When Congress first passed the CARES Act earlier this year to ameliorate COVID-19’s economic havoc, U.S. homeowners with mortgages on their properties were among the groups singled out for special protection. Perhaps aiming to avoid a replay of the 2008 foreclosure crisis, the law required lenders...
Billions of dollars in dry powder for Main Street SMB lending – and relatively few takers. But the cash crunch continues. To that end, the Main Street Lending Program – which, as noted in this space, is focused on companies that are reasonably healthy but...
JPMorgan Chase employees returned to work following the Labor Day weekend Tuesday (Sept. 8) to discover a company email accusing some of them of potentially committing a crime, CNBC reported. The memo was sent to 256,710 employees from the bank’s operating committee led by CEO...
A congressional investigation found more than $1 billion in Paycheck Protection Program (PPP) funds went to small businesses that received multiple loans, a violation of the federal program’s rules. Bloomberg News reported the staff of the Democratic House Select Subcommittee on the Coronavirus Crisis examined more than...
Five of China’s largest state-owned lenders reported their biggest profit losses in at least a decade, as the number of defaulted loans has skyrocketed since the onset of COVID-19. CNBC reported that the Bank of China, Bank of Communications, China Construction Bank, Agricultural Bank of China and Industrial and Commercial Bank of China posted...
The U.S. government’s Economic Injury Disaster Loan (EIDL) program, plagued by delays and fraud, has created attention for a firm that netted around $800 million in fees while subcontracting the work out to the nation’s largest mortgage lender, The Wall Street Journal (WSJ) reported. The...
Mortgage lenders, seeking to keep losses low, are asking homebuyers if they plan to seek forbearance due to the current economic crisis, The Wall Street Journal (WSJ) reported. The language comes in different forms but is generally under something called the “COVID-19 borrower certifications,” intended...
Mortgage loans saw delinquency rates spiking in the second quarter of the year as the pandemic continued, according to a press release from the Mortgage Bankers Association (MBA). The rates of delinquency for one- to four-unit residential properties hit 8.22 percent of all loans outstanding,...
Personal, unsecured loans issued through online lenders like Best Egg, LendingClub and Upstart have long been seen as particularly vulnerable in a downturn. But new figures from data-crunching firm dvo1 are pointing to some surprising resilience in marketplace loans, a lending category widely considered to...
