Subprime lending

Why more issuers see profit in secured credit cards

02/21/20

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.

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

02/19/20

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

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Big banks outlast city of Miami in long legal battle

02/03/20

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.

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Goldman curtailed personal lending after launching Apple card

01/15/20

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.

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Wells Fargo, Philadelphia reach settlement in redlining lawsuit

12/16/19

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

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

11/26/19

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.”

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Subprime mortgages keep minting cash for ex-Bear Stearns banker

11/11/19

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.

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Ambassador at center of impeachment probe has deep roots in lending

10/18/19

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.

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Subprime card lender introduces ex-Barclays exec as CEO

09/16/19

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.

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Banks hail Volcker Rule change; Subprime mortgages are back

08/21/19

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.

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