CPS Auto Receivables to raise $291.7 million backed by subprime auto loans
CPS provides auto loans to U.S. consumers who have situational credit problems, but display an ability to pay their obligations, according to the company.
Consumer lending
Carvana markets $168 million ABS based on used vehicle loan portfolio
Rising balances and annual percentage rates alongside lower FICO scores mark used vehicle loan pool.
Mortgage lenders sticking to tight underwriting standards, MBA finds
The Mortgage Bankers Association attributes this to muted demand for home purchases and companies trimming their operations.
Why SoFi may see limited gains from restart of student loan payments
High interest rates could dampen demand for refinancing, which took a hit during the pandemic-era pause in federal student loan payments. "Curb your enthusiasm," one analyst said.
How will the student loan decision impact the mortgage industry?
After a Supreme Court ruling, forgiveness for education debt looks unlikely but some of those exiting forbearance for it get a year-long break on credit and fees that could be helpful.
Drivetime is offering $480 million in notes funded by subprime receivables
DriveTime's latest has initial hard credit enhancement that ranges from 55.70% for the class A notes to 15.40% for the class E notes, and the company just bumped up its warehouse commitment.
Warren to CFPB: Credit card late fees are profit, not a deterrent
Sen. Elizabeth Warren, D-Mass., in a letter to the Consumer Financial Protection Bureau, challenged the idea that credit card late fees serve as a deterrent to delinquency, instead saying issuers told her office that some of them earn tens of millions of dollars collecting late fees.
Americans paid 14% more for financial services last year: Report
Rising interest rates on loans, greater borrowing and higher fees on deposit accounts all contributed to the increase. "Altogether, this paints a picture of debt that could really start to strain the checkbooks of American families," said Meghan Greene, a researcher at the nonprofit organization that authored the report.
Upstart Securitization Trust aims to raise $174 million in consumer loan ABS
No Customers-originated loans were in the UPST 2023-2 pool, but Customers loans are eligible for inclusion during the pre-funding period that ends 60 days after the deal's closing date.
Credit conditions expected to remain poor this year, bank economists say
The American Bankers Association's credit conditions index remained near historic lows despite a slight uptick in the most recent quarter. Pessimism pervaded the outlook for both business and consumer lending.
At CFPB hearing, Sen. Vance blasts the Federal Reserve and JPMorgan Chase
Sen. JD Vance, R-Ohio, lambasted the Federal Reserve for increasing the dominance of "too big to fail" banks and failing to rein in systemic risk. He asked whether the Office of the Comptroller of the Currency is a better regulator than the Fed.
Citizens to end car dealer financing program this summer
The Providence, R.I.-based bank has been scaling down its indirect auto lending program since last year.
Private credit shop Castlelake joins consumer-debt push
Direct lenders are trying to get their hands on consumer loans, cutting into banks' business and taking advantage of the sometimes volatile market for asset-backed debt.
Rise in consumer loan delinquencies signals end of pandemic trend
Delinquency rates in credit cards, auto and personal loans are effectively back to normal after three years of unusually strong credit performance. Industry executives say the current situation is easily manageable, but they do anticipate that key metrics will continue to worsen.
Lobel Financial comes to market with inaugural deal to raise $178.7 million in ABS
A vast majority of the collateral, a combined 82.73%, have terms of between 49-60 months (58.46%) and 61-72 months (24.27%), while a slight majority of the pool (51.66%) have no credit scores.
Personal loans will secure $300 million in ABS from Landmark Funding Trust
Landmark Funding Trust does not include a class E tranche, and overcollateralization has increased to 21.00% of the initial adjusted loan principal balance, from 10.35%.
Freedom Consumer sponsors $191.1 million in consumer-loan supported ABS notes
The deal launched from the Achieve platform, bringing Freedom Consumer Credit Fund's cumulative issuances across its securitization portfolios to $4.8 billion.
Goldman is considering sale of GreenSky one year after buying it
As the Wall Street giant continues to scale back its consumer banking ambitions, the point-of-sale loan provider that it purchased in 2022 could be the latest target. And CEO David Solomon said there might be more moves ahead.
In wake of failures, bank economists expect weaker credit quality, lighter lending
The American Bankers Association's latest Credit Conditions Index points to a drop in lending and a rise in loan delinquencies through the second and third quarters.
Mortgage credit rises thanks to more jumbo offerings
But overall availability still remained near a 10-year low in March, with government-backed products falling for the third time in four months, the Mortgage Bankers Association found.
Load More
Couldn’t load more articles. Try again.