Finance

LendingClub Corp. named Scott Sanborn to replace its founder and chief executive officer, who resigned unexpectedly last month, and said it will dismiss 179 employees to cope with the decline in loan volume caused by the turmoil.

Nationstar Mortgage is issuing its fifth securitization of nonperforming reverse mortgages, a unique esoteric RMBS class the mortgage servicer has engaged in four previous transactions.

Fitch Ratings will now conduct reviews of residential mortgage-backed securities deal agents as part of its RMBS master criteria, with Clayton Holdings as the first deal agent to receive an assessment.

The Supreme Court's decision Monday not to hear a closely watched lending case leaves unresolved some key questions for the U.S. financial industry.

In a setback for the U.S. consumer finance industry, the Supreme Court said Monday that it will not review a lower court's decision that bolstered the ability of states to enforce bans on high-cost lending.

Ginnie Mae for the first time surpassed Freddie Mac in total outstanding mortgage securities backed by single-family loans, according to researchers at the Urban Institute.

Cabela's Master Credit Card Trust Series 2016-1 was set with a $570 million fixed-rate Class A-1 tranche with a 1.78% coupon, and a $280 million floating-rate Class A-2 tranche at 85 basis points over the one-month Libor rate.

The U.S. government's decision to take all profits from Fannie Mae and Freddie Mac was the right thing to do even in light of the companies' subsequent return to profitability, a former Treasury Department official said in documents released this week.

Renovate America, a provider of home energy efficiency improvements financing, is planning a new securitization platform providing additional data into its capital markets transactions.

Bank United in Miami Lakes, Fla., has appointed two former Capital One Financial executives to lead its new equipment and franchise finance subsidiary.

The Canadian subsidiary of CNH Industrial is sponsoring a securitization totaling more than CAN$526 million, backed by agricultural equipment loan receivables.

DFG Investment Advisors has raised a $100 million fund that it will use to satisfy impending regulations enacted as part of the Dodd-Frank Act requiring CLO managers to have “skin in the game” of their deals.

SG Commercial Mortgage Securities Trust 2016-C5 is the first publicly registered asset-backed commercial mortgage offering through the trust since forming its U.S. CMBS business 18 months ago, and closing its first commercial real estate loan in April 2015.

Spruce Finance, a provider of consumer financing for residential solar and home efficiency improvements in the U.S., has hired Darren Thompson as chief financial officer.

Online lender Social Finance, or SoFi, found a ready market for its inaugural rated offering of bonds backed by unsecured consumer loans.

Navient’s next student loan securitization is backed entirely by federally guaranteed loans to borrowers who were once in arrears but are now making timely payments.

Bond rating agency DBRS has assigned provisional ratings to an asset-backed vehicle comprised of €1.2 billion of consumer personal and mortgage loans originated by Spanish bank Caixabank.

A mix of esoteric lease receivables from real estate, equipment and auto transport assets is being securitized through a €1.03 billion notes offering from Alba Leasing, an Italian corporate credit finance firm.

Duke Energy Florida's $1.3 billion utility fee securitization sets an important precedent.