New data shows that originations continue to grow in several categories — especially to subprime credit card customers.For bank credit cards, lending to subprime customers increased 41% from 2010 to 2011. Subprime borrowing hit a four-year high in December with 1.1 million new bank credit cards issued, according to a National Consumer Credit Trends Report produced by Equifax [EFX] and CreditForecast.com. CreditForecast.com is a joint venture of Equifax and Moody's Analytics.
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To resolve billions in failed-bank loans that had no buyers at the point of closure, the Federal Deposit Insurance Corp. (FDIC) has formed 32 complex vehicles to carry some of the agency's load from the crisis. But not everyone is a fan of the deals.
May 17 -
Deliquencies for bankcards were lower or stable in April for six major issuers, although charge-offs were higher for four lenders, Standard & Poor's analysts reported in their midday commentary.
May 16 -
Mortgage delinquencies continued on their downward path in the first quarter with 7.4% of all loans considered past due, the lowest reading since the third quarter of 2008, according to new figures compiled by the Mortgage Bankers Association.
May 16 -
Morgan Stanley isn’t the only bank marketing a CLO this week; its competitors are shopping at least four other deals.
May 16 -
Two New York Senate Committee chairmen have raised the possibility of investigating bond insurer MBIA’s behavior in applying for a transformation of the company in 2008 and 2009.
May 16
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When Residential Capital Corp. filed for bankruptcy protection earlier this week it left behind a trail of unsecured creditors with claims totaling well over $1 billion, according to court documents.
May 16 -
Federal Deposit Insurance Corp. (FDIC) General Counsel Michael Krimminger will be leaving the agency later this month to join the law firm of Cleary Gottlieb Steen & Hamilton as a partner in its Washington, D.C., office.
May 16 -
The Mortgage Bankers Association (MBA) reported a 13% surge in the Refinance Index to ~4220 from 3735 for the week ending May 1, while refinancing share as a percent of total applications rose to 74.9% from 72.1%.
May 16 -
Moody's Investors Service today commented on how it evaluates the effect of global and bank credit deterioration in Europe on structured finance securities.
May 16 -
False information provided to a regulating body considering the division of bond insurer MBIA into two parts should invalidate the split, according to the attorney for the banks suing MBIA in a hearing Tuesday.
May 16 -
The Federal Housing Administration (FHA) — which holds title to 700,000 seriously delinquent mortgages — plans to ramp up its single-family nonperforming loan sale efforts, according to housing commissioner Carol Galante.
May 15 -
Fitch Ratings has downgraded GMAC Mortgage's U.S. residential mortgage servicer ratings.
May 15