Finance

Navient has suspended stock buybacks to buy and expand a debt-refinancing firm that faces stiff competition from fintechs, and some shareholders aren’t happy.

Coping with merging two securitization platforms and the integration of GE Capital's former fleet lease and management business, the Canadian lessor has seen 30-plus and 60-plus delinquencies more than triple.

Many of the prime jumbo loans backing the transaction, JP Morgan 2017-4, were contributed by originators with limited history in that product, according to DBRS.

The transaction, Bellemeade Re 2017-2, appears to be similar to programs that Fannie and Freddie use to offload the risk of losses on residential mortgages they insure to capital markets investors.

The latest deal features slightly higher exposure to Florida, where Renew has not been operating as long as it has in California.

Fintech and marketplace lender LendingHome is getting more than $450 million in investment and funding from different channels to help support mortgage production growth and technology improvements.

In a surprise move, the Supreme Court will decide whether Amex may bar merchants from steering customers to less expensive card networks. The card issuer will have to prove the consumer gain from its practices outweighs the merchant pain.

The investment firm recently obtained an $800 million mortgage from Goldman Sachs that was used to refinance $753.1 million of debt on 138 Marriott and Hilton-branded hotels acquired between 2007 and 2015.

More than 90% of the collateral for Ford Credit Canada's CAN$614M transaction is popular light-duty trucks that have propelled the automaker's leading 15.5% domestic market share.

The $369.38 billion offering brings total issuance under the Long Island Power Authority's current authorization to $4.5 billion. It is funded by an additional restructuring charge levied on residential customers.

The $605.5 million transaction is notable for its exposure to turboprops, which are noisy and uncomfortable, but can be more fuel efficient on shorter flights, and to emerging markets.

The bill provides clarity to capital requirements to certain acquisition, development and construction loans are assigned a higher risk weighting under Basel III.

The increase reflects stronger demand from obligors as the performance of this industry improves, rather than a decision by the lessor, according to Fitch Ratings.

JPMorgan Chase reported a rise in value of its mortgage servicing rights despite lower originations in this year's third quarter.

CarMax, BMW, Santander and Credit Acceptance Corp. all launched deals Thursday; they add to the $35 billion in prime auto, $12.31 billion in prime lease, and $19.4 billion in subprime auto loan ABS so far this year.

Moody's notes that the practice masks the actual performance of the equipment lessor's recent securitizations; the rating agency has increased its expectation for cumulative net losses on the latest deal by 25 basis points, to 2.75%.

The allure of promised savings persuaded most Chicago City Council members.

Over 80% of the cars are diesel-engine vehicles, bringing potential volatility to the portfolio cash flows given the public debate over potential panning such cars in several European urban centers.

The deal does not even merit a BBB-plus, according to Fitch, which cites insufficient credit enhancement, exposure to high-risk obligors, and the servicer's lack of experience.

A wave of corporate loan refinancings is putting collateralized loan obligations afoul of a covenant designed to safeguard their own investors.