HARRISBURG, Pa. - (01/27/05) -- The Pennsylvania attorney general isreviewing student loan giant Sallie Mae's controversial offer toacquire the state-run student loan agency for antitrustimplications. "That's something, as a matter of course, that ourantitrust section would do," a spokesman for the attorney general'soffice said. Under the proposed deal, Sallie Mae, the nation'slargest student lender with $105 billion in assets and a 7% shareof the student loan market in Pennsylvania, would acquire thePennsylvania Higher Education Assistance Agency, the state'slargest student lender with a 21% market share. Among the issues tobe reviewed are whether the combination would give Sallie Maevirtual price-setting control on student loans in the KeystoneState. The board of PHEAA rejected out of hand Sallie Mae's $1billion offer, promoting Sallie Mae executives to solicit supportdirectly form the state legislature, which controls the stateagency. The state legislature has the power to override the PHEAAboard decision.
-
The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
9h ago -
The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
10h ago -
The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
10h ago -
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
10h ago -
Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
11h ago -
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
April 18