1 day ago
D.R. Horton's cancellation rate hit 20% on qualification failures, and loanDepot has collapsed 59% year to date as mortgage origination dries up.
Annaly Capital rose 12% as higher MBS yields widened its net interest spread, while PNC jumped 25% repositioning its portfolio to a 4.4% yield.
The 10-year Treasury, not the Fed, sets mortgage rates, and with CPI at 3.4% and the 10-year near 12-month highs, borrower relief looks distant.
Act now: the ***** yst who called NVIDIA in 2010 just named his top 10 AI stocks — and DR Horton didn't make the cut. Grab the names FREE today.
The buyer sitting in a D.R. Horton (NYSE:DHI) sales office in suburban Dallas this week is looking at a 30-year fixed mortgage of 6.67% on the Freddie Mac Primary Mortgage Market Survey for the week ending August 13, 2026, and 6.75% on Mortgage News Daily's Tuesday reading. In late February, the Freddie Mac number was 5.98%. In the interim, the Federal Reserve did nothing. Chair Kevin Warsh has held the federal funds target at 3.75% for 231 consecutive days. Your mortgage rate went up anyway.
#horton #rate
Annaly Capital rose 12% as higher MBS yields widened its net interest spread, while PNC jumped 25% repositioning its portfolio to a 4.4% yield.
The 10-year Treasury, not the Fed, sets mortgage rates, and with CPI at 3.4% and the 10-year near 12-month highs, borrower relief looks distant.
Act now: the ***** yst who called NVIDIA in 2010 just named his top 10 AI stocks — and DR Horton didn't make the cut. Grab the names FREE today.
The buyer sitting in a D.R. Horton (NYSE:DHI) sales office in suburban Dallas this week is looking at a 30-year fixed mortgage of 6.67% on the Freddie Mac Primary Mortgage Market Survey for the week ending August 13, 2026, and 6.75% on Mortgage News Daily's Tuesday reading. In late February, the Freddie Mac number was 5.98%. In the interim, the Federal Reserve did nothing. Chair Kevin Warsh has held the federal funds target at 3.75% for 231 consecutive days. Your mortgage rate went up anyway.
#horton #rate
1 day ago
Private credit is entering a more challenging phase as non-accruals and other signs of borrower distress rise.
The industry has enjoyed years of strong growth, supported by expanding **** ets under management, robust investment activity and attractive returns for investors. But the credit cycle is turning. The latest LCD data suggest that rising borrower distress is becoming a more meaningful feature of the market.
In this report, LCD examines non-accrual exposure (see Footnote 1) across the BDC market, beginning with a quick update on Q2 figures from the ten largest publicly traded BDCs, followed by a comprehensive **** ysis of non-accrual exposure across all registered US-based BDCs over the past three years, covering 213 distinct BDCs managed by 109 managers, representing an aggregate debt portfolio of $516 billion as of Q1 2026.
Key Takeaways
Reported non-accrual debt rose to 1.9% of total debt at cost in Q1, up 52 bps from the prior quarter.
#accrual #borrower #distress #across
The industry has enjoyed years of strong growth, supported by expanding **** ets under management, robust investment activity and attractive returns for investors. But the credit cycle is turning. The latest LCD data suggest that rising borrower distress is becoming a more meaningful feature of the market.
In this report, LCD examines non-accrual exposure (see Footnote 1) across the BDC market, beginning with a quick update on Q2 figures from the ten largest publicly traded BDCs, followed by a comprehensive **** ysis of non-accrual exposure across all registered US-based BDCs over the past three years, covering 213 distinct BDCs managed by 109 managers, representing an aggregate debt portfolio of $516 billion as of Q1 2026.
Key Takeaways
Reported non-accrual debt rose to 1.9% of total debt at cost in Q1, up 52 bps from the prior quarter.
#accrual #borrower #distress #across
1 day ago
D.R. Horton's cancellation rate hit 20% on qualification failures, and loanDepot has collapsed 59% year to date as mortgage origination dries up.
Annaly Capital rose 12% as higher MBS yields widened its net interest spread, while PNC jumped 25% repositioning its portfolio to a 4.4% yield.
The 10-year Treasury, not the Fed, sets mortgage rates, and with CPI at 3.4% and the 10-year near 12-month highs, borrower relief looks distant.
Act now: the ****** yst who called NVIDIA in 2010 just named his top 10 AI stocks — and DR Horton didn't make the cut. Grab the names FREE today.
The buyer sitting in a D.R. Horton (NYSE:DHI) sales office in suburban Dallas this week is looking at a 30-year fixed mortgage of 6.67% on the Freddie Mac Primary Mortgage Market Survey for the week ending August 13, 2026, and 6.75% on Mortgage News Daily's Tuesday reading. In late February, the Freddie Mac number was 5.98%. In the interim, the Federal Reserve did nothing. Chair Kevin Warsh has held the federal funds target at 3.75% for 231 consecutive days. Your mortgage rate went up anyway.
#horton #week
Annaly Capital rose 12% as higher MBS yields widened its net interest spread, while PNC jumped 25% repositioning its portfolio to a 4.4% yield.
The 10-year Treasury, not the Fed, sets mortgage rates, and with CPI at 3.4% and the 10-year near 12-month highs, borrower relief looks distant.
Act now: the ****** yst who called NVIDIA in 2010 just named his top 10 AI stocks — and DR Horton didn't make the cut. Grab the names FREE today.
The buyer sitting in a D.R. Horton (NYSE:DHI) sales office in suburban Dallas this week is looking at a 30-year fixed mortgage of 6.67% on the Freddie Mac Primary Mortgage Market Survey for the week ending August 13, 2026, and 6.75% on Mortgage News Daily's Tuesday reading. In late February, the Freddie Mac number was 5.98%. In the interim, the Federal Reserve did nothing. Chair Kevin Warsh has held the federal funds target at 3.75% for 231 consecutive days. Your mortgage rate went up anyway.
#horton #week
1 day ago
Private credit is entering a more challenging phase as non-accruals and other signs of borrower distress rise.
The industry has enjoyed years of strong growth, supported by expanding ***** ets under management, robust investment activity and attractive returns for investors. But the credit cycle is turning. The latest LCD data suggest that rising borrower distress is becoming a more meaningful feature of the market.
In this report, LCD examines non-accrual exposure (see Footnote 1) across the BDC market, beginning with a quick update on Q2 figures from the ten largest publicly traded BDCs, followed by a comprehensive ***** ysis of non-accrual exposure across all registered US-based BDCs over the past three years, covering 213 distinct BDCs managed by 109 managers, representing an aggregate debt portfolio of $516 billion as of Q1 2026.
Key Takeaways
Reported non-accrual debt rose to 1.9% of total debt at cost in Q1, up 52 bps from the prior quarter.
#borrower
The industry has enjoyed years of strong growth, supported by expanding ***** ets under management, robust investment activity and attractive returns for investors. But the credit cycle is turning. The latest LCD data suggest that rising borrower distress is becoming a more meaningful feature of the market.
In this report, LCD examines non-accrual exposure (see Footnote 1) across the BDC market, beginning with a quick update on Q2 figures from the ten largest publicly traded BDCs, followed by a comprehensive ***** ysis of non-accrual exposure across all registered US-based BDCs over the past three years, covering 213 distinct BDCs managed by 109 managers, representing an aggregate debt portfolio of $516 billion as of Q1 2026.
Key Takeaways
Reported non-accrual debt rose to 1.9% of total debt at cost in Q1, up 52 bps from the prior quarter.
#borrower
2 days ago
In 2025, 87% of borrowers paid higher than the best available mortgage rate for their credit profile — often because they didn't shop around, according to Bankrate's Hidden Homeownership Tax research.
Refinancing can lower your interest rate and cut thousands of dollars off the total cost of your loan.
Staying with your current lender out of convenience can mean paying a hidden "loyalty tax." Below, we break down when sticking with your lender pays off and when it costs you.
You can refinance with your current lender or switch to a new one — there's no rule requiring you to do either. The real question isn't whether you're allowed to change lenders (you are); it's whether it's the smarter move for your finances.
That decision comes down to more than just comparing your current lender's offer against the competition. Whether you're thinking of refinancing to tap into home equity or snag a lower rate, here's how to weigh the convenience of staying put against what you might be leaving on the table by not shopping around.
#rate #current #lender
Refinancing can lower your interest rate and cut thousands of dollars off the total cost of your loan.
Staying with your current lender out of convenience can mean paying a hidden "loyalty tax." Below, we break down when sticking with your lender pays off and when it costs you.
You can refinance with your current lender or switch to a new one — there's no rule requiring you to do either. The real question isn't whether you're allowed to change lenders (you are); it's whether it's the smarter move for your finances.
That decision comes down to more than just comparing your current lender's offer against the competition. Whether you're thinking of refinancing to tap into home equity or snag a lower rate, here's how to weigh the convenience of staying put against what you might be leaving on the table by not shopping around.
#rate #current #lender
3 days ago
The US private credit market, valued at over $2 trillion, is flashing stress signals not seen since 2017, raising the question of what deteriorating loans could mean for Bitcoin.
The connection runs through liquidity and risk sentiment rather than any direct exposure between the two markets.
Non-accrual loans are credits in which the borrower has stopped making payments or in which default is likely. That metric just hit a multi-year high.
The Financial Times reported the figures, based on Solve data. Non-accrual loans reached a median of 2.8% of cost across the twenty largest listed US Business Development Companies during the second quarter.
That level compares with late March, when the same measure sat near 2%. It marks the highest reading in nearly a decade, comparable to stress triggered by the 2017 oil price collapse.
#accrual #financial
The connection runs through liquidity and risk sentiment rather than any direct exposure between the two markets.
Non-accrual loans are credits in which the borrower has stopped making payments or in which default is likely. That metric just hit a multi-year high.
The Financial Times reported the figures, based on Solve data. Non-accrual loans reached a median of 2.8% of cost across the twenty largest listed US Business Development Companies during the second quarter.
That level compares with late March, when the same measure sat near 2%. It marks the highest reading in nearly a decade, comparable to stress triggered by the 2017 oil price collapse.
#accrual #financial
3 days ago
On August 10, NVIDIA Corporation (NASDAQ:NVDA) CEO Jensen Huang unveiled what he calls his "big concept" for AI financing on CNBC, standing alongside leaders from Goldman Sachs, BlackRock, Blackstone, KKR, Apollo, and Brookfield. Together, the group says it will raise $500 billion, and potentially more, from outside investors to build new AI data centers.
KKR & Co. Inc. (NYSE:KKR)'s head of digital infrastructure, Waldemar Szlezak, described the shift plainly: "You can think about it as a revenue stream."
NVIDIA Corporation (NASDAQ:NVDA) already tried a similar move once before. Almost 11 months ago, it announced a plan to invest up to $100 billion in OpenAI for data centers needing 10 gigawatts of power, but that investment never fully materialized.
That history raises a real question: does this new $500 billion plan mark a genuine shift in how AI gets financed, or another ambitious announcement that outruns the actual contracts behind it?
Nvidia's chips seem to hold real value over time, since customers keep using older-generation GPUs long after a newer model ships. NVIDIA Corporation (NASDAQ:NVDA) also gets the option to backstop 25% of any loan made under the plan, which should help borrowers land better rates than relying on their own credit alone. Big Tech has already shown this kind of financing works at scale: Alphabet, Amazon, Meta, Microsoft, and Oracle together raised more than $150 billion in debt and equity this year, and Intel raised its own stock offering from $15 billion to $20 billion.
#billion #NVIDIA #together
KKR & Co. Inc. (NYSE:KKR)'s head of digital infrastructure, Waldemar Szlezak, described the shift plainly: "You can think about it as a revenue stream."
NVIDIA Corporation (NASDAQ:NVDA) already tried a similar move once before. Almost 11 months ago, it announced a plan to invest up to $100 billion in OpenAI for data centers needing 10 gigawatts of power, but that investment never fully materialized.
That history raises a real question: does this new $500 billion plan mark a genuine shift in how AI gets financed, or another ambitious announcement that outruns the actual contracts behind it?
Nvidia's chips seem to hold real value over time, since customers keep using older-generation GPUs long after a newer model ships. NVIDIA Corporation (NASDAQ:NVDA) also gets the option to backstop 25% of any loan made under the plan, which should help borrowers land better rates than relying on their own credit alone. Big Tech has already shown this kind of financing works at scale: Alphabet, Amazon, Meta, Microsoft, and Oracle together raised more than $150 billion in debt and equity this year, and Intel raised its own stock offering from $15 billion to $20 billion.
#billion #NVIDIA #together
4 days ago
The most recent direct lending data shows a boost in the deal count and estimated volume in the European market, including the first direct-lending takeout of a broadly syndicated loan since the third quarter of 2025, as well as renewed support for lending to the software sector.
The data is also beginning to indicate some spread widening and a migration of borrowers to the broadly syndicated loan market, with BSL refinancing activity jumping to the second-highest quarterly reading since LCD began tracking this data, according to the latest European Private Credit Monitor.
The direct lending deal count rose to 35 in the last three months to the end of July, while the estimated volume increased to €9.8 billion — from 32 and €8.5 billion in the second quarter, respectively. Meanwhile, PE-backed estimated direct lending volume grew to the highest level since the end of 2025 on the three-month measure.
However, the estimated volume and count for direct lending deals in the year to end-July still lag the rate tracked in 2025, with these measures trailing by 29% and 19%, respectively. The trend is the same for sponsor-backed deals, which are running 24% lower for estimated volume and 19% lower by number of transactions.
Along with the general recent uptick in activity, interactions between the BSL and DL markets have seen a boost over the past three months, with the direct lending market demonstrating support for software companies despite general market nervousness over this sector.
#european
The data is also beginning to indicate some spread widening and a migration of borrowers to the broadly syndicated loan market, with BSL refinancing activity jumping to the second-highest quarterly reading since LCD began tracking this data, according to the latest European Private Credit Monitor.
