Mall of America gets modified terms on $1.4 billion mortgage
The largest U.S. shopping center became delinquent on its debt last year after its owner Triple Five Group began skipping mortgage payments, citing hardships from the COVID-19 pandemic.
Consumer lending
CFPB well positioned to oversee fintechs, task force says
A panel appointed by the Consumer Financial Protection Bureau said Congress should consider authorizing the bureau — and not the Office of the Comptroller of the Currency — to issue federal charters to fintech companies.
New York leads states’ push to overturn OCC’s ‘rent-a-bank’ rule
Seven states and the District of Columbia want to invalidate a new federal rule that threatens to hinder states’ power to cap interest rates on consumer loans.
Kroll: CMBS delinquencies fell for sixth straight month
While the balance of newly delinquent loans fell by 50% from November, the ratings agency warned that many borrowers will likely struggle to bring loans current under ongoing pandemic conditions.
By
Glen Fest
Saga over regulating debt collectors will continue in 2021
The CFPB issued two rulemakings in 2020 that the financial services industry and consumer advocates hoped would finally clarify key issues over how collectors contact debtors and deal with legacy debts. But both sides want the incoming Biden administration to make further changes.
2021 Outlook: Will more CMBS borrowers choose to turn in the keys?
Reports indicate distressed owners would rather surrender their hotel or retail properties instead of negotiate workouts on delinquent loans as the pandemic spread carries on.
By
Glen Fest
Forbearances climb for third week in a row
With limited plan removals due to the holidays, mortgages in coronavirus-related forbearance rose by 15,000, according to Black Knight.
CFPB fines Nevada lender over alleged Military Lending Act violations
The agency said Omni Financial in Las Vegas illegally required service members to designate a portion of their paychecks to repay loans, depriving of them of other payment options.
Oportun’s bid for bank charter meets resistance
Several consumer advocacy organizations have urged the Office of the Comptroller of the Currency to deny the online lender's application for a national bank charter, citing concerns about its lending and debt-collection practices.
CFPB fines Santander Consumer $4.7M for fair-lending violations
The Consumer Financial Protection Bureau said that the Dallas-based auto lender knowingly supplied inaccurate consumer data to the three major credit reporting agencies.
CFPB orders Discover to pay $35 million for student lending mishaps
The consumer bureau said the bank’s migration to a new servicing platform led to unauthorized payment withdrawals, misrepresentations about what borrowers owed and violations of a prior 2015 enforcement action.
Foreclosures drop to new all-time low in November
About 4,400 loans started the foreclosure process in November, alongside 176,000 mortgages in active foreclosure.
Wells Fargo to sell student loan book to Apollo, Blackstone
The $10 billion portfolio of what are described as high-quality private student loans will be serviced by Nelnet.
Weekly Wrap: Pessimism mounts in subprime auto outlook
Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 11-17
CFPB finalizes disclosure requirements for debt collectors
The agency's rule outlines steps collectors must take to inform consumers about an outstanding debt, and prohibits companies from pursuing lawsuits after a statute of limitations has ended.
Holiday season’s COVID-19 spread leads to climbing forbearances
With infection rates rising and unemployment claims increasing since Thanksgiving, mortgages in coronavirus-related forbearance rose by 37,000 last week, according to Black Knight.
‘Seriously delinquent’ mortgages remain elevated, OCC says
The percentage of seriously delinquent loans hit 5.8% in the third quarter, up from 1.5% a year earlier but down from 6.8% in the second quarter.
Spiking COVID cases lead to increase in new forbearance starts
While 12,000 mortgages exited forbearance, the most borrowers entered forbearance protection in a week since early September, according to Black Knight.
What Biden’s pledge to forgive student loans means for consumer lenders
The president-elect’s plan to eliminate $10,000 of debt would help borrowers meet other loan obligations, reducing their risk of default. Yet the banking industry seems wary of the precedent it could set.
Continental shifts to master trust for new subprime card ABS issuance
The new revolving platform will allow the credit-card issuer to periodically assign new accounts into the existing collateral pool without having to establish a new trust for each issuance.
By
Glen Fest
Load More
Couldn’t load more articles. Try again.