Finance

Months after mounting an aggressive play for subprime auto borrowers, Santander Consumer USA Holdings is scaling back its presence in the market, citing aggressive risk-taking by smaller competitors.

For the first time since the financial crisis, some collateralized loan obligations are being forced to divert funds normally used to pay junior noteholders to be used for the benefit of more senior noteholders.

Officials in three large U.S. states – Illinois, New York and California – are simultaneously taking initial steps aimed at taming the largely unregulated realm of online small-business lending.

USAA is marketing another catastrophe bond under its Residential Re platform.

The Connecticut Housing Finance Authority intends to offer $189 million in tax-exempt bonds to finance single-family mortgages.

Yum! Brands is tapping the securitization market to refinance a $2.0 billion bridge loan it obtained in connection with plans to split off its China business and modernize its three main brands.

Freddie Mac has revised downward its economic forecast for the remainder of 2016 following a tepid first quarter, but remains upbeat about the housing market

Recent prosecutions against lenders accused of usury violations will test the government's use of a law more commonly known in organized crime cases

OnDeck Capital, the marketplace lender that recently launched a partnership with JPMorgan Chase, is marketing bonds backed by its own small business loans, according to DBRS

The number of new claims related to sellers of legacy mortgage-backed securities from the financial crisis may have peaked, but lawsuits against trustees and servicers may linger for at least a few more years.

Flagship is marketing its fourth subprime auto loan securitization since its merger with CarFinance in January 2015, according to Kroll Bond Rating Agency.

LendingClub Corp., a pioneer of online marketplace lending, said it raised rates for borrowers again to reflect a gloomier economic outlook and worse-than-expected performance for some of its riskiest loans.

Fannie Mae has completed its latest Credit Insurance Risk Transfer transaction, the tenth deal since the program’s inception in 2013

An online student loan refinancing business that was recently spun off from a Virginia bank has been rebranded as Purefy Inc.

Avant, the marketplace lender that added former FDIC Chairman Sheila Bair to its board this month, is marketing its second rated securitization of loans to consumers with less-than-stellar credit.

Strong investor demand for two recent securitizations by Navient, the largest servicer of federally guaranteed student loans, suggests that banks may soon have an opportunity to resume unloading such assets.

NextGear Floorplan Master Owner Trust 2016-1 is an ABS of two pools of auto and specialty vehicle loan receivables from dealers using the funds to purchase used cars and trucks from auto auctions that include inventory from other dealers as well as salvage-title cars.

Velocity Commercial Capital is returning to the securitization market, having tightened underwriting of small balance commercial loans following the disclosure that one of its borrowers misrepresented the use of proceeds.

The Consumer Financial Protection Bureau's agenda is so packed it's no wonder that when Director Richard Cordray testifies on Capitol Hill, he has to tackle a huge array of subjects. Following are areas where the agency has proposals or final rules outstanding: