Online lenders reach landmark settlement with Colorado
Under the agreement, fintechs and their bank partners will have a safe legal harbor to offer loans, as long as their interest rates do not exceed 36% and they meet various other standards.
Consumer lending
S&P: Covid-19 extension rates for auto loans growing shorter
For the second consecutive month, the average extension rate in June for troubled loans due to pandemic-related stresses on borrowers shrank in both prime and subprime loan sectors.
By
Glen Fest
Household debt falls for first time since 2014
Credit card balances declined most sharply as consumers cut back their spending due to the coronavirus pandemic and associated shutdown orders, the New York Fed said Thursday. But delinquencies also fell across all debt categories, thanks to government and lender relief efforts.
Housing groups seek change to FHA loan restriction on student debt
An industry coalition wants to ensure borrowers who took out certain types of loans to fund their education aren’t locked out of access to historically low mortgage rates.
5 mortgage-related policies that are in flux due to the coronavirus
From guidelines for remote appraisal alternatives to the ways that forbearance affects borrowers' ability to get new loans, here are five examples of mortgage requirements that have been in flux since the coronavirus outbreak in the United States.
Will GOP plan to slash unemployment aid trigger wave of loan defaults?
The enhanced jobless benefits in the coronavirus relief law enacted in March helped limit delinquencies and maintain consumer spending, analysts say. In their follow-up stimulus plan, Senate Republicans want to cut those benefits from $600 to $200 a week.
Lenders fear mass defaults unless unemployment benefits are extended
The CEOs of the credit card lenders Discover and Synchrony are urging Congress to come through with another round of government stimulus so that struggling households can continue paying their bills.
Cracks begin to show in multifamily lending
Delinquencies have been ticking up since the start of the coronavirus pandemic and Capital One is warning of more pain unless the government provides additional relief to tenants and landlords.
ABS update: S&P trims global 2020 issuance forecast by 25%
The coronavirus impact in the U.,S. alone has resulted in a 30% year-over-year decline across securitizations, CLOs and MBS.
By
Glen Fest
Former Ginnie Mae chief calls for liquidity facility
The measures currently ensuring mortgage companies have sufficient cash to cover advances aren't necessarily sustainable, warns Ted Tozer, a senior fellow at the Milken Institute and a former government official.
Rebound in used-car purchases helps Ally post modest 2Q profit
Some 60% of Ally’s auto originations in the second quarter were used-vehicle loans, the highest percentage in the company's history.
Lawmakers question mortgage servicers’ compliance with CARES Act
The coronavirus relief law allows forbearance plans for up to a year on federally backed mortgages, but House Democrats say homeowners have had difficulty getting relief.
Moody’s: CAC’s next subprime auto ABS projects 30% cumulative losses
Credit Acceptance Corp.'s second securitization of 2020 has a higher loss rate than the first deal due to COVID-19 worries, as well as rising loss levels in the lender's recent-vintage securitizations.
By
Glen Fest
Wells Fargo buys $14B of delinquent mortgages tied to pandemic
The amount far surpassed that of any other servicer required to purchase Ginnie Mae-backed loans that were 90 days past due.
As mortgage woes return, lessons from last crisis come to light
A subprime-related settlement between the government and Deutsche Bank provided meaningful benefits to some U.S. consumers in need, according to a new report. But the author acknowledged that those gains could prove illusory for some consumers given the coronavirus crisis.
Subprime auto pipeline includes debut ABS issuer
More than $2.5 billion in new subprime auto securitization deals hit the market this week, including a portfolio of indirect loans pooled by first-time issuer First Help Financial.
By
Glen Fest
SoFi applies to open a national bank
If it’s approved, the charter is expected to lower the fintech’s cost of funds and allow for more product offerings. It comes nearly three years after SoFi pulled the plug on an earlier effort to open an industrial bank.
CFPB declares most agency rules still valid after high court decision
The agency sought to provide certainty that most actions from the past eight years remain in effect despite the ruling that the bureau's leadership structure is unconstitutional.
CFPB political appointee to be named agency’s No. 2: Sources
Tom Pahl, a former longtime regulator at the Federal Trade Commission, has led key rulemaking efforts for the consumer bureau.
Smaller banks have more risk from coronavirus-affected CRE mortgages
For banks with assets between $10 billion and $100 billion, the average exposure is 165% of capital.
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