Congress mulls further coronavirus relief for consumers
If Capitol Hill plans another round of stimulus, Democrats could have more leverage to demand steps such as suspending overdraft fees or placing a temporary cap on consumer lending rates.
Consumer lending
FHFA chief: Coronavirus-related delinquencies could outnumber subprime
Federal Housing Finance Agency Director Mark Calabria said a virus-induced financial crisis might give rise to more delinquencies and foreclosures than the 2007 subprime mortgage meltdown.
CFPB urged to take more active role in coronavirus response
The agency has relaxed some reporting requirements and joined other regulators in encouraging banks to help borrowers, but pressure is building on the bureau to do more to aid consumers suffering financial hardship.
Fed announces aggressive actions to boost liquidity amid virus turmoil
The Federal Reserve committed Monday to conducting more asset purchases of Treasury securities and mortgage-backed securities and announced $300 billion in new financing for credit facilities.
Long-term crisis could put GSEs on unsteady ground, FHFA chief says
Mark Calabria said Fannie Mae and Freddie Mac are currently equipped to handle elevated delinquencies, but they might need congressional or Federal Reserve help if fallout from the coronavirus persists.
Coronavirus testing loan servicers’ mettle
The pandemic has upended staffing plans, sparked concerns about servicers’ capacity to handle the expected crush of missed payments, and even raised questions about their ability to stay afloat.
Democratic senators quiz CFPB on its auto lending policies
Sens. Sherrod Brown and Elizabeth Warren criticized Director Kathy Kraninger for not issuing any public enforcement actions against auto lenders during her tenure.
Small businesses could rely on bridge loans for coronavirus downturn
With small businesses feeling the financial scourge of the coronavirus, bridge loans could be the direction they turn to keep things afloat.
Virus could deal blow to leveraged loans. What’s that mean for banks?
Banks may be protected from a direct hit, but they have invested in vehicles that include such loans, potentially exposing them to defaults.
S&P: CMBS delinquency rates declined in February
The falling rates continue a three-year trend of improving performance across numerous commercial mortgage sectors including multifamily, office and retail.
By
Glen Fest
CFPB chief takes heat from Senate Dems for regulators’ response to virus
Kathy Kraninger was grilled about whether her agency and others were doing enough to cushion consumers from the economic blow of the coronavirus crisis.
Lawmakers say banks need guidance on virus-related workarounds
U.S. lawmakers are pushing regulators to provide room for banks to work out loans with businesses and consumers who may be affected by the coronavirus.
Carvana branches out into subprime auto ABS
Following four prior securitizations of prime auto-loan originations through its Carvana Auto Receivables Trust (CRVNA), the firm will sponsor its first pool of non-prime retail used auto loans underwritten via its e-commerce platform.
By
Glen Fest
Will the U.S. ever enact a national interest rate cap?
Most states have some kind of pricing limit on consumer loans. But proposals for a national usury law divide even Democrats, some of whom are concerned about restricting credit.
Coronavirus effect on commercial mortgage lates to be determined
Any impact from the coronavirus outbreak on commercial and multifamily loan delinquencies won't be known for some time, the Mortgage Bankers Association said.
Subprime auto lender returns to single-A rating in $240.8M ABS
Veros Credit received an AA rating in its 2018-1 transaction, which featured lower loan-to-value ratios and average account balances in the pool.
By
Glen Fest
CFPB proposes making debt collectors disclose statute of limitations
Debt collectors would have to tell consumers upfront that they cannot sue to recover "time-barred" debt under a proposal issued Friday by the Consumer Financial Protection Bureau.
Is Ally’s leap into subprime credit cards worth the risk?
Investors are reacting skeptically to the auto lender's deal to acquire CardWorks for $2.65 billion.
LendingClub to acquire Radius Bancorp for $185 million
The deal for Boston-based Radius would be the first in history in which an online lender buys a mainstream bank.
New Flagship ABS issue drops prefunding limit on extended-term loans
According to presale reports on Flagship’s $355 million auto-loan securitization, the subprime auto lender is removing the 2% collateral pool limit on loans over six years (72 months) that can be added during a three-month prefunding period for Flagship Auto Credit Trust 2020-1.
By
Glen Fest
Load More
Couldn’t load more articles. Try again.