Why are complaints about credit bureaus soaring?
Some say Equifax, Experian and TransUnion are too slow to investigate grievances, prompting more complaints to the Consumer Financial Protection Bureau. But the big three say other forces are at work.
Credit
Veteran of ’08 crisis says conditions are ripe for a repeat
Kerry Killinger, former CEO of Washington Mutual, says the asset bubbles and increased consumer debt that contributed to his company's failure are reappearing.
CFPB complaints skyrocket as credit reporting issues again top the list
Complaints to the Consumer Financial Protection Bureau jumped 54% to 542,300 in 2020. Concerns about credit reports have long outnumbered those in other categories and jumped significantly as a share of the total from 2019.
JPMorgan Chase: More stimulus needed to prevent loan defaults
Federal relief efforts have minimized loan losses so far, but risks remain in credit card, auto and business lending. Many borrowers will need another lifeline to stay afloat until the economy rebounds, CEO Jamie Dimon says.
Are CRE foreclosures on the horizon?
Commercial real estate portfolios have held up better than expected during the pandemic. But rising delinquencies and fears of a delayed economic recovery are renewing questions about credit quality.
Hotel lending: Banks in ‘race against time’
Hospitality sector credits are coming out of forbearance just as coronavirus cases surge. Restructurings and charge-offs could mount unless vaccine distribution happens quickly enough to jump-start travel by mid-2021.
Mortgage credit rises as more lower score loan products offered
Lenders also increased jumbo product availability as well as rolling out new SOFR-indexed ARMs.
Why multifamily loans remain resilient in New York
Lenders pushed back against the notion that city dwellers' pandemic-driven flight to suburbia would hurt them. They say fewer landlords have sought deferrals as vacancy rates remain low and rent collections have stabilized.
Santander Consumer warns charge-offs will keep rising into spring
The subprime lender cited low odds that Washington will deliver further economic relief, and the fact that $1.5 billion of loans whose deferral period expired are now more than 30 days behind.
IACPM: Credit outlook improved but still cautious
Credit portfolio manager’s outlook on corporate borrower defaults and spreads on their loans, while still gloomy, has improved somewhat as the pandemic continues.
By
John Hintze
CRE concerns intensify as stimulus programs expire
Commercial real estate loans are vulnerable as financial assistance for tenants winds down and might not be fully renewed. Late rent payments could rise, leading lenders to press landlords to pay up.
Reduction in deferrals a promising sign for credit
More consumer and commercial borrowers are paying their loans, increasing the likelihood that charge-offs will be manageable for banks despite the ongoing pandemic.
Mortgage credit rises in July, as ARMs, jumbos come back
Conditions have improved for the first time since November.
Investors struggle to get clear read on small banks
Community bank earnings are usually easy to understand, but loan deferrals and modifications as well as the complexities of the Paycheck Protection Program are skewing financial statements.
Energy lenders brace for more losses
Bankers had asserted in April that they could handle a slump in oil prices tied to the coronavirus pandemic. Continued volatility, combined with declining collateral values and a rise in bankruptcies for exploration companies, is denting their confidence.
The pandemic’s CRE domino effect
As revenue-starved retailers fall further behind on rent payments, landlords' cash flow will be strained, and defaults on commercial real estate loans could rise.
Fiserv sees existing credit lines as cure for PPP limitations
The race to provide coronavirus relief for small businesses is opening new routes to fund payments, including underused credit lines.
Goldman predicts bumpy recovery, says problem loans could rise in 2Q
The economic contraction caused by the coronavirus pandemic has been worse than the Wall Street firm had modeled two months ago, its president John Waldron said Wednesday.
Hardships rise, delinquencies fall as CARES Act changes credit reports
Loans with coronavirus-related forbearance have to be reported as current to the credit bureaus but there’s a ripple effect from them that has implications for credit reports and underwriting.
Bankers forced to play guessing game as loan deferrals mount
Lenders that scrambled to grant forbearance as the coronavirus pandemic took hold are unsure about the extent of potential losses.
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