CFPB, 20 States Take Sweeping Actions Against Ocwen

By Kate Berry

Ocwen Financial and its subsidiaries faced a slew of accusations from federal and state regulators on Thursday, which raised questions about whether the firm could survive.

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Latest News

Charles Citro Joins Morningstar as Head of CMBS

– Citro was most recently with Cushman & Wakefield, where he held a senior role within the asset surveillance group. He replaces Ken Cheng, who has taken on a new, senior-level position as analytical project manager at Morningstar Credit Ratings.

European CLO Managers Under-Report Cov-Lite Exposure

– Moody's Investors Service blames the lack of standard terminology used to describe covenants that forbid borrowers from taking certain actions or require them maintain certain financial ratios.

Citi CFO: Student Loan Market Shows Signs of Overheating

– Student loans are showing signs of growing too fast, perhaps the only market flashing a warning even as the economic recovery grows older, Citigroup Chief Financial Officer John Gerspach said

Deal Scan: Dell, Ascentium Launch Equipment ABS

– Dell and Ascentium launched a pair of equipment lease securitizations; NextGear readies notes backed by auto dealer inventory financing; Consumer Portfolio Services closes on auto ABS.


Featured Articles

Navient's Not Done; Servicer Eyes More Student Loan Portfolios

– Incoming CFO Christian Lown says an agreement to purchase $6.9 billion of federally guaranteed and private student loans from JPMorgan Chase should encourage other banks to consider portfolio sales,

Supreme Court Sends Mixed Signals in Debt Servicing Case

– The justices appeared exasperated with both sides in a case that would define whether companies that buy distressed debt are covered under a federal statute setting limits on their activities.

LSTA Takes Risk Retention Fight to the Top

– 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.

CLO Managers Holding Out Hope for Regulatory Relief

– Some are wording the language of amendments used to refinance deals so as to be able to benefit if risk retention rules are repealed.

A New Way to Hedge Commercial Real Estate

– Global Index Group has developed a synthetic product that allows investors to go long or short a leading U.S. commercial real estate index, the NPI. CBRE Capital Advisors is the exclusive broker.

Lackluster IPO Shows Subprime Lenders Still Face Hurdles

– 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.

More Evidence that Rising Student Debt is Bad for Lenders

– New research from the New York Fed confirms a lingering concern: More prime-age, college-educated borrowers are delaying the decision to buy a home or make other purchases as they focus instead on paying off their student loans.

Bank Consortium Demos Leveraged Loan Trade via Blockchain

– Coordinators Synaps Loans, Credit Suisse and financial services consortium R3 say that the 90-minute "proof of concept" demonstrates that blockchain can be used for large-scale financial transactions.


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Shift from Leases to Loans Is Powering Solar Securitization

Owning may offer consumers more savings than leasing, but loans pose a different set of risks to investors when pooled into collateral for bonds.

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