Morgan Stanley and Pirelli & Co. Real Estate SpA have bought $409.6 million of nonperforming loans from Banca Nazionale del Lavoro SpA, Italy's sixth-largest lender. Pirelli said Friday that it plans to sell bonds backed by the loans, which are backed by residential, hotel, and industrial real estate.
There's been an onslaught of nonbank financial technology company charter applications and approvals already this year.
A business unit CEO Jane Fraser called a "crown jewel" during the bank's first-quarter earnings call says its reaping efficiencies through virtual assistants.
The Pennsylvania-based regional bank said it will collaborate with OpenAI to deploy artificial intelligence across its commercial banking operations. OpenAI technical teams will be onsite to build custom AI capabilities.
The Treasury Department will look at recipients of awards from the Community Development Financial Institutions Fund for "potential violations of applicable law" as the Trump administration continues its campaign against alleged abuses related to the program.
Assistant Secretary for Fair Housing and Equal Opportunity Craig Trainor encouraged the real estate industry to reconsider advice received from DEI experts.
Sen. Thom Tillis, R-N.C., said on Sunday that he no longer opposes Kevin Warsh's nomination to serve as chair of the Federal Reserve following the Justice Department's announced closure of its inquiry into current Fed Chair Jerome Powell.
