PPP loan forgiveness, BofA’s cost cutting, Amex’s cloud commitment: Top stories of the week


The SBA issues guidance on Paycheck Protection Program loan forgiveness; after staffing up for PPP, Bank of America may need to delay investments to meet cost targets; American Express has leaned hard on cloud tech to help employees work at home during the pandemic.


Delinquencies and foreclosures won't be as bad as feared, data suggests


Forecasts about the pandemic's impact on the mortgage market have grown less dire after forbearance requests by homeowners nearly leveled off in the first half of May.


Fannie, Freddie capital goals raised; credit card, auto loans eroding


The FHFA says the two government-sponsored enterprises need at least $240 billion of capital before they can go private; Transunion says more than 3% of consumer loans it tracks are in financial hardship.


As hotels sit empty, loan delinquencies pile up


More details have emerged about the damage the coronavirus pandemic is inflicting on the hospitality industry. One servicer alone has received 2,000 workout requests in the past month.


FHFA chief: Coronavirus-related delinquencies could outnumber subprime


Federal Housing Finance Agency Director Mark Calabria said a virus-induced financial crisis might give rise to more delinquencies and foreclosures than the 2007 subprime mortgage meltdown.


CFPB urged to take more active role in coronavirus response


The agency has relaxed some reporting requirements and joined other regulators in encouraging banks to help borrowers, but pressure is building on the bureau to do more to aid consumers suffering financial hardship.


Long-term crisis could put GSEs on unsteady ground, FHFA chief says


Mark Calabria said Fannie Mae and Freddie Mac are currently equipped to handle elevated delinquencies, but they might need congressional or Federal Reserve help if fallout from the coronavirus persists.


Virus could deal blow to leveraged loans. What's that mean for banks?


Banks may be protected from a direct hit, but they have invested in vehicles that include such loans, potentially exposing them to defaults.


Sallie Mae's student loan servicing changes could prove costly


The nation's largest private student lender plans to curtail its use of forbearance, a move that could well save some borrowers money but could also result in more defaults.


HSBC's new U.S. chief, Pittsburgh turf war, leveraged loan jeopardy: Top stories of the week


Citi’s chief lending officer to take over HSBC’s U.S. business; Pittsburgh banks brace for incursion of industry heavyweights; borrowing by nonbank leveraged lenders is growing (maybe too much); and more from this week’s most-read stories.