The direct lending deal count rose to 35 in the last three months to the end of July, while the estimated volume increased to €9.8 billion — from 32 and €8.5 billion in the second quarter, respectively. Meanwhile, PE-backed estimated direct lending volume grew to the highest level since the end of 2025 on the three-month measure.
However, the estimated volume and count for direct lending deals in the year to end-July still lag the rate tracked in 2025, with these measures trailing by 29% and 19%, respectively. The trend is the same for sponsor-backed deals, which are running 24% lower for estimated volume and 19% lower by number of transactions.
Along with the general recent uptick in activity, interactions between the BSL and DL markets have seen a boost over the past three months, with the direct lending market demonstrating support for software companies despite general market nervousness over this sector.
#european
7 days ago
Our ****** ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
Net ****** et Value (NAV) increased 4% to $12.52 per share, driven by a meaningful recovery in loan prices and CLO valuations following first-quarter volatility.
Management attributed the early-year market pressure to concerns regarding AI's impact on software borrowers and geopolitical developments, rather than a broad deterioration in credit fundamentals.
The company realized convexity gains sooner than anticipated due to elevated refinancing, reset, and call activity, which triggered early repayments of CLO debt investments purchased at discounts.
Active portfolio management involved rotating capital away from underperforming CLO collateral managers toward higher-conviction opportunities in CLOs and private credit.
#credit #value #analysts
Net ****** et Value (NAV) increased 4% to $12.52 per share, driven by a meaningful recovery in loan prices and CLO valuations following first-quarter volatility.
Management attributed the early-year market pressure to concerns regarding AI's impact on software borrowers and geopolitical developments, rather than a broad deterioration in credit fundamentals.
The company realized convexity gains sooner than anticipated due to elevated refinancing, reset, and call activity, which triggered early repayments of CLO debt investments purchased at discounts.
Active portfolio management involved rotating capital away from underperforming CLO collateral managers toward higher-conviction opportunities in CLOs and private credit.
#credit #value #analysts
7 days ago
Radian Group (NYSE:RDN) delivered its Q2 2026 earnings on August 6, and the numbers marked a turning point. Total revenue jumped 93% year-over-year to $575 million, while net earned premiums more than doubled to $504 million, as the company's first full quarter with newly acquired specialty insurer Inigo showed up in the results. Book value per share climbed 8.5% to $36. With a forward P/E of just 7.19, the market doesn't seem convinced the growth will stick.
Radian's legacy mortgage insurance operation kept humming along on its own. New insurance written rose 14% year-over-year to $16.3 billion, and persistency held at 82%, pushing primary insurance in force to a record $284 billion. About half of that portfolio carries a mortgage rate of 5.5% or lower, so those borrowers have little reason to refinance away, which supports future premium income. Credit quality kept improving too. New defaults fell 9% from the prior quarter to roughly 12,400, and cures kept outpacing new defaults, dropping the portfolio default rate to 2.47%. That trend produced $20 million of favorable reserve development in the quarter, while the mortgage segment's expense ratio improved to 23% from 25% a year earlier.
The Inigo deal changed Radian's shape almost overnight. Specialty insurance now makes up roughly 50% of total revenue and 53% of net premiums earned, giving Radian a second, meaningfully sized engine. Capital returns kept flowing at the same time. Radian repurchased $76 million of stock in the quarter and about $50 million more so far in the third quarter, pushing year-to-date buybacks to $176 million, while Radian Guaranty sent a $200 million dividend up to the parent company.
The newly acquired specialty business is running into a tougher market. Management said competition is intensifying in property insurance and reinsurance and that rates continue to soften, a cyclical dynamic it says it expected when it underwrote the Inigo deal. The segment's net combined ratio came in at 98% for the quarter and 93% for the first half of 2026, elevated in part because Radian set aside reserves tied to the ongoing conflict in the Middle East, covering both expected and potential claims plus updated inflation **** umptions across the insured portfolio. Management now expects a combined ratio in the low 90s going forward as softer pricing works its way into results, versus the high 80s it had been tracking toward before the reserve charge. Radian is also mid-transition at the top, with CEO-elect Mike Weinbach set to take over from longtime CEO Rick Thornberry, and it still had $75 million outstanding on its revolving credit facility at quarter-end.
#million #quarter #specialty #Portfolio
Radian's legacy mortgage insurance operation kept humming along on its own. New insurance written rose 14% year-over-year to $16.3 billion, and persistency held at 82%, pushing primary insurance in force to a record $284 billion. About half of that portfolio carries a mortgage rate of 5.5% or lower, so those borrowers have little reason to refinance away, which supports future premium income. Credit quality kept improving too. New defaults fell 9% from the prior quarter to roughly 12,400, and cures kept outpacing new defaults, dropping the portfolio default rate to 2.47%. That trend produced $20 million of favorable reserve development in the quarter, while the mortgage segment's expense ratio improved to 23% from 25% a year earlier.
The Inigo deal changed Radian's shape almost overnight. Specialty insurance now makes up roughly 50% of total revenue and 53% of net premiums earned, giving Radian a second, meaningfully sized engine. Capital returns kept flowing at the same time. Radian repurchased $76 million of stock in the quarter and about $50 million more so far in the third quarter, pushing year-to-date buybacks to $176 million, while Radian Guaranty sent a $200 million dividend up to the parent company.
The newly acquired specialty business is running into a tougher market. Management said competition is intensifying in property insurance and reinsurance and that rates continue to soften, a cyclical dynamic it says it expected when it underwrote the Inigo deal. The segment's net combined ratio came in at 98% for the quarter and 93% for the first half of 2026, elevated in part because Radian set aside reserves tied to the ongoing conflict in the Middle East, covering both expected and potential claims plus updated inflation **** umptions across the insured portfolio. Management now expects a combined ratio in the low 90s going forward as softer pricing works its way into results, versus the high 80s it had been tracking toward before the reserve charge. Radian is also mid-transition at the top, with CEO-elect Mike Weinbach set to take over from longtime CEO Rick Thornberry, and it still had $75 million outstanding on its revolving credit facility at quarter-end.
#million #quarter #specialty #Portfolio
7 days ago
Sam Altman's push for a $1 trillion OpenAI IPO is on a collision course with SoftBank's need to repay a $40 billion bridge loan early next year, creating real tension around the deal's timing and valuation. All this tension matters for Microsoft (NASDAQ: MSFT) and Nvidia (NASDAQ: NVDA) shareholders, because both companies have meaningful OpenAI exposure on their balance sheets and in their narratives.
