Fed to release monthly details on coronavirus lending
The central bank and other agencies have come under pressure to be transparent about their use of funds authorized by the recent pandemic rescue law.
Coronavirus
Plenty of takers for offers to skip credit card, student loan payments
Discover and Sallie Mae are the latest to report a surge in forbearance requests as households struggle with job loss and other hardships resulting from the coronavirus pandemic.
State attorneys general urge FHFA, HUD to expand mortgage payment help
The bipartisan coalition of AGs said homeowners should be allowed to wait until the end of a loan term to make payments they skipped because of the coronavirus.
Federal Home Loan banks to offer more liquidity for PPP lenders
The policy move will allow small institutions participating in the Paycheck Protection Program to pledge business loans as collateral to obtain advances.
Credit cards start cutting limits for people facing tough times
Discover is the latest card lender to say it's reining in credit lines as the coronavirus pandemic leaves millions of Americans jobless and struggling to keep up on loans.
Servicers of private student loans offer relief to borrowers
More than a dozen firms have struck agreements with nine states to provide forbearance to customers struggling to make payments in the midst of the coronavirus pandemic.
GSEs to buy mortgages in forbearance to ease origination pressure
The FHFA will allow Fannie Mae and Freddie Mac, for a limited time, to purchase loans for which the borrower has sought to postpone payments because of the economic effects of the coronavirus.
LendingClub laying off 460 staffers, including president
The online lender, reeling from the economic fallout of the coronavirus pandemic, also said it is cutting senior executives' salaries by 25%.
Can government do anything to stop mortgage market contraction?
Efforts to calm lenders’ fears about coronavirus-related forbearance may not offset tightening standards, and the FHA is less likely to boost volume than it was during the financial crisis.
FHFA tries to cut liquidity-strained mortgage servicers some slack
The agency said it is aligning policies for Fannie Mae- and Freddie Mac-backed loans in forbearance so that servicers are only responsible for advancing four months of missed payments.
Synchrony’s 1Q profits hit by drop in consumer spending
The lender behind the credit cards for Gap, J.C. Penney and other retailers took a large provision for loan losses and abandoned full-year earnings guidance as the nationwide shutdowns tied to the coronavirus pandemic have led to a sharp decline in spending on its cards.
Banks see coronavirus-related forbearance requests triple in 2 weeks
Surging unemployment from COVID-19 shutdowns brought a rapidly rising tide of forbearance requests, according to the Mortgage Bankers Association.
Mortgage servicers remain hopeful U.S. will deliver coronavirus relief
Federal backing for firms facing a deluge of missed mortgage payments is still on the table despite recent comments by an official who questioned the need to help the industry.
Ally girds for surge in auto loan defaults
After more than tripling its loan-loss provision, the $182 billion-asset company became the first large U.S. bank to report a quarterly loss as a result of the coronavirus pandemic.
Prime auto roundup: Nissan adds loss buffers for latest ABS
The new-issue pipeline of prime auto loans remains open despite the gloomy forecasts for pandemic-related stresses on auto sales and consumer unemployment levels.
By
Glen Fest
Crapo to lead Senate’s oversight of coronavirus rescue
The Senate Banking Committee chair will work with the heads of other panels in overseeing the $2 trillion stimulus package that Congress passed last month.
GOP senator asks Treasury, Fed for virus-aid details
The head of the Senate panel overseeing Federal Reserve and Treasury Department efforts to boost the U.S. economy urged the agencies to remember their disclosure requirements.
Morgan Stanley CEO sees much less of a physical footprint in its future
"We've proven we can operate with no footprint," said James Gorman, Morgan Stanley's CEO. "Can I see a future where part of every week, certainly part of every month, a lot of our employees will be at home? Absolutely."
Hundreds of thousands of emergency small-business loan applications in limbo
The Small Business Administration stopped approving loans when the Paycheck Protection Program hit its cap.
House bill would temporarily lift credit union commercial lending cap
Legislation announced Wednesday would allow credit unions to make coronavirus relief loans to businesses without fear of bumping up against the member business lending cap.
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