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. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all...
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. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all...
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. Get...
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. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to...
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). Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to...
Personal, unsecured loans issued through online lenders like Best Egg, LendingClub and Upstart have long been seen as particularly vulnerable in a downturn. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no...
Citigroup Inc. paid nearly $900 million by mistake to Revlon Inc. lenders due to a clerical error and wants its money back, Bloomberg News reported. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content...
China’s peer-to-peer (P2P) lending sector, once 6,000 businesses strong, has been reduced to fewer than three dozen as the government tightened regulations, leaving billions in loans unpaid. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS...
Cash App, Square Inc.’s mobile payment app, has launched a pilot program to offer short-term loans of up to $200, TechCrunch reported. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional...
