Most lenders cite subprime restraint

May 7th, 2015 by Admin

GM Financial and Capital One are joining other auto lenders in citing tougher competition in subprime lending and voicing caution over the increase in auto loans to consumers with lower credit scores.

Ally Financial, one of the nations largest auto lenders, is taking the opposite approach, saying it is pursuing more subprime business.

Some of our competitive banks and finance companies would say they felt increased competition, and I think we likely drove it, Ally CEO Jeffrey Brown said. We took some share and we are very proud of that.

Ally said on Tuesday that subprime loans, which it defined as loans to customers with FICO scores below 620, accounted for 12 percent...

Water-Logged And Getting Wetter Stock Of The Day: Springleaf Holdings (LEAF)

May 7th, 2015 by Admin

Editors Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer.

Trade-Ideas LLC identified
Springleaf Holdings (
LEAF) as a water-logged and getting wetter (weak stocks crossing below support with todays range greater than 200%) candidate. In addition to specific proprietary factors, Trade-Ideas identified Springleaf Holdings as such a stock due to the following factors:

  • LEAF has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $96.2 million.
  • LEAF has traded 1.8 million shares...

Insider Selling: Thomas G. Dundon Sells 2309674 Shares of Santander …

May 7th, 2015 by Admin

Santander Consumer USA Holdings (NYSE:SC) CEO Thomas G. Dundon sold 2,309,674 shares of the stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $24.00, for a total transaction of $55,432,176.00. Following the transaction, the chief executive officer now directly owns 425,887 shares of the companys stock, valued at approximately $10,221,288. The transaction was disclosed in a filing with the SEC, which is available at this link.

SC has been the subject of a number of recent research reports. Analysts at Citigroup Inc. raised their price target on shares of Santander Consumer USA Holdings from $23.00 to $28.00 and gave the company a buy rating...

Compass Point Boosts Santander Consumer USA Holdings Price Target to …

May 7th, 2015 by Admin

Santander Consumer USA Holdings (NYSE:SC) had its price objective hosited by Compass Point from $22.00 to $27.00 in a report released on Wednesday. Compass Point currently has a neutral rating on the stock.

Santander Consumer USA Holdings (NYSE:SC) opened at 24.69 on Wednesday. Santander Consumer USA Holdings has a 52 week low of $16.52 and a 52 week high of $24.89. The stocks 50-day moving average is $22. and its 200-day moving average is $20.. The company has a market cap of $8.63 billion and a P/E ratio of 11.48.

Santander Consumer USA Holdings (NYSE:SC) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $0.81 earnings per share for the quarter,...

Investigators Raid Burnsville Credit Repair Business

May 6th, 2015 by Admin

A WCCO Investigation exposed problems at the business months ago. Customers said they didnt get what they paid for, and former workers are suing over thousands of dollars they say theyre owed.

While investigators seized dozens of boxes of documents Wednesday, a sign on the door kept customers away.

I cant even tell you how long the investigations been going on, IRS Special Agent Vicki Petricka said.

Three agencies went in unannounced: The IRS, Department of Commerce and postal inspectors.

Generally when we do a search warrant, we will take computers and any kind of documents or records thats related to what were looking at, Petricka said.

They wouldnt say exactly...

List of revenue measures drafted

May 6th, 2015 by Admin

By Prokopis Hatzinikolaou

The Finance Ministry is planning measures that will bring in some desperately needed cash, estimated at close to 3.5-4 billion euros over the course of the year. Some of the measures have already been introduced, such as the expired debt settlement programs and the submission of income declarations for previous years.

Among the measures on the drawing board are the declaration of incomes deposited in foreign banks, as well as the processing on favorable terms of 64,000 cases that are still pending in courts.

The ministry is also counting on revenues from actions such as a crackdown on various forms of illegal trading, the abolition of tax exemptions...

RICK BERMAN: Consumer Financial Protection Bureau hurts more than it helps

May 6th, 2015 by Admin

Last week the House of Representatives passed HR 1195, a bill that would create a small business advisory board to oversee the actions of the Consumer Financial Protections Bureau. While the bill is a small step in the right direction, President Obama has announced he is warming up his veto pen should the legislation reach his desk.

Reining in the power of this unaccountable regulatory giant is overdue. While the CFPB attempts to serve as a Robin Hoodesque organization defending victims of the marketplace, one has to ask: Would Robin Hood be a hero if he stole from the rich but made it near impossible for the poor to benefit?

While the CFPB boasts that it is the countrys only...

Citi’s Plan to Shed OneMain Subprime Unit Gets Look-over From DOJ

May 6th, 2015 by Admin

NEW YORK ( TheDeal) — Springleaf Holdings
(LEAF) plan to buy OneMain Financial, the the consumer finance unit of Citigroup
(C), faces an antitrust review from the Department of Justice. The investigation is likely to lead to DOJ-ordered divestitures in order to win antitrust clearance, regulatory experts said.

The acquisition would make Springleaf the largest subprime lender in the US with approximately 2,000 branches and a national footprint covering 43 states. The merged companywill also have nearly $14 billion in core consumer net finance receivables.

Must Read: Warren Buffetts Top 10 Dividend Stocks

The DOJ on Tuesday issued a civil investigative...

Today @NCCapitol (April 20): Consumer finance, partisan judicial elections on …

May 5th, 2015 by Admin

By Mark Binker and Laura Leslie

Raleigh, NC Good morning and welcome to Today @NCCapitol for Monday, April 20. Heres whats going on at the General Assembly and around state government.

COMMITTEES WERE WATCHING: A pair of House committees will hold unusual Monday afternoon meetings as they attempt to juggle legislation in advance of the April 30 crossover deadline:

JUDICIARY: The House Judiciary I Committee meets at 3:30 pm and will handle bills dealing with financial accountability for charter schools and a handful of other bills.

HEALTH: The House Health Committee will hear presentations on the states Certificate of Need law, which restricts when health care...

How the Mortgage Industry Already Protects Consumers

May 5th, 2015 by Admin

As the Consumer Finance Protection Bureau enters its second year as the oversight regulator for the mortgage industry, the bulk of media focus is on how difficult it is to get a loan now, and on reporting enforcement actions for business practices that result in large fines.

These articles do little to build trust with a public that is still trying to decide whether homeownership is worth it anymore. In a room full of friends and family, inevitably I meet someone who talks about an experience they had either first hand, or through someone close to them that involves losing their house, or selling it a large loss.

Then they hear stories about how difficult it is to get a mortgage,...