OpenAI filed a confidential S‑1 with the Securities and Exchange Commission in June and sits at a private post‑money valuation of around $852 billion after its March 2026 funding round. Reports put its 2025 revenue near $13 billion and its 2026 revenue near $2 billion per month, numbers that support a high valuation multiple, but not a stress‑free one. Altman has told investors he will not take the company public below $1 trillion, so the IPO must clear that bar, or the listing will stay on hold.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
To fund its expanded stake in OpenAI, SoftBank arranged an unsecured $40 billion bridge loan that matures in March 2027. Bridge paper exists to carry a borrower into a specific liquidity moment, which in this case lines up with a fourth-quarter 2026 or first-quarter 2027 window for OpenAI's IPO. If public markets balk at putting a $1 trillion valuation on the ChatGPT developer, SoftBank will either have to refinance at tougher terms or the company will have to accept a lower market cap -- an outcome that could ripple through its broader AI story.
Microsoft owns roughly 27% of OpenAI after committing about $13 billion to it a few years ago, and it's in talks to add a bit under $10 billion more to its stake in the new funding round. A trillion-dollar IPO would turn that stake into one of the most valuable strategic holdings in corporate history, which supports the long‑term AI infrastructure thesis around Azure and Copilot. The risk here is that SoftBank's need for speed will push OpenAI to go public before the economics of enterprise AI are stable, leaving Microsoft with headline valuation gains but more scrutiny on capital intensity and on an AI partner whose stock could swing hard.
#bridge #signal
OpenAI filed a confidential S‑1 with the Securities and Exchange Commission in June and sits at a private post‑money valuation of around $852 billion after its March 2026 funding round. Reports put its 2025 revenue near $13 billion and its 2026 revenue near $2 billion per month, numbers that support a high valuation multiple, but not a stress‑free one. Altman has told investors he will not take the company public below $1 trillion, so the IPO must clear that bar, or the listing will stay on hold.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
To fund its expanded stake in OpenAI, SoftBank arranged an unsecured $40 billion bridge loan that matures in March 2027. Bridge paper exists to carry a borrower into a specific liquidity moment, which in this case lines up with a fourth-quarter 2026 or first-quarter 2027 window for OpenAI's IPO. If public markets balk at putting a $1 trillion valuation on the ChatGPT developer, SoftBank will either have to refinance at tougher terms or the company will have to accept a lower market cap -- an outcome that could ripple through its broader AI story.
Microsoft owns roughly 27% of OpenAI after committing about $13 billion to it a few years ago, and it's in talks to add a bit under $10 billion more to its stake in the new funding round. A trillion-dollar IPO would turn that stake into one of the most valuable strategic holdings in corporate history, which supports the long‑term AI infrastructure thesis around Azure and Copilot. The risk here is that SoftBank's need for speed will push OpenAI to go public before the economics of enterprise AI are stable, leaving Microsoft with headline valuation gains but more scrutiny on capital intensity and on an AI partner whose stock could swing hard.
#bridge #signal
13 days ago
Our **** ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
Management attributes strong cash generation to a benign credit environment and the 'Buy, Manage & Distribute' operating model, which provides high-quality earnings across economic cycles.
Persistency remains elevated at 84% because nearly half of the In Force portfolio carries a mortgage rate of 5.5% or lower, creating a natural hedge against declining origination volumes.
Portfolio growth is currently in a 'pause' phase as high interest rates and home price appreciation continue to constrain borrower affordability and pull forward demand from previous years.
The credit profile remains robust with a weighted average credit score of 747, while embedded home equity is expected to mitigate ultimate claims despite a flat quarter-over-quarter default rate.
#remains
Management attributes strong cash generation to a benign credit environment and the 'Buy, Manage & Distribute' operating model, which provides high-quality earnings across economic cycles.
Persistency remains elevated at 84% because nearly half of the In Force portfolio carries a mortgage rate of 5.5% or lower, creating a natural hedge against declining origination volumes.
Portfolio growth is currently in a 'pause' phase as high interest rates and home price appreciation continue to constrain borrower affordability and pull forward demand from previous years.
The credit profile remains robust with a weighted average credit score of 747, while embedded home equity is expected to mitigate ultimate claims despite a flat quarter-over-quarter default rate.
#remains
15 days ago
When longtime mortgage loan officer Hillary Moussali worked at a local Chase bank branch, an elderly man walked in holding a mail advertisement with the bank's name, promising "super low" refinancing rates. Moussali took one look at the mailer and knew it wasn't sent from Chase.
"I read the fine print, which he probably couldn't even see," said Moussali, who worked as a loan officer for Chase from 2016 to 2021. "If he had just called the 1-800 number, who knows what they would have charged him."
There's a good chance they would've charged him thousands of extra dollars in unnecessary costs, according to new Bankrate research that finds a costly "Seniority Tax" is consistently imposed on older refinancers. The Seniority Tax is a targeted example of a wider Hidden Homeownership Tax revealed by our research — the systemic overpayment by American mortgage borrowers.
Read more about how the Seniority Tax plays out, along with similar overpayment consequences for other groups of people.
Full report
#worked #charged
"I read the fine print, which he probably couldn't even see," said Moussali, who worked as a loan officer for Chase from 2016 to 2021. "If he had just called the 1-800 number, who knows what they would have charged him."
There's a good chance they would've charged him thousands of extra dollars in unnecessary costs, according to new Bankrate research that finds a costly "Seniority Tax" is consistently imposed on older refinancers. The Seniority Tax is a targeted example of a wider Hidden Homeownership Tax revealed by our research — the systemic overpayment by American mortgage borrowers.
Read more about how the Seniority Tax plays out, along with similar overpayment consequences for other groups of people.
Full report
#worked #charged
15 days ago
Aug 5 (Reuters) - The Dallas and New York Federal Reserve banks plan to launch a pilot survey into the estimated $1.3 trillion private credit market after the end of the third quarter, the New York Fed said in a statement on Wednesday.
Private credit's expansion began as a means of funding private equity groups' buyouts after the 2008 financial crisis saw bank financing dry up. It then swelled into a prime source of debt financing for riskier businesses, drawing in capital from income-hungry investors.
Though still tiny compared with the traditional banking industry, the sector has been dogged by concerns over the quality of lending standards and a lack of transparency.
The survey would segment the market into three sections based on borrower size: an upper middle market with more than $100 million in earnings before interest, taxes, depreciation and amortization; a middle market between $30 million and $100 million EBITDA; and a lower middle market with less than $30 million EBITDA, the statement said.
Findings of the survey are expected to be published in the first quarter of 2027, it said.
#statement
Private credit's expansion began as a means of funding private equity groups' buyouts after the 2008 financial crisis saw bank financing dry up. It then swelled into a prime source of debt financing for riskier businesses, drawing in capital from income-hungry investors.
Though still tiny compared with the traditional banking industry, the sector has been dogged by concerns over the quality of lending standards and a lack of transparency.
The survey would segment the market into three sections based on borrower size: an upper middle market with more than $100 million in earnings before interest, taxes, depreciation and amortization; a middle market between $30 million and $100 million EBITDA; and a lower middle market with less than $30 million EBITDA, the statement said.
Findings of the survey are expected to be published in the first quarter of 2027, it said.
#statement
28 days ago
This story was originally published on CRE Daily. Join 70,000+ commercial real estate professionals getting daily news, market insights, and industry **** ysis delivered straight to their inbox with the free CRE Daily newsletter.
