Matt Scully
Matt Scully is a reporter based in New York. He covers large banks and reports on complex financial topics, often related to the post-crisis recovery of consumer and mortgage credit. He tweets news often @scullymb.
Matt Scully is a reporter based in New York. He covers large banks and reports on complex financial topics, often related to the post-crisis recovery of consumer and mortgage credit. He tweets news often @scullymb.
If you thought the subprime mortgage-backed security was an artifact of the past, think again. Nomura Holdings and Angel Oak Capital have a deal that may help revive the part of the market that went bust during the crisis. Their success could encourage more banks to dip their toes back into riskier mortgages.
Bank of New York Mellon is building out a new investment firm with the mortgage specialist Amherst Holdings. The move is its second major commitment to a fixed income-related fund this year.
Ed DeMarco, the former chief regulator of Fannie Mae and Freddie Mac, warned that efforts under the Obama administration to expand access to credit could risk repeating mistakes that led up to the crisis.
Citigroup Chief Executive Michael Corbat will still have a job tomorrow (and probably several days after that). The bank's capital distribution plan was approved by the Federal Reserve on Wednesday, undoubtedly to the delight of shareholders who were surprised by last year's rejection.
Lucrative sale of a subprime lending unit. Big credit card deal. Clear business plan. It's looking like a good year for Citi provided it passes the CCAR stress test this week and fills a key executive post.
Four years after agreeing to an initial settlement, Bank of America has won court approval for its $8.5 billion settlement with investors over Countrywide's mortgage practices. Here's an update on all the other big mortgage litigation outstanding.
The Wisconsin bank's cautious approach to technology and other innovations says a lot about its overall philosophy. It is treading carefully on Apple Pay, marketplace lending and other cutting-edge items while it is encouraged by its customers' switch to electronic banking.
Fresh questions are being asked about the role of investors in the rental market and how their eventual exit may impact mortgage lending, property values and the economic recovery.
Marketplace lending platforms like Lending Club still need banks to make the loans. Cross River Bank CEO Gilles Gade, who has deals with 14 platforms and has talked with dozens of others, explains the mechanics of these agreements in a Q&A.
Wealthy investors from China and the Middle East are using Citi's private bank to acquire land and fracking rights as vulnerable owners consider emergency liquidations.