When most major banks reach the end of the road in their efforts to collect on defaulted credit card accounts, they often sell rights to the soured loans to debt collectors for pennies on the dollar. Those pennies can add up to tens of millions in dollars in revenue for a large card issuer, but American Express (Amex) and USAA have long left that money on the table.
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The U.S., E.U. and Japan may be at risk of failing to adopt global standards that will greatly improve the quality and quantity of capital that banks must hold, according to global regulators on Monday.
June 11 -
A federal judge ruled in favor of two investors involved in litigation against Bank of America, offering an alternative insiders see as a self-help way to mitigate conflicts of interest between lenders and investors of asset-backed commercial paper.
June 11 -
Shawn Miller has parted ways with nonperforming mortgage investor Arch Bay Capital, but is now starting a new origination firm backed by the company he left.
June 11 -
Three new auto-related deals are adding to what already accounts for the bulk of this year's ABS issuance.
June 11 -
Tranches in Freddie Mac’s multifamily securitizations — known as K-deals — are more appealing investments than their comparable conduit counterparts, even in deeply uncertain macro circumstances, said Barclays analysts in the bank’s CMBS Strategy Weekly report.
June 11
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MassMutual Asset Finance LLC is marketing a $705 million equipment lease securitization.
June 11 -
Matthew S. Feig has hopped over to Stroock & Stroock & Lavan from Cadwalder, Wickersham & Taft. He was started June 7 in the N.Y. office as special counsel in the structured finance and insurance practice groups.
June 11 -
Catastrophe bond issuer Long Point Re III has issued a catastrophe bond worth $250 million, according to a release from GC Securities, which structured the deal. The shop was also a joint bookrunner with Swiss Re Capital Markets. BNP Paribas and Aon Benfield Securities acted as co-managers.
June 11 -
This could be the big week when Moody's Investors Service goes after the credit ratings of global capital market banks. On the chopping block are 17 global banks, including JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley.
June 11 -
Competition from jumbo loans and recent delays in key secondary market regulations are key hurdles holding back the long-awaited return of this secondary market, which is making some strides in other areas.
June 10 - Europe
Fitch Ratings said today that it downgraded 150 RMBS, 58 Structured Credit, 23 ABS and three CMBS tranches related to 156 Spanish structured finance transactions.
June 8 -
Fannie Mae is moving closer to launching a pilot program to dispose of some of its nonperforming residential loans, according to industry advisors familiar with the GSE’s plans.
June 8