Meanwhile, Standard & Poor's Ratings Services has affirmed the ratings on Residential Capital, including its BBB-minus/A-3 counterparty credit rating, but the outlook has been revised from stable to negative."The outlook revision considers our concern regarding pressure on future general operating performance at the company," said S&P credit analyst John K. Bartko. "ResCap's recent actions have served to maintain adequate funding and liquidity; however, lower production levels, reduced margins from changes in asset mix to higher quality and hence lower-yielding assets, and the likely increased funding costs will combine to increase pressure on overall financial performance." ResCap has already reduced nonprime lending to "nominal levels," S&P said. "Clearly, these tactical/strategic reactions to the current marketplace will have negative consequences for ResCap in the near to intermediate term," the rating agency said.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
5h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
8h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
10h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
10h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
10h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
10h ago