Citadel Securities, Jane Street on track for record revenue haul
First-half net trading revenue rose 81% to $4.9 billion from the same period a year earlier at Citadel Securities, and gained 78% to $8.4 billion at Jane Street.
Industry News
Mortgage interest rates inch down
The 30-year fixed rate mortgage is lingering just shy of 6.5% level, which is not low enough to bring home purchasers back into the market, observers said.
Kamala Harris seeks $25k homebuyer subsidy, but some are skeptical
Mortgage professionals interviewed say there should be more focus on increasing housing supply.
Credit unions extend bank-buying spree
A Northwest credit union announced plans this week to buy a community bank, lifting the 2024 total of such deals to 13 and putting the year on track to set a record. The all-time annual high of 16 was set in 2022.
Scotiabank adds JPMorgan exec in warehouse lending expansion
Thanh Roettele will help guide the Canadian bank's growth in the mortgage warehouse space in one of its latest moves aimed at the U.S. market.
KeyCorp says $2.8B deal with Scotiabank will help it be ‘front-footed’
KeyCorp wasn't seeking capital but saw the benefits of Scotiabank's minority stake. The deal would enable the Canadian lender to step into the U.S. consumer market.
Fulton Financial promotes execs as it digests Republic First
The parent company of Fulton Bank announced the creation of three new management roles and promoted existing employees into those jobs. The changes follow the recent hiring of an outsider to be CFO.
UMB Financial starts checking items off to-do list for Heartland deal
The Kansas City, Missouri-based regional bank said it is making progress on its pending purchase of Heartland Financial USA in Denver. The deal is expected to close during the first quarter of 2025.
Troubled Voxtur sells majority stake in Blue Water
Michigan-based University Bancorp is paying $30 million for a 50.5% stake in a business Voxtur acquired for $101 million in 2022.
Mortgages play big part in new Pennsylvania bank merger
ACNB is acquiring Traditions Bancorp in an in-market deal where the latter's mortgage ops will add to its insurance and wealth management units.
Banc of California is selling $2 billion of residential loans
The bank acquired these business purpose non-qualified mortgage loans originated by Civic Financial Services in the PacWest Bancorp deal.
Treasuries snap losing streak amid signs U.S. economy is slowing
The U.S. 30-year yield reached the highest level in a month on Monday amid predictions that a Trump presidency would lead to higher inflation.
Corporate lenders are locking down protection against tough times from high rates
The push for assurances on collateral is coming despite fierce competition for deals, and indicates borrowers face limits on their ability to change the standing of existing creditors to get the financing they need.
Americans’ debt reaches an all-time high, study finds
Household borrowing from mortgages and other loans hit a record, outpacing inflation, a study shows.
LSTA’s new executive director talks shop
The booming loan and CLO markets could face hurdles unless merger & acquisition activity picks up.
By
John Hintze
Bank M&A deals substantially bigger in 2024
There were 27 bank acquisitions worth $5.45 billion announced in the second quarter as of mid-June. That was more than the $5.2 billion combined value of deals announced over the previous five quarters.
CFPB proposes settlement with Freedom Mortgage over HMDA reporting
The suggested order would require Freedom Mortgage to pay $3.95 million to settle allegations that it botched its reporting of customer data to the watchdog.
Rent-payment reporting brings in 15K mortgage borrowers, provider says
The partnership between personal finance platform Esusu and the National Rental Home Council has several of the trade group's members delivering payment data. They say that has helped result in over 85,000 originations across lending segments.
Figure Lending accused of misrepresenting its HELOC product in suit
The proposed class action suit claims the fintech lender purposefully pushed customers applying for HELOC loans into higher rates, or misrepresented rates at the beginning.
Streak of bank sales to credit unions heats to record pace
Atlanta Postal Credit Union's bid to acquire Affinity Bank marked the 11th deal overall this year involving a credit union buying a bank, matching the total for all of 2023. Separately, members voted against the merger of two credit unions in Indiana.
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