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News
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Financial News
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Ally Financial Inc. (ALLY) and Banco Santander SA (SAN) are leading companies marketing $2.85 billion of asset-backed securities in the U.S. Ally, the Detroit-based auto and home lender majority-owned by the U.S. government, is offering $1.08 billion of bonds backed by auto loans, said a person familiar with the transaction who declined to be identified because terms aren(TM)t set. Banco Santander is marketing $775 million of the debt, a person with knowledge of that transaction said. Mitsubishi Motors Corp. (7211) plans to sell $226 million of bonds backed by car loans as soon as this week as issuance of the debt is poised to dominate sales of asset-backed securities for a fourth consecutive year. SLM, the student lender known as Sallie Mae, may sell $764.7 million of securities backed by education debt, a person with knowledge of that offering said. [Read the full article]
Last week, President Obama announced his decision to install former Ohio Attorney General Richard Cordray as the director of the new Consumer Financial Protection Bureau (while the Senate was on break, circumventing Republican opposition to the appointment). As the President stated, it is his “New Year’s resolution” to all Americans to “keep doing whatever it takes to move this economy forward and to make sure that middle-class families regain the security they’ve lost over the past decade.” Cordray(TM)s appointment to the Consumer Financial Protection Bureau (CFPB), underscores Obama’s strong conviction to move the financial products industry towards a more secure consumer-driven sector. Following the announcement, several of the alternative financial services lenders saw stock prices drop including payday loan specialist Advance America. Founded in 1997 by George D. Johnson and William M. [Read the full article]
EDMONTON , Jan. 9, 2012 /PRNewswire/ - The Cash Store Financial Services Inc. ("Cash Store Financial") has filed with the Toronto Stock Exchange ("TSX") a notice of its intention to make a normal course issuer bid (the "NCIB") for its common shares (the "Common Shares") through the facilities of the TSX (the "Notice").The Notice provides that Cash Store Financial intends, during a twelve-month period commencing on January 12, 2012 , following TSX approval, to purchase on the TSX up to 1,092,504 Common Shares, being approximately 10% of the "public float" of Common Shares of Cash Store Financial. As at January 6, 2012 , there were 17,420,880 Common Shares issued and outstanding. The price that Cash Store Financial will pay for any such Common Shares will be the market price at the time of acquisition and any Common Shares purchased under the NCIB will be cancelled. [Read the full article]
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