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The San Francisco company reported a $32 million loss during the fourth quarter, bringing its losses for the full year to $146 million. For the sake of comparison, Lending Club reported profits of $4.6 million in the fourth quarter of 2015.
The risk of disruption during a potential servicing transfer is worse for bonds backed by private student loans than for bonds backed by federally guaranteed student loans.
Royal Bank of Canada is securitizing its first U.S. dollar-denominated credit-card receivables portfolio of the year in an asset-backed transaction through the Golden Credit Card Trust.
Consumer Financial Protection Bureau Director Richard Cordray has managed to keep his job for more than two weeks into a Trump administration, despite repeated calls by House Republicans for him to be fired.
Ally Financial is marketing $664.45 million in notes secured by the receivables on inventory credit lines it underwrites for dealers primarily franchised with General Motors and Chrysler USA.
Mariner Finance is prepping a first-time $225 million asset-backed notes issuance supported by nearly 90,000 subprime and nonprime personal loans. Over 60% of the loans in the 'BBB+'-rated deal are unsecured and nonprime.
Subprime auto lenders Credit Acceptance Corp. and First Investors are marketing a combined $575 million of asset-backeds.
Like other increasingly risk-averse subprime auto lenders. AmeriCredit has boosted the credit quality of the collateral for its first securitizaton of the year.
SoFi, the online lender that caters to well-heeled millennials, has reached an agreement with Promontory Interfinancial Network to sell student loans to community and regional banks.
The Consumer Financial Protection Bureau and the New York attorney general filed a lawsuit Tuesday against a New Jersey law firm and its owner for allegedly luring 9/11 first responders and football players with brain injuries into taking out loans with high interest rates as advances on settlements.
Student loan servicer Navient is marketing $1billion of bonds backed by federally guaranteed student loans, according to rating agency presale reports.
SuttonPark Marketing is offering its fourth structured-settlement payments securitization backed by court-ordered personal injury and lottery settlements. The company has acquired $1.23 billion of structured settlement payment accounts since 2009.
Scotiabanks Securitized Term Auto Receivables Trust 2017-1 (SSTRT) will issue $500 million in U.S.-denominated senior notes across four tranches. The US$400 million BMW Canada Auto Trust 2017-1 (BMWCA) is the third term securitization of retail auto lease contracts originated by BMW Canadas dealer network. Its previous deals were in 2015 and 2016.
Two lenders, DriveTime Car Sales and Mechancis Bank, launched a combined $854 million of auto loan-backed securities Friday.
Late payments on both prime and subprime securitized auto loans continued to rise in December, reaching a five-year high according to Fitch Ratings.
Prosper Marketplace, a pioneering online lender that has struggled recently, has hired a former USAA executive as its chief financial officer.
Fintech Convergence Accelerates as Social Finance Buys Zenbanx, which offers a mobile banking account designed to appeal to international travelers.
OneMain Holdings has gained a two-notch ratings promotion for its second overall subprime securitization of cash-out refi auto loans.
The State Board of Regents of the State of Utah plans to issue $418 million of bonds backed by federally guaranteed student loans.
JPMorgan Chase is securitizing its first batch of CHASEseries notes backed by credit card receivables this year in a $900 million single-class series transaction, according to a regulatory filing.
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