Lenders have tightened credit spreads on 60–65% LTV retail CRE loans by 16 basis points over the past year, per Trepp.
The cost of incremental debt in the 50–59% LTV tier is nearly unchanged in the same period, underscoring a shift in lender competition.
Lenders prioritizing pricing competitiveness in the middle of the capital stack could alter borrower decisions and reshape risk distribution in retail loan origination.
Retail commercial real estate lenders are shifting their focus toward moderate leverage. Trepp data shows the most aggressive pricing now sits in the middle of the debt stack.
#estate #debt #middle
Lenders have tightened credit spreads on 60–65% LTV retail CRE loans by 16 basis points over the past year, per Trepp.
The cost of incremental debt in the 50–59% LTV tier is nearly unchanged in the same period, underscoring a shift in lender competition.
Lenders prioritizing pricing competitiveness in the middle of the capital stack could alter borrower decisions and reshape risk distribution in retail loan origination.
Retail commercial real estate lenders are shifting their focus toward moderate leverage. Trepp data shows the most aggressive pricing now sits in the middle of the debt stack.
#estate #debt #middle
29 days ago
Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure.
Private mortgage insurance (PMI) is insurance that protects the lender if you don't make payments on your home loan. If you're putting less than 20% down on a home and taking out a conventional loan, you generally have to pay this cost at closing or as part of your monthly mortgage payments.
PMI is a form of mortgage insurance that applies to conventional loans. If you buy a home with a conventional loan and your down payment is less than 20% of the home's value, buying PMI is mandatory. Lenders also require you to buy PMI if you're refinancing with a conventional loan and you have less than 20% equity in the home.
Lenders set up your PMI with private insurance companies that offer it, and the cost is listed on your loan estimate and closing disclosure.
PMI is there to protect the lender, not the borrower. If you don't make your mortgage payments, the lender can recoup some of the money they're owed from the insurer. But you're not protected from late payment fines or foreclosure.
#payments
Private mortgage insurance (PMI) is insurance that protects the lender if you don't make payments on your home loan. If you're putting less than 20% down on a home and taking out a conventional loan, you generally have to pay this cost at closing or as part of your monthly mortgage payments.
PMI is a form of mortgage insurance that applies to conventional loans. If you buy a home with a conventional loan and your down payment is less than 20% of the home's value, buying PMI is mandatory. Lenders also require you to buy PMI if you're refinancing with a conventional loan and you have less than 20% equity in the home.
Lenders set up your PMI with private insurance companies that offer it, and the cost is listed on your loan estimate and closing disclosure.
PMI is there to protect the lender, not the borrower. If you don't make your mortgage payments, the lender can recoup some of the money they're owed from the insurer. But you're not protected from late payment fines or foreclosure.
#payments
29 days ago
Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure.
With the SAVE program ending and major changes for federal student loan borrowers this year, now could be a good time to review your repayment plan — which may also include refinancing.
Refinancing your student loans can help you score a lower interest rate or consolidate multiple monthly payments into one. But if you're refinancing federal student loans, you could also lose some valuable protections and forgiveness opportunities.
The first step is finding a student loan refinance lender that works with your budget and timeline. To help you get started, here are some top options today.
Read more: How to refinance your student loans
#refinance
With the SAVE program ending and major changes for federal student loan borrowers this year, now could be a good time to review your repayment plan — which may also include refinancing.
Refinancing your student loans can help you score a lower interest rate or consolidate multiple monthly payments into one. But if you're refinancing federal student loans, you could also lose some valuable protections and forgiveness opportunities.
The first step is finding a student loan refinance lender that works with your budget and timeline. To help you get started, here are some top options today.
Read more: How to refinance your student loans
#refinance
29 days ago
Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure.
With the SAVE program ending and major changes for federal student loan borrowers this year, now could be a good time to review your repayment plan — which may also include refinancing.
Refinancing your student loans can help you score a lower interest rate or consolidate multiple monthly payments into one. But if you're refinancing federal student loans, you could also lose some valuable protections and forgiveness opportunities.
The first step is finding a student loan refinance lender that works with your budget and timeline. To help you get started, here are some top options today.
Read more: How to refinance your student loans
#loans
With the SAVE program ending and major changes for federal student loan borrowers this year, now could be a good time to review your repayment plan — which may also include refinancing.
Refinancing your student loans can help you score a lower interest rate or consolidate multiple monthly payments into one. But if you're refinancing federal student loans, you could also lose some valuable protections and forgiveness opportunities.
The first step is finding a student loan refinance lender that works with your budget and timeline. To help you get started, here are some top options today.
Read more: How to refinance your student loans
#loans
1 month ago
J.P. Morgan Chase CEO Jamie Dimon says he is against investing his personal wealth any further into long-dated Treasury bills because of the potential for a bond market crisis brought on by the U.S.'s $39 trillion in national debt.
Dimon has continually lobbied policymakers to take action over the debt—and they have continually disappointed him.
In an appearance on the Master Investor podcast, Dimon was asked whether he would be a buyer of long-dated government bonds at the moment. "Personally, no," he responded. "I know that the inflation numbers were good yesterday … the thing about numbers, you dig into these numbers, I mean really dig into them, and I wouldn't give them too much credence."
He continued: "I would not be a buyer, and part of it is interest rates … I mean even if inflation was 2%, the 10-year bond should probably be at 4.5% to 4%, and the short rate should be 3.25% to 3.5%—and they're almost there today."
Dimon is speaking about the headwinds that will shape yields on government bonds on the longer end: Inflation expectations and government borrowing.
Long-term Treasuries—10-, 20-, or 30-year bills—behave as a temperature check for the economic outlook. As well as baking in inflation expectations, yields (or returns) on longer-term Treasuries provide lenders with benchmark rates for their loans: The low-risk ******* et of government borrowing, versus the interest repayments consumers are paying.
As such, these yields are reflected in the rates offered to borrowers elsewhere in the economy—think houses, cars, and credit cards.
#government #bills
Dimon has continually lobbied policymakers to take action over the debt—and they have continually disappointed him.
In an appearance on the Master Investor podcast, Dimon was asked whether he would be a buyer of long-dated government bonds at the moment. "Personally, no," he responded. "I know that the inflation numbers were good yesterday … the thing about numbers, you dig into these numbers, I mean really dig into them, and I wouldn't give them too much credence."
He continued: "I would not be a buyer, and part of it is interest rates … I mean even if inflation was 2%, the 10-year bond should probably be at 4.5% to 4%, and the short rate should be 3.25% to 3.5%—and they're almost there today."
Dimon is speaking about the headwinds that will shape yields on government bonds on the longer end: Inflation expectations and government borrowing.
Long-term Treasuries—10-, 20-, or 30-year bills—behave as a temperature check for the economic outlook. As well as baking in inflation expectations, yields (or returns) on longer-term Treasuries provide lenders with benchmark rates for their loans: The low-risk ******* et of government borrowing, versus the interest repayments consumers are paying.
