Banking

This year has already seen a glut of corporate failures: there were 177 U.S. bankruptcy filings year-to-date by companies with over $50 million in liabilities, according to data compiled by Bloomberg

The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms.

The legislation, which would apply to both banks and nonbanks, would give borrowers the right to sue for damages when servicing violations occur.

Three non-QM deal issuers in August report varying levels of progress in moving borrowers from expired forbearance programs.

Citigroup’s $900 million payment blunder in a normally low-profile part of the financial market dominated by a handful of banks has experts wondering if regulators will uncover a deeper problem.

The former SoFi chief’s latest startup, Figure, has created what it says is a transparent marketplace for buying and selling assets. Some banks have embraced the technology, but other blockchain projects have stalled because lenders don't want rivals to see their data.

There’s been a flurry of interest in so-called fallen angels recently as investors seek alternatives to the ultra-low yields on high-grade debt.

The bank — which said it has been upgrading its loan operations platform after a review it undertook last year — said it mistakenly transmitted the payments after an employee didn't manually select the correct system options in its loan operation software.

While cutting losers to buy winners is an age-old investment proposition, the Covid-19 pandemic may create even more openings than the past crises that became bonanzas for real estate investors.

As interest rates tumbled throughout July, prepayments climbed to the highest monthly rate since 2004, but 90-days-or-more delinquencies were on the rise from June, according to Black Knight.