When Congress first passed the CARES Act earlier this year to ameliorate COVID-19’s economic havoc, U.S. homeowners with mortgages on their properties were among the groups singled out for special protection. Perhaps aiming to avoid a replay of the 2008 foreclosure crisis, the law required lenders...
Billions of dollars in dry powder for Main Street SMB lending – and relatively few takers. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. yesSubscribe to our daily...
JPMorgan Chase employees returned to work following the Labor Day weekend Tuesday (Sept. 8) to discover a company email accusing some of them of potentially committing a crime, CNBC reported. Get the Full Story Complete the form to unlock this article and enjoy unlimited free...
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...