As such, these yields are reflected in the rates offered to borrowers elsewhere in the economy—think houses, cars, and credit cards.
#government #bills
1 month ago
Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure.
Private mortgage insurance (PMI) is insurance that protects the lender if you don't make payments on your home loan. If you're putting less than 20% down on a home and taking out a conventional loan, you generally have to pay this cost at closing or as part of your monthly mortgage payments.
PMI is a form of mortgage insurance that applies to conventional loans. If you buy a home with a conventional loan and your down payment is less than 20% of the home's value, buying PMI is mandatory. Lenders also require you to buy PMI if you're refinancing with a conventional loan and you have less than 20% equity in the home.
Lenders set up your PMI with private insurance companies that offer it, and the cost is listed on your loan estimate and closing disclosure.
PMI is there to protect the lender, not the borrower. If you don't make your mortgage payments, the lender can recoup some of the money they're owed from the insurer. But you're not protected from late payment fines or foreclosure.
#mortgage #conventional #lender
Private mortgage insurance (PMI) is insurance that protects the lender if you don't make payments on your home loan. If you're putting less than 20% down on a home and taking out a conventional loan, you generally have to pay this cost at closing or as part of your monthly mortgage payments.
PMI is a form of mortgage insurance that applies to conventional loans. If you buy a home with a conventional loan and your down payment is less than 20% of the home's value, buying PMI is mandatory. Lenders also require you to buy PMI if you're refinancing with a conventional loan and you have less than 20% equity in the home.
Lenders set up your PMI with private insurance companies that offer it, and the cost is listed on your loan estimate and closing disclosure.
PMI is there to protect the lender, not the borrower. If you don't make your mortgage payments, the lender can recoup some of the money they're owed from the insurer. But you're not protected from late payment fines or foreclosure.
#mortgage #conventional #lender
1 month ago
The Bank of England is planning to loosen capital requirements for major UK lenders to inject additional liquidity, help banks sustain lending, and support financial markets during periods of stress, while bringing UK requirements more closely into line with international standards. These proposals come as regulators face growing pressure to do more to stimulate economic growth. However, the move also raises concerns about credit quality and financial stability, as relaxed requirements could encourage banks to lend to weaker borrowers and contribute to higher leverage and risk-taking in financial markets.
Capital requirements determine how much capital banks must hold against their **** ets to absorb potential losses and maintain resilience during periods of stress. Easing these requirements allows banks to deploy more capital towards lending, supporting credit availability and market functioning when financial conditions deteriorate. The proposal also follows a relaxation of US leverage requirements in November 2025, increasing competitive pressure on British lenders operating in global markets.
UK economic growth has remained subdued amid geopolitical uncertainty, which has pushed up commodity prices, added to inflationary pressures, and weakened consumer confidence. By improving banks' capacity to lend, the Bank of England aims to support economic activity and help restore confidence among households and businesses.
At the same time, the proposals heighten concerns about financial stability and market risk. Easier credit conditions could increase lending to highly leveraged investors, including hedge funds that use significant borrowing to purchase equities. A substantial share of this debt-fuelled activity has been concentrated in AI-related stocks, despite uncertainty over whether many AI investments will generate the expected returns. If AI projects fail to deliver, firms may struggle to service their debts, potentially increasing banks' non-performing **** ets and weakening overall credit quality.
The Financial Policy Committee has also flagged risks arising directly from rapid advances in frontier AI, which have progressed faster than many experts expected. While these systems could improve productivity, they may also materially increase cyber and operational risks by enabling malicious actors to cause disruption at lower cost and greater scale. Such shocks could affect banks and other systemically important financial institutions, with broader implications for the resilience of the financial system.
#financial #capital #lending #england
Capital requirements determine how much capital banks must hold against their **** ets to absorb potential losses and maintain resilience during periods of stress. Easing these requirements allows banks to deploy more capital towards lending, supporting credit availability and market functioning when financial conditions deteriorate. The proposal also follows a relaxation of US leverage requirements in November 2025, increasing competitive pressure on British lenders operating in global markets.
UK economic growth has remained subdued amid geopolitical uncertainty, which has pushed up commodity prices, added to inflationary pressures, and weakened consumer confidence. By improving banks' capacity to lend, the Bank of England aims to support economic activity and help restore confidence among households and businesses.
At the same time, the proposals heighten concerns about financial stability and market risk. Easier credit conditions could increase lending to highly leveraged investors, including hedge funds that use significant borrowing to purchase equities. A substantial share of this debt-fuelled activity has been concentrated in AI-related stocks, despite uncertainty over whether many AI investments will generate the expected returns. If AI projects fail to deliver, firms may struggle to service their debts, potentially increasing banks' non-performing **** ets and weakening overall credit quality.
The Financial Policy Committee has also flagged risks arising directly from rapid advances in frontier AI, which have progressed faster than many experts expected. While these systems could improve productivity, they may also materially increase cyber and operational risks by enabling malicious actors to cause disruption at lower cost and greater scale. Such shocks could affect banks and other systemically important financial institutions, with broader implications for the resilience of the financial system.
#financial #capital #lending #england
1 month ago
Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure.
Mortgage rates have held within fractions of 6.5% for the better part of two months. While that makes locking a rate easy, it may disappoint borrowers seeking a home loan rate closer to or below 6%. What will it take for mortgage rates to move lower?
See today's best rates.
As of July 16, Freddie Mac reported that the average 30-year fixed-rate mortgage rate was 6.55%. This is six basis points higher than last week. At this time in July 2025, mortgage rates averaged 6.75%, 20 basis points higher
The average 15-year fixed mortgage rate this week was 5.932%, up 11 basis points from last week, and only one basis point higher than this time last year.
Mortgage rates have held within fractions of 6.5% for the better part of two months. While that makes locking a rate easy, it may disappoint borrowers seeking a home loan rate closer to or below 6%. What will it take for mortgage rates to move lower?
See today's best rates.
As of July 16, Freddie Mac reported that the average 30-year fixed-rate mortgage rate was 6.55%. This is six basis points higher than last week. At this time in July 2025, mortgage rates averaged 6.75%, 20 basis points higher
The average 15-year fixed mortgage rate this week was 5.932%, up 11 basis points from last week, and only one basis point higher than this time last year.
1 month ago
Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure.
Mortgage discount points are an optional fee that some borrowers choose to pay to their lender in exchange for a lower interest rate for their mortgage loan.
As a general rule, paying points might be a smart idea if you plan to keep your mortgage for many years. If you plan to sell or refinance within a short timeframe, paying points may not make sense.
Read more: First-time home buyers' guide
The term "points" refers to an upfront fee that's based on a percentage of the loan amount. One point equals 1% of the loan amount, so for a $400,000 mortgage, one point would cost $4,000. Some lenders allow fractional points, such as one-eighth, one-quarter, or one-half of one point.
Mortgage discount points are an optional fee that some borrowers choose to pay to their lender in exchange for a lower interest rate for their mortgage loan.
As a general rule, paying points might be a smart idea if you plan to keep your mortgage for many years. If you plan to sell or refinance within a short timeframe, paying points may not make sense.
