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.
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.
Fidelity Investments and Federated Investors are walking clients through major changes in the $2.7 trillion money fund business as banks fear another blow to funding.
It's a mortgage on top of a mortgage, and at least one lender is making these loans again through brokers.
Investors lined up to buy five times more than the amount of bonds available in a securitization of loans originated on the Prosper Marketplace that BlackRock sold this week.
Marlette Funding, an Internet marketplace lender, wants to figure out a way to accept online deposits so it can rely less on investors to finance its loans.
Bank of America is following Wells Fargo by putting out for sale the last of its federally guaranteed student loans. The move should be positive for the bank, and in theory it may even have a chance to again reap returns tied to the loans, but without bearing all of the risk.
TCF Financial took $44 million in charges to rid itself of mortgages made before the housing collapse. A distressed-asset investor purchased more than $400 million in loans from the company, and another pool of bad mortgages may be marked for sale soon.
Joining the hunt for higher-yielding niche loans, the asset management unit of NewOak Capital has quietly launched a private fund to acquire nonqualified residential mortgages.
Banks like Cullen/Frost and BOK Financial say they have found one, in the form of higher energy-sector loan balances last quarter and the chance to finance consolidation among oil firms. But such spurts may only mask longer-term problems.
Marketplace lenders are seizing on current investor enthusiasm after the December public listing of LendingClub. SoFi and Funding Circle have set new origination targets, and new capital markets deals may help replace bank credit lines for Blue Elephant Capital Management and perhaps others.
Homeowners associations seeking unpaid dues are seizing on a court decision allowing them to foreclose on properties ahead of banks, and the FHFA is litigating to defend Fannie and Freddie mortgages. Private lenders, meanwhile, are trying to keep the problem from spreading to more states.
Homeowners associations seeking unpaid dues are seizing on a court decision allowing them to foreclose on properties ahead of banks. FHFA is litigating to defend Fannie and Freddie mortgages in a way that some say is controversial. Private lenders, meanwhile, are still trying to figure out how to deal with the problem before it spreads to more states.
The Justice Department has subpoenaed another subprime auto lender as it extends its investigation into the industry.
Associated Banc-Corp in Wisconsin reported a modest increase in quarterly earnings, and its CEO said it is actively seeking acquisition targets.
The Ocwen spinoff Altisource Portfolio Services delivered notices to more than 800 employees and hundreds of contractors this week as part of the company's scramble to reassure investors.
The big oil lender faces a classic dilemma: extend more credit to energy companies in need of more capital, or lock down to guard against a prolonged downturn.