big deal. Lots of Americans do it. I’m no better than they are, even if I am the vice president of the United States.

AL SHARPTON:  But my producers told me your wife is a doctor. Can’t she do a few brain surgeons or something? I would think that would bring in a substandard amount of cash.

JOE BIDEN:  Well, she’s not that kind of doctor. Her doctorate is in education.

AL SHARPTON:  So let her operate on some teachers.

JOE BIDEN: Although Jill’s duties as the second lady keep her very busy, sometimes on her days off the president will slip her a few bucks to do errands for his mother-in-law.

AL SHARPTON:  We only have time for one more last question. If Hillary becomes president, would you considerate being her vice?

JOE BIDEN: (chuckles) Well, I haven’t ruled out putting my own oar in the presidential waters.

AL SHARPTON: (surprised) Whoa, Mr. Vice! You’re gonna to get the wrath of the feminalists for that one. Maybe even from Mr. Clinton, too.

JOE BIDEN: (Looks confused, but smiles and winks anyway)

AL SHARPTON: OK, that’s all the time we have. Thank you for the vice president in joining me on my show, where I host.


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For individuals that are thinking about taking out a payday loans Now

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Freddie Mac 2014 Second Quarter Refinance Report

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When contemplating a payday loans despite the fact it can be alluring

Created By Ufghdfg Sdferff Ndfgdf – Be certain not to get beyond to suit your budget to pay back. For example ,, if he or she make it easier to obtain $1000 and put the car as collateral, yet you only require $200, borrowing far too much may bring about the loss of your automobile for those who are can not pay off your whole financing.

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Labour benefits from £1million donation and loan from cash for peerages millionaire

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The effect of Sir David’s request according to the party’s latest accounts
means that the value of the residual loan increased from £707,000 to nearly

Sir David initially lent the £2.3 million just weeks before the 2005 general
election, to be repaid in 2007. It was secured by Lord Levy, Mr Blair’s
personal fundraiser, and helped finance an 11th hour advertising offensive
for the campaign.

At the time, Sir David was one of four lenders at the heart of the cash for
peerages affair who were nominated for peerages for their service to the

Their nominations were blocked by the Lords after details of the loans – which
were initially undisclosed – emerged. Sir David later asked for his name to
be withdrawn.

Labour’s accounts also included a £1.65million donation from John Mills, the
television shopping tycoon in the form of shares in his company JML.

However, Labour decided not to include any value of the 2.5 per cent stake in
the accounts because it was in a private company and so difficult to trade
in the future.

Labour stressed it would pay any tax that was due on the shares, either when
they were sold or on dividend income from the shares.

Overall Labour topped the league for the highest political party income,
taking in more than £33 million last year, leaving a “surplus” of £5.46

The party last year paid corporation tax of just £14,000, despite declaring in
its accounts that an “expected” tax at a rate of 20 per cent would have been
£1.096 million.

However, after taking into account non-taxable income of £6.65 million and
expenses not deductable for tax purposes of £5.57 million, the bill fell to

A Labour spokesman said: “Corporation tax is paid on taxable profits. We have
not made any taxable profits because we are a not-for-profit organisation.

The Conservatives’ accounts show that it paid £187,000 in tax, after an income
of £25.3 million and a “surplus” of £2.03 million.

The Tories’ accounts show party is debt-free for the first time in nearly two

The party’s 2013 report and accounts show that the party paid off £4.4million
in loans since the beginning of 2013 and the end of last month.

It said: “This means that for the first time since 1995 we do not have any
outstanding external debt beyond constituency association loans.”

The Liberal Democrats brought in £7.3million income and spent £6.8 million.

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