Forbearance activity rises for first time in six weeks
Over 3.6 million borrowers sit in coronavirus-related forbearance with portfolio and private-label securitized loans driving the week's increase, according to Black Knight.
Consumer lending
Weekly Wrap: Another month of declining CMBS delinquencies
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 25-Oct. 1
By
Glen Fest
Weekly Wrap: Will flex-space opportunities trump current COVID-19 woes?
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 18-24
By
Glen Fest
Dan Fuss shuns CLOs in his funds as Fed can’t save everything
“The Fed has made it clear that they don’t want a liquidity problem in the Treasury market or the higher-grade corporate market,” Fuss said. “They cannot, unfortunately, underwrite lending in the private markets.”
Carvana earnings send stock price soaring, while lender plans debt offering
Shares of the company surged 31% in New York on Tuesday after it projected record revenue and profit margins. The stock has rallied almost 150% this year as Americans have turned to buying household essentials, entertainment and, increasingly, used cars online.
Honda prices upsized $2.1B prime loan securitization
Market conditions allowed for a larger bond issuance, as well as interest rate pricing that was less than half that of the coupons the captive-finance lender offered investors from its prior May issuance of auto loan asset-backed securities.
By
Glen Fest
Trepp: Near-term CRE maturities may be driving ‘strategic’ defaults
A new report on bank-held commercial real estate and C&I loans indicates troubled borrowers may be skipping payments on loans they won't be able to refinance or extend over the next year, leading to a potential wave of defaults over the next four to six quarters.
By
Glen Fest
Trio of consumer lenders launch first 2020 ABS deals
Liberty Lending, Upstart Network and Regional Management Corp. are looking to price bonds backed by pools of unsecured consumer loans, amid market worries about the sectors' potential challenges during the COVID-19 outbreak.
By
Glen Fest
CFPB gets tough with debt collectors as it readies rule
The financial industry has praised the measured approach taken in a pending regulation on permitted communications with consumers. But two recent complaints by the bureau against debt collectors reflect a potentially aggressive enforcement stance.
CMBS delinquency rate down in August, but ominous conditions remain
Some of the cures were the result of short-term remedies and could reverse as relief measures end.
Fitch: Expiring deferrals may lead to near-term spike in MPL defaults
The ratings agency reports that the MPL industry might reckon with a potential spike in defaults as borrowers are rolled out of two- and three-month COVID-19 hardship programs.
By
Glen Fest
CPS credit quality improves, but pandemic risks remain in new deal
Both Moody's and DBRS Morningstar project elevated credit-loss levels for the auto lender, compared to prior deals, due to COVID-19 uncertainties
By
Glen Fest
Online loans are holding up better than expected
Fintech lenders that reported a surge in missed payments at the start of the pandemic have seen credit quality rebound substantially since. But credit performance could still deteriorate if high unemployment persists and Congress fails to enact more relief measures.
World Omni boosts long-term prime collateral in nonprime ABS pool
The share of 78-month loans is at 14.9%, compared to approximately 10% in World Omni's previous issuance from its subprime/nonprime shelf.
By
Glen Fest
Banks, consumer groups both got what they wanted in ‘mini-CFPB’ bill
The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms.
Student borrower protection bill on verge of passage in California
The legislation, which would apply to both banks and nonbanks, would give borrowers the right to sue for damages when servicing violations occur.
Borrowers in RMBS pools emerging from COVID-19 relief programs
Three non-QM deal issuers in August report varying levels of progress in moving borrowers from expired forbearance programs.
By
Glen Fest
Prepayment rate hits 16-year high as serious delinquencies spike
As interest rates tumbled throughout July, prepayments climbed to the highest monthly rate since 2004, but 90-days-or-more delinquencies were on the rise from June, according to Black Knight.
Mortgages facing hardship grow 8x annually in July: TransUnion
Positive payment behaviors in conjunction with CARES Act measures kept mortgage delinquencies from rising, but the number of borrowers facing hardship grew exponentially from last year, according to TransUnion.
CFPB proposes a new category of ‘seasoned’ qualified mortgages
The Consumer Financial Protection Bureau says the proposal would increase access to credit, but consumer groups argue that it will encourage lenders to make high-cost loans while protecting them from legal liability.
Load More
Couldn’t load more articles. Try again.