Farmer Mac fires CEO for violating company policies
Farmer Mac has terminated President and CEO Timothy Buzby for violating company policies not related to its financial and business performance.
Commercial lending
Late payments on CMBS loans inch lower in November
The Trepp CMBS delinquency rate is now 5.18%, a decrease of three basis points from the October level; declines were limited to the industrial, multifamily and office subindexes.
Opinion Madden ruling was a step backward. Congress should fix it
The court decision regarding the “valid when made” doctrine moved us further away from creating a more effective and inclusive financial system.
Raj Date
Fenway Summer
TCF exits auto lending, warns of $80M restructuring charge in 4Q
Citing the dim financial outlook for a business it entered just six years ago, the Wayzata, Minn., company will stop making auto loans on Dec. 1.
UK’s Close Bros. embarks on second auto-lease securitization
The €309 million Orbita Funding 2017-1 plc follows a 2016 transaction by the venerable British bank.
By
Glen Fest
LendingClub boosts MPL credit metrics in 3rd self-sponsored ABS
The prime consumer loans backing the $330M CLUB Credit Trust 2017-P2 transaction include a greater percentage of higher-FICO borrowers.
By
Glen Fest
Seeking bigger U.S. presence, Barclays joins crowded online lending market
The British banking giant has been testing its new online lending platform with a handful of its U.S. customers and plans to roll it out in full force next year. It's all part of a broader effort to expand its U.S. consumer business beyond credit cards.
Cleveland Fed withdraws online lending study after doubts arise
Fed researchers purported to show that consumers who use peer-to-peer loans have bad financial outcomes, but questions quickly emerged about the data they used.
Four Club Quarters hotels back next Blackstone-sponsored CMBS
The properties have a total of 1,228 rooms, or "keys" located across four major U.S. cities: San Francisco (346 keys; 39.4% of allocated loan amount), Chicago (429 keys; 26.4%), Boston (178 keys; 18.2%) and Philadelphia (275 keys; 16%).
Online loans leave consumers deeper in debt, Fed research says
Consumers who have borrowed from online lenders owe more and have lower credit scores than similarly situated consumers who have not used online lenders, according to a study released Thursday by the Cleveland Fed. The provocative findings seem likely to spark intense debate.
SoFi extracts additional funding in latest consumer loan ABS
Four tranches of rated notes totaling $591 million were issued, resulting in an advance rate of 92% vs 88% for the previous deal; pricing also improved.
LendingClub’s pullback amplifies consumer debt-load worries
The San Francisco firm is the latest U.S. lender to tighten credit standards amid concerns that consumers are shouldering too much debt.
LendingClub originations rose 34% in Q3
The San Francisco-based lender still posted losses in its portfolio, although those declined considerably from the year-ago period.
How banks can beat digital lenders at their own game
Amid the rise of online lending earlier this decade, banks were derided as being too slow to adapt. But over time it's become clear that banks hold key advantages over lending startups.
Hyundai lowers base residual value on next auto lease ABS
To compensate for weakening used car prices, Hyundai has lowered the base residual value, or the amount it expects to be recovered when cars come off lease and are resold.
Leveraged lending guidance in limbo after GAO move
A GAO determination has effectively nullified a 2013 leveraged lending guidance. But that leaves the future uncertain about what, if anything, regulators will devise to replace it — and how banks should treat such loans in the meantime.
Late payments on CMBS loans drop again in October
The delinquency rate for U.S. commercial real estate loans in CMBS is now 5.21%, a decrease of 19 basis points from the September level, according to Trepp. That is the second-largest rate drop measured in the last 19 months.
Auto lenders brace for losses from Harvey, Irma and Maria
The hurricanes destroyed hundreds of thousands of cars, and banks are significantly boosting their reserves in anticipation of higher defaults on auto loans. But there is also a silver lining for auto lenders.
GM Financial sees more “headwinds” from residual values
The captive finance arm of General Motors has been pulling back on leasing, but it still expects to be negatively impacted by falling used car prices for the remainder of the year.
By
Glen Fest
U.S. fintech industry jealously eyes U.K. regulatory scheme
British regulators are touting the success of their so-called regulatory sandbox. Their American counterparts have been unable to agree on a comprehensive scheme to foster innovation.
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