News Topic: Subprime lending

Auto, personal and credit card originations have fallen as delinquencies have risen, but researchers called the slowdown a temporary rebalancing by lenders. ... Read full article

The new Explore Visa card is seen as a "bridge" to more traditional banking services, said Regions' head of retail products and payments. ... Read full article

TCF executives were peppered with questions about the quality of $345 million in auto loans recategorized as held for investment in the second quarter, as a result of the company’s recent move away from loan sales and securitizations. ... Read full article

The McLean, Va., lender, which has substantial exposure to subprime consumer loans, also added to its provision for credit losses. ... Read full article

Banco Santander plans to go ahead with a proposal to increase control of its U.S. subprime auto loan unit, after the business passed the Fed's stress test last month, according to people familiar with the matter. ... Read full article

The subprime business lender halted new business and laid off scores of employees after recording higher-than-expected losses. ... Read full article

LendUp is seeking to differentiate itself from competitors by making fast loan decisions and designing its customer experience around the mobile phone. ... Read full article

While the courts have affirmed cities’ right to file predatory lending suits, they are also now holding them to a much higher standard in proving that banks knowingly steered minority borrowers into high-cost home loans. ... Read full article

Santander Consumer USA, one of the biggest subprime auto finance companies, verified income on just 8 percent of borrowers whose loans it recently bundled into bonds, according to Moody's Investors Service. ... Read full article

The city joins a growing list of municipalities that have filed similar lawsuits, just two weeks after the Supreme Court ruled that municipalities have standing to sue lenders under the Fair Housing Act. ... Read full article

Gov. Mary Fallin, a Republican, sided with consumer advocates over payday lenders in a fight that is playing out in numerous states. ... Read full article

The weakening car-loan market poses a big challenge for the Detroit-based lender, but it also could also present an opportunity, since other big banks are sharply reducing their exposure. ... Read full article

Depending whose money they're using, Wells Fargo and JPMorgan Chase either love subprime car loans or fear them. ... Read full article

The Loan Syndications and Trading Association is appealing directly to Treasury Secretary Steven Mnuchin to exempt collateralized loan obligation managers from rules requiring "skin in the game" of deals. ... Read full article

Elevate Credit in Fort Worth, Texas, debuted Thursday at half the price the company had been targeting. Investors may have been spooked by the possibility of rising losses. ... Read full article

Steve Eisman, the Neuberger Berman Group fund manager who featured in Michael Lewis's book "The Big Short," said he's concerned about the subprime-auto market, even though credit quality across the banking system has improved ... Read full article

The payments giant has made a lot of money issuing loans to online shoppers with blemished credit histories. But now it is looking to reduce its risks. ... Read full article

The subprime auto lender funded loans through a group of car dealers that it knew had track records of high default rates and fraud, authorities in Massachusetts and Delaware said. ... Read full article