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The McLean, Virginia, company is starting to “trim around the edges” of its auto portfolio, CEO Richard Fairbank said. That move stands in contrast with Capital One's leaning into its credit card business, which helped push marketing spending above $1 billion.

US Treasury yields tumbled after weaker-than-expected economic data reversed early selling pressure in the wake of a half-point rate hike by the European Central Bank.

MF1 2022-FL10, MF1’s third this year, securitizes 24 floating-rate mortgage loans secured by 34 transitional multifamily and manufactured housing properties.

Tesla said Wednesday its digital assets have shrunk to $218 million and that a Bitcoin impairment dragged on profitability in the second quarter.

The deal has a $40 million subordinated portion that compares to the $497 million Dryden 108 CLO Ltd., which has a much larger ‘AAA’-rated class A-1 portion.

The risk of a global downturn and Europe’s energy crisis doused optimism about the US earnings season and confidence the Federal Reserve will take a more measured approach to tightening.

The jump for second mortgages and bank cards was even more pronounced, according to indices published by Standard & Poor’s and Experian.

Unlike some of its peers, the Dallas bank says the U.S. economy is strong, clients are upbeat and lending momentum continues.

The latest expense guidance also stems from rising operating losses at the North Carolina bank. Cost-cutting was a key rationale for the 2019 merger of BB&T and SunTrust, which created Truist.

New single-family home mortgage applications, housing starts and industry sentiment all came in at their lowest since 2020.