Read more: First-time home buyers' guide
The term "points" refers to an upfront fee that's based on a percentage of the loan amount. One point equals 1% of the loan amount, so for a $400,000 mortgage, one point would cost $4,000. Some lenders allow fractional points, such as one-eighth, one-quarter, or one-half of one point.
1 month ago
Amend-and-extend volume totaled $27 billion in June, up from $26 billion in May, according to LCD. June's amend-and-extend activity came courtesy of 24 transactions, up from 21 in May. The $106 billion of A&E volume this year is running well ahead of last year's pace (roughly $84 billion over the first half of 2025). Last year was the second busiest year for such activity on record, behind only 2024.
Part of what continues to make amend-and-extend transactions attractive to issuers is the cost calculus versus a full refinancing. The average yield to maturity for refinancing institutional term loans via syndication is 6.7% in 2026, down from 7.4% in 2025 and 8.6% in 2024, but still higher than all the years spanning 2011-2022. With refinancing costs sitting above pre-2023 norms, extending an existing credit remains the cheaper path for many borrowers than marking the entire loan to market at today's spreads.
"Borrowers are also trying to be proactive and bring their deals to market before a new event that triggers risk-off sentiment, such as the AI-related selloff from a few months ago," said a market participant.
The distribution between institutional and pro rata A&E volume has been fairly balanced this year, with pro rata at $52 billion and institutional activity at $54 billion. June featured $18 billion of institutional volume and $8 billion of pro rata volume. Institutional volume in Q2 was $39 billion, the strongest quarterly showing in the recent series.
Note that pro rata debt typically entails amortizing TLAs and/or revolving credit facilities and is traditionally syndicated to finance companies and banks. Institutional debt consists of term loans structured specifically for institutional investors, including CLOs.
Part of what continues to make amend-and-extend transactions attractive to issuers is the cost calculus versus a full refinancing. The average yield to maturity for refinancing institutional term loans via syndication is 6.7% in 2026, down from 7.4% in 2025 and 8.6% in 2024, but still higher than all the years spanning 2011-2022. With refinancing costs sitting above pre-2023 norms, extending an existing credit remains the cheaper path for many borrowers than marking the entire loan to market at today's spreads.
"Borrowers are also trying to be proactive and bring their deals to market before a new event that triggers risk-off sentiment, such as the AI-related selloff from a few months ago," said a market participant.
The distribution between institutional and pro rata A&E volume has been fairly balanced this year, with pro rata at $52 billion and institutional activity at $54 billion. June featured $18 billion of institutional volume and $8 billion of pro rata volume. Institutional volume in Q2 was $39 billion, the strongest quarterly showing in the recent series.
Note that pro rata debt typically entails amortizing TLAs and/or revolving credit facilities and is traditionally syndicated to finance companies and banks. Institutional debt consists of term loans structured specifically for institutional investors, including CLOs.
1 month ago
F.N.B. (NYSE:FNB) reported stronger second-quarter 2026 earnings, record revenue and continued balance sheet growth, while management lowered its full-year net interest income outlook, citing deposit competition and the impact of changes in short-term rates.
Chairman, President and CEO Vince Delie said earnings per share rose 17% from a year earlier to $0.42, with net income of $149 million. Total revenue reached a record $463 million, including net interest income of $366 million and non-interest income of $97 million. Delie said the results helped drive a 9% year-over-year increase in pre-provision net revenue and positive operating leverage.
→ 3 ******* e Stocks That Could Outshine ******* eX After Its IPO
The company also reported tangible book value per common share of $12.24, up 10% from a year earlier. F.N.B. repurchased $47 million, or 2.7 million shares, during the quarter at a weighted average price of $17.46. Management said capital remained strong, with a tangible common equity ratio near 9% and return on average tangible common equity of 14%.
Period-end loans rose at a 7.5% annualized rate from the prior quarter, with Delie pointing to growth in commercial and industrial lending, consumer lending and seasonal residential mortgage production. He said C&I growth of 8% annualized on a linked-quarter basis was driven by lower risk-rated, high-quality commercial borrowers.
Chairman, President and CEO Vince Delie said earnings per share rose 17% from a year earlier to $0.42, with net income of $149 million. Total revenue reached a record $463 million, including net interest income of $366 million and non-interest income of $97 million. Delie said the results helped drive a 9% year-over-year increase in pre-provision net revenue and positive operating leverage.
→ 3 ******* e Stocks That Could Outshine ******* eX After Its IPO
The company also reported tangible book value per common share of $12.24, up 10% from a year earlier. F.N.B. repurchased $47 million, or 2.7 million shares, during the quarter at a weighted average price of $17.46. Management said capital remained strong, with a tangible common equity ratio near 9% and return on average tangible common equity of 14%.
Period-end loans rose at a 7.5% annualized rate from the prior quarter, with Delie pointing to growth in commercial and industrial lending, consumer lending and seasonal residential mortgage production. He said C&I growth of 8% annualized on a linked-quarter basis was driven by lower risk-rated, high-quality commercial borrowers.
1 month ago
Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure.
As a first-time home buyer, you'll want to understand each step of the home-buying process, as well as your loan options and exclusive benefits. It's crucial to be prepared as you enter the housing market in 2026 for the first time.
➡ Read more: Is now a good time to buy a house?
To qualify for special home buyer benefits, borrowers purchasing a single-family home as a primary residence are defined as "first-time home buyers" in one of three ways:
You've never purchased a single-family home before.
As a first-time home buyer, you'll want to understand each step of the home-buying process, as well as your loan options and exclusive benefits. It's crucial to be prepared as you enter the housing market in 2026 for the first time.
➡ Read more: Is now a good time to buy a house?
To qualify for special home buyer benefits, borrowers purchasing a single-family home as a primary residence are defined as "first-time home buyers" in one of three ways:
You've never purchased a single-family home before.
1 month ago
Happen Inc. (NASDAQ:HAPN) is one of the 8 Most Undervalued Growth Stocks to Buy for the Next 10 Years. On June 30, BTIG raised the firm's price target on Happen Inc. (NASDAQ:HAPN) to $25 from $20 and kept a Buy rating on the stock. The upward price target revision reflects a 28% upside from current levels. This upside is higher than the median Wall Street ****** ysts' upside of 18% based on 10 ****** ysts' estimates. The firm updated its forecasts for speciality finance companies ahead of the second-quarter earnings season. It believes the revised price targets reflect where the stock could trade by June 2027. Moreover, many companies in the sector will see significant earnings improvement as inflation concerns ease and the outlook for Federal Reserve interest rates becomes clearer, BTIG tells investors in a research note.
Earlier on June 22, Happen Inc. announced the official launch of the Happen Bank brand. Also, on the same day, the company was listed on Nasdaq. Moreover, HAPN represents the company's goal of helping customers achieve their financial goals by offering products that are simple, clear, and easy to use.
