Credit Suisse steps up $440 million legal dispute with SoftBank

(Reuters) — Credit Suisse Group AG has applied to the English High Court to initiate formal legal proceedings against Japan’s SoftBank Group Corp. over a $440 million dispute, a source familiar with the matter said Thursday. Switzerland’s second-largest bank is trying to recover funds that Greensill Capital, a defunct finance firm, had lent to Katerra, a SoftBank-backed U.S. construction group … Read more

Fannie Mae taps Credit Suisse veteran as chief audit executive

“Her contributions will be essential to maintaining Fannie Mae’s strong culture of corporate governance and rigorous internal controls,” he added. “I also want to thank Doug for his leadership and contributions to ensure we have a high-performing internal audit function that executes on Fannie Mae’s mission with a focus on safety and soundness.” Read next: … Read more

Credit rating of Rs 35,000 cr debt could be lowered due to RBI diktat: Icra

The Reserve Bank of India’s (RBI) diktat directing credit rating agencies to adopt specific criteria while assigning credit enhanced (CE) ratings to bank facilities could potentially lower the credit ratings of around 100 entities, corresponding to Rs 35,000 crore of rated debt, rating agency Icra has said. The rating … Read more

Mortgage credit availability plunges to nine-year low

ACredit availability fell last month to the lowest level since May 2013, as lenders streamlined their loan offerings in this declining volume environment,” said Joel Kan, associate vice president of economic and industry forecasting at MBA. “The 9% decline in the July index was the largest monthly decrease since April 2020. Lenders have responded accordingly … Read more

Student-loan freeze led to big credit score gains, N.Y. Fed says

The pandemic-era freeze on student debt payments has “dramatically” improved credit scores for Americans who borrowed money to pay for college, the Federal Reserve Bank of New York said. About 30 million people saw improvements in their risk profile, with the biggest gains going to borrowers who were delinquent before the pandemic, New York Fed … Read more

Mortgage credit offerings fall to a 9-year low

For the fifth straight month, mortgage credit tightened with availability falling by the most in over two years to levels last seen over nine years ago, according to the Mortgage Bankers Association.  The MBA’s July Mortgage Credit Availability Index, a summary measure tracking the availability of mortgage credit, dropped 9% from the prior month to … Read more

FM Global offers $300M climate mitigation credit to policyholders

FM Global said Monday its policyholders collectively will receive up to $300 million as a credit to help them invest in climate mitigation. The credit will be applied as a 5% premium offset against FM Global property policies with renewals or anniversaries between Oct. 1 this year and Sept. 30, 2023, the Johnston, Rhode Island-based … Read more

FM Global Puts Aside $300 Million for Policyholders’ ‘Resilience Credit’

Policyholders of FM Global, which include one of every three Fortune 500 companies and similar size organizations worldwide, will collectively receive about $300 million in a first-of-its-kind ‘resilience credit,’ providing them with additional means to invest in climate resilience solutions. The credit has the potential to help those organizations reduce total loss expectancies related to … Read more

Equifax may face class action after credit score glitch

Equifax, the second-biggest global credit bureau, was hit with a proposed class-action lawsuit after a report that it provided inaccurate credit scores on millions of U.S. consumers looking for loans. The suit, filed Wednesday in federal court in Atlanta, alleges violations of the Fair Credit Reporting Act. It seeks financial damages and a court order … Read more