Online lender Avant is offering voluntary severance packages to its 760 employees. Avant expects the staff cuts to be roughly proportional to a projected 40% decline in loan volume this year, according to a company spokeswoman.
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Macys decision to shutter another 100 of its department stores could impact some $3.64 billion of securitized commercial mortgages, according to Morningstar Credit Ratings.
August 17
- Europe
Europes speculative-grade corporate default rate is expected to rise slightly by next year amid lingering credit instability, slow economic growth and a growing concentration of companies in the lowest levels of junk-grade ratings.
August 17 -
Prosper Marketplace in San Francisco reported a $35 million loss in the second quarter, adding to the struggles of the entire marketplace lending sector
August 17 -
Arch U.S. MI's acquisition of United Guaranty Corp. will make one of the smallest private mortgage insurers the sector's new market leader. While the move is likely to ease pricing competition among the six remaining players, it's not expected to set off a wave of further consolidation.
August 16
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DBRS named Nichola James as co-head of sovereign ratings. At the same time, Fergus McCormick, who had been head of sovereign ratings since 2010, will now be chief economist and co-head of sovereign ratings.
August 16
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JPMorgan is taking a riskier route for its second jumbo prime mortgage loan securitization of 2016. Unlike the banks securitization of nonconforming fixed-rate loans in June, the assets backing the $434.1 million JPMMT 2016-2 transaction are exclusively adjusted rate mortgages. They also include a cross-section of loans not meeting qualified mortgage/ability-to-repay safe harbor protections.
August 16 -
American International Group agreed to sell mortgage insurer United Guaranty Corp. to Arch Capital Group as Chief Executive Peter Hancock works to simplify his company and free up capital to return to shareholders
August 15 -
Avant, the online lending platform based in Chicago, appears to be back in the good graces of capital markets investors.
August 15 -
The Commercial Real Estate Finance Council tapped Lisa Pendergast, a respected industry veteran, as its executive director.
August 15 -
Issuance volume of asset-backed securities for the year through August 12, 2016.
August 15 -
Underwriting league tables for asset-backed securities for the year through August 12, 2016.
August 15 -
Mid-market commercial direct lender Newstar Financial is losing one of its founding members and a key figure in establishing its multi-faceted securitization platform with the announced retirement of treasurer and asset management head John Frishkopf.
August 14