Scott Sanborn, CEO of Happen Bank, remarked:
"Becoming Happen Bank and now trading on Nasdaq reflects how far we've come in building a modern digital bank designed around people's real financial needs. The Happen Bank brand more clearly reflects the role we play in consumers' lives: helping people make things happen with products that are smart, transparent, and easy to use"
Happen Inc. (NASDAQ:HAPN) is a bank holding company that provides financial and lending services. The company offers deposit products, including savings accounts, checking accounts, and certificates of deposit. It also operates a lending marketplace that connects borrowers and financing options. The company was previously known as LendingClub Corporation and changed its name to Happen Inc. in June 2026. It was founded in 2006 and is headquartered in San Francisco, California.
Earlier on June 22, Happen Inc. announced the official launch of the Happen Bank brand. Also, on the same day, the company was listed on Nasdaq. Moreover, HAPN represents the company's goal of helping customers achieve their financial goals by offering products that are simple, clear, and easy to use.
Scott Sanborn, CEO of Happen Bank, remarked:
"Becoming Happen Bank and now trading on Nasdaq reflects how far we've come in building a modern digital bank designed around people's real financial needs. The Happen Bank brand more clearly reflects the role we play in consumers' lives: helping people make things happen with products that are smart, transparent, and easy to use"
Happen Inc. (NASDAQ:HAPN) is a bank holding company that provides financial and lending services. The company offers deposit products, including savings accounts, checking accounts, and certificates of deposit. It also operates a lending marketplace that connects borrowers and financing options. The company was previously known as LendingClub Corporation and changed its name to Happen Inc. in June 2026. It was founded in 2006 and is headquartered in San Francisco, California.
1 month ago
With PE dealmaking and exit values dropping significantly in Q2, the private credit market is eager for exit opportunities. One saving grace has been strategic, non-sponsored transactions, according to Morningstar DBRS.
Data compiled by DBRS on discontinued private credit ratings show that an increasing number of borrower sales are related to strategic buyers, a separate category from sponsor-to-sponsor exits, according to a July 8 report.
"While private equity exit activity remains generally suppressed across the middle market, we are encouraged to see growing involvement from non-private equity corporate buyers and the public markets in providing liquidity," said report author Michael Dimler, senior vice president of private corporate credit at DBRS.
For the twelve months through July 3, 2026, more than half of ratings discontinuations related to sponsor exits were attributable to strategic buyers or IPOs, according to DBRS.
Several companies in recent months have announced plans to use IPO proceeds to repay their private credit loans. Applied Aerospace & Defense Inc. announced on May 8 that it would partially repay its $1.02 billion in outstanding debt with proceeds from an IPO. Other companies paying down debt with IPO proceeds include the AI tech developer Syntiant and defense technology company Aevex Corporation.
Data compiled by DBRS on discontinued private credit ratings show that an increasing number of borrower sales are related to strategic buyers, a separate category from sponsor-to-sponsor exits, according to a July 8 report.
"While private equity exit activity remains generally suppressed across the middle market, we are encouraged to see growing involvement from non-private equity corporate buyers and the public markets in providing liquidity," said report author Michael Dimler, senior vice president of private corporate credit at DBRS.
For the twelve months through July 3, 2026, more than half of ratings discontinuations related to sponsor exits were attributable to strategic buyers or IPOs, according to DBRS.
Several companies in recent months have announced plans to use IPO proceeds to repay their private credit loans. Applied Aerospace & Defense Inc. announced on May 8 that it would partially repay its $1.02 billion in outstanding debt with proceeds from an IPO. Other companies paying down debt with IPO proceeds include the AI tech developer Syntiant and defense technology company Aevex Corporation.
1 month ago
Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure.
Mortgage rates are at a calm cruising altitude. While that makes locking a rate easy, it may disappoint borrowers seeking a home loan rate closer to or below 6%. What will it take for mortgage rates to move lower?
See today's best rates.
As of July 9, Freddie Mac reported that the average 30-year fixed-rate mortgage rate was 6.49%. This is six basis points higher than last week. At this time in July 2025, mortgage rates averaged 6.72%, 23 basis points higher
The average 15-year fixed mortgage rate this week was 5.82%. This is up three basis points from last week, and only four basis points lower than this time last year.
Mortgage rates are at a calm cruising altitude. While that makes locking a rate easy, it may disappoint borrowers seeking a home loan rate closer to or below 6%. What will it take for mortgage rates to move lower?
See today's best rates.
As of July 9, Freddie Mac reported that the average 30-year fixed-rate mortgage rate was 6.49%. This is six basis points higher than last week. At this time in July 2025, mortgage rates averaged 6.72%, 23 basis points higher
The average 15-year fixed mortgage rate this week was 5.82%. This is up three basis points from last week, and only four basis points lower than this time last year.
1 month ago
Despite concerns from debt hawks, the U.S. government is continuing to borrow at pace: For the fiscal year of 2026 so far, the federal deficit has totaled just under $1.4 trillion.
The first nine months of this fiscal year (beginning in October) have now surpassed the borrowing levels of 2025, when deficits totaled just over $1.3 trillion for the same period.
At the time of writing, the total U.S. national debt sits at $39.4 trillion, accumulated under administrations led by both Republicans and Democrats.
As such, the monthly borrowing for 2026 now sits at roughly $155 billion, or $39 billion per week. And, like any borrower, that debt carries an interest cost. The latest monthly budget review from the Congressional Budget Office (CBO) confirms that net interest on public debt for the fiscal year has hit $857 billion: roughly $23.8 billion a week.
This is approximately $100 billion more (13%) than the interest paid out in the first nine months of 2025, the CBO adds, owing to a higher total debt burden than last year and higher long-term interest rates.
In fact, interest payments on the debt are now $20 billion larger than the outlays for the Departments of Defense, Commerce, Homeland Security, Education, the Environmental Protection Agency, the Small Business Administration, and the U.S. Coronavirus Refundable Credits scheme—combined.
Also contributing to the demand on government purse springs is the increasing demand for social security, Medicare and Medicaid.
The first nine months of this fiscal year (beginning in October) have now surpassed the borrowing levels of 2025, when deficits totaled just over $1.3 trillion for the same period.
At the time of writing, the total U.S. national debt sits at $39.4 trillion, accumulated under administrations led by both Republicans and Democrats.
As such, the monthly borrowing for 2026 now sits at roughly $155 billion, or $39 billion per week. And, like any borrower, that debt carries an interest cost. The latest monthly budget review from the Congressional Budget Office (CBO) confirms that net interest on public debt for the fiscal year has hit $857 billion: roughly $23.8 billion a week.
This is approximately $100 billion more (13%) than the interest paid out in the first nine months of 2025, the CBO adds, owing to a higher total debt burden than last year and higher long-term interest rates.
In fact, interest payments on the debt are now $20 billion larger than the outlays for the Departments of Defense, Commerce, Homeland Security, Education, the Environmental Protection Agency, the Small Business Administration, and the U.S. Coronavirus Refundable Credits scheme—combined.
Also contributing to the demand on government purse springs is the increasing demand for social security, Medicare and Medicaid.
