The first commercial mortgage-backed security to comply with "skin in the game" requirements was extremely well received. Market participants credit the way the large banks sponsoring the deal retained the risk a strategy unavailable to nonbank lenders.
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The Wall Street firm believes that its gold-plated brand will help attract middle-class borrowers.
September 29
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Toyota Motor Credit is marketing another $1.25 billion of bonds backed by retail auto loans.
September 28 -
Royal Bank of Scotland Group agreed to pay $1.1 billion to settle the first of three major U.S. mortgage-backed securities probes the bank must overcome before it can resume dividend payments.
September 28 -
The new deal structured by the General Motors Financial Co. subsidiary includes more loans to borrowers with 600-plus FICO scores as well as to those populating the higher end of AmeriCredits internal scoring tables. AMCAR also features slightly fewer loans over 60 months, and a higher weighted average APR.
September 28
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Marketplace lenders' share of the consumer and small-business loan markets is small now, but is expected to grow substantially in the coming years. Banks looking to get in on the action have two choices: team up with these established players that have already perfected the technology or try to beat them at their own game
September 28
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U.S. Bank has hired James Ferguson to lead global strategies and product development for its securities services division.
September 28 -
Conns Receivables Funding 2016-B is comprised of three tranches of notes sized at $552.78 million, including $391.84 million in Class A notes receiving a provisional BBB rating from Fitch Ratings. Fitch has capped the senior notes because of Conns higher loan defaults, management changes and credit-risk profile deterioration in recent years.
September 27 -
Takatas ongoing recall of airbags puts bonds backed by auto leases at increased risk of losses, Moodys Investors Service warns. Bonds backed by auto loans have only minimal exposure, however.
September 27 -
Nine global banks are testing blockchain and smart contract technologies to see if they can improve the syndicated loan market.
September 27 -
The Consumer Financial Protection Bureau on Monday fined a large auto title lender $9 million for failing to disclose the terms and costs of its title loans in three states and for illegally exposing consumers' information to their employers.
September 27 -
Mortgage insurance companies are getting a long-awaited shot at expanding their business with Fannie Mae and Freddie Mac. But it's shaping up to be less lucrative than they had hoped.
September 26
