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...“Asset quality in commercial remains in a very, very good place, outside of the office sector,” said BofA’s Borthwick....
...“This will cause pricing, terms and credit quality to erode, fuelling systemic risk.”...
...The cost for these has rocketed just as credit quality is showing signs of deteriorating....
...Some adjustments look defensible, such as those based on wording from Big Four accounting firms that write “quality of earnings” reports....
...services....
...From the WSJ: “I like to call it the ‘golden handcuffs’ of mortgage rates,” said Odeta Kushi, deputy chief economist at First American Financial Corp....
...(FT) — The making of ‘bad gentry’ after the abolition of the civil service exam in China, 1902-1911 (The Journal of Economic History, v Phenomenal World) — Zach Carter with a post on the real student debt...
...Lex opines on American Express’ loan-loss reserves, and argues that investors should not take fright....
...The bank said it was able to release $48mn from its bad loan buffer as loan growth and a declining economic outlook was more than offset by improvements in credit quality and reduced pandemic uncertainty...
...Government stimulus and loan deferment programmes helped borrowers avoid missed payments. The average FICO score rose from 708 in April 2020 to 716 in April 2021....
...kadhim@ft.com / sid.v@ft.com...
...Authorities said the company also “provided predatory, subprime, private loans” to students attending for-profit schools and lower-quality institutions, knowing many of those borrowers would be unable to...
...As always, reach out to Imani (imani.moise@ft.com) or me (sid.v@ft.com) with thoughts for other companies to cover, trends to follow or general tips....
...The government will contribute $1.3bn to finance the deal through a combination of loans and securities, with Telstra paying the rest, the company said in a filing to the Australian Stock Exchange....
...As always, reach out to us at imani.moise@ft.com and sid.v@ft.com with thoughts and topics....
...The bank assisted almost 2m small businesses with credit and loans through a number of schemes, including the Paycheck Protection Program....
...Concern is growing among regulators about the quality of some of the receivables that Greensill Bank is holding on its balance sheet, two people said....
...“This has always been one of the highest quality, if not the highest quality, independent studios that is left,” the person said....
...A high burden of non-performing loans had strained asset quality at financial groups, leading to a series of collapses at lenders....
...According to data compiled by Moody’s, its index of high-yield bond covenant quality has been below its “weakest-level protection” threshold since late 2014....
...For everyone else, they're pure theatre: multimillion-dollar ad rates result in quality, humour, and star power. Super Bowl spots are entertainment in and of themselves....
...We will discover the quality of pre-crisis underwriting in the months to come. The banks may be as surprised as the public, if the last crisis is any guide....
...Will it be a V-shaped rebound, or some troubling variety of a U? Or, God forbid, an L?...
...But the lenders continue to act as servicers on the loans....
...It has more than 40 per cent of the printer market, while Xerox leads in copiers and “managed print services”....
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