Subprime lending

Why more issuers see profit in secured credit cards


Ally Financial's recently announced $2.65 billion cash-and-stock deal for CardWorks, which offers unsecured credit cards among other products, places a high price tag on a traditionally risky product.


Is Ally's leap into subprime credit cards worth the risk?


Investors are reacting skeptically to the auto lender's deal to acquire CardWorks for $2.65 billion.


Big banks outlast city of Miami in long legal battle


The city's decision to drop a lawsuit alleging predatory ending by Wells Fargo, JPMorgan Chase, Bank of America and Citigroup highlights the challenges municipalities face in taking on deep-pocketed financial institutions.


Goldman curtailed personal lending after launching Apple card


The New York bank said Wednesday that its first-ever credit card has brought in nearly $2 billion of loans in less than six months.


Wells Fargo, Philadelphia reach settlement in redlining lawsuit


Without admitting wrongdoing, the bank has agreed to contribute $10 million to city programs promoting home ownership for low- and moderate-income residents.


N.Y. Fed close to filling market ops spots; Subprime auto-backeds rev up


The Bank is poised to pick two people to handle Simon Potter’s former job; Securities backed by subprime U.S. car loans are “going gangbusters.”


Subprime mortgages keep minting cash for ex-Bear Stearns banker


Tom Marano, a former Bear Stearns banker, was apparently well compensated following the housing crisis for heading up ResCap and Ditech, both of which went into bankruptcy.


Ambassador at center of impeachment probe has deep roots in lending


Gordon Sondland, the U.S. ambassador to the European Union, is often described as a hotelier from the Pacific Northwest. But he has also had a long and sometimes controversial career in finance.


Subprime card lender introduces ex-Barclays exec as CEO


Mission Lane, which was spun off from LendUp in December, said Monday that Shane Holdaway took the helm in August after roughly a year serving as CEO of Barclays' U.S. consumer bank. The upstart lender also announced that it has raised $200 million in equity funding.


Banks hail Volcker Rule change; Subprime mortgages are back


The FDIC and the OCC relax the rule restricting proprietary trading; home buyers with bad credit, lots of debt, or employment issues are again getting loans.