Hints and tips:
...Credit Acceptance Corp and Santander Consumer USA (a subsidiary of Madrid-based Banco Santander) are both down more than a third for the year to date. Ally Financial has shed nearly half of its value....
...At the time, there were widespread expectations that the wave of defaults hitting the mortgage market would wash over the auto sector as well....
...“They do squeeze out some competition,” said Chris Gregg, national head of real estate at Bank Leumi USA. “They’re typically willing to supply more leverage than typical commercial banks.”...
...Deceptive marketing practices related to mortgage underwriting cost US banks billions in fines. Still, no American bank CEOs were so summarily fired for wrongdoing....
...Update, August 7, 2014: Bank of America’s $16bn settlement over allegations of misselling mortgage-backed securities brings the total for the first eight months of 2014 to more than $54bn, exceeding the...
...Springleaf, which has mostly withdrawn from mortgages, prospers in an era where its funding costs are around 4 per cent....
...Meanwhile, he said, the group’s basic model could be applied to other products, such as car loans and mortgages....
...At the conference — LendIt USA — expect plenty of pounding dance music and talk of radical disruption of the banking industry, as executives from Lending Club, OnDeck Capital and Prosper rub shoulders with...
...One focus is on the securitisation of auto loans, which is smaller than the subprime mortgage market that sparked the 2008 financial crisis but is vulnerable to similar abuses....
...It is the eighth time that BofA has recorded a quarterly loss since 2008 when the bank bought Merrill Lynch, the broker-dealer, and Countrywide, the mortgage lender....
...AEGON USA, and DZ Bank did not respond to requests for comment. Sealink, which has been party to similar suits in the past, could not be reached....
...The Russian company agreed to sell its Pennsylvania coal units PBS Coals to Canada’s Corsa Coal Corp for $140m last week....
...The Federal Housing Finance Agency, a government regulator, is seeking over $6bn from JPMorgan for allegedly including faulty loans in mortgage-backed securities it sold to government-backed mortgage companies...
...(Wall Street Journal) Fabrice Tourre said he “deeply” regretted an email in which he joked about selling subprime mortgage bonds “to widows and orphans” following a grilling from SEC lawyers....
...Rising US Treasury rates have caused concern about higher mortgage costs limiting the resurgent US housing market. Other homebuilders also benefited....
...Soured mortgages brought AIG to the brink of insolvency, necessitating a $182bn bailout....
...At a time when the Federal Reserve is buying $85bn of mortgage and Treasury bonds each month, investors have moved out to riskier and higher-yielding parts of the fixed income market....
...However, the mortgage company decided to launch its own lawsuit because it felt its claims were not sufficiently covered by existing class action suits....
...Last week PNC was one of 10 US banks which agreed to pay out more than $20bn in two settlements with regulators and Fannie and Freddie to resolve claims arising from the mortgage crisis....
...One obstacle plaintiffs lawyers and state investigators have faced so far is linking an artificial movement to a bond they purchased or home mortgage they obtained....
...that maybe shouldn’t have happened As for Bank of America’s subsequent tie-up with Merrill Lynch, that also wasn’t an issue because the two legal entities which were looking kinda banky (ML Bank and ML USA...
...The company lost nearly 10 per cent of its market value on Wednesday on reports that the boards of MetroPCS and Deutsche Telekom, parent company of T-Mobile USA, approved the merger....
...Paul Atha, a former natural gas trader for Mirant Corp, deserves the credit for coining it....
...Most of the growth has come from Goldman Sachs Bank USA, the company’s banking arm....
International Edition