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Industry News and Trends
Listed below is a weekly compilation of Industry updates. The major highlights include:
Obama hails student loan measure as victory over special interests- Loan program overhaul ends uncertainties at Sallie Mae
- Lending Club, Passes $1 Billion in Loan Demand
Obama hails student loan measure as victory over special interests (The Washington Post)
Beginning to pivot from health care back to other domestic priorities, President Obama heralded in his weekly address Saturday the passage of sweeping changes to the way higher education is financed, saying they would "help us educate all Americans to compete and win in the 21st century." Obama will sign the education reforms into law on Tuesday, in a ceremony at Northern Virginia Community College's Alexandria campus, the White House said. The measure includes additional funding for Pell grants and is designed to make it easier for students to pay off education loans. It also includes fixes to the new health-care law that were crafted in a compromise between House and Senate Democrats.
(Read more)
Loan program overhaul ends uncertainties at Sallie Mae (Reuters)
The days of Federal subsidies may be gone at Sallie Mae following the Congressional approval to an overhaul of the college student loan program, but it does end the legislative uncertainty at the largest U.S. student loan provider. Shares of the Virginia-based company rose as much 11 percent to $13.32 Friday on the New York Stock Exchange, hitting a new 52-week high. They have recovered sharply since hitting a 52-week low of $3.44 exactly a year ago. "At this point, eliminating the legislative uncertainty could be viewed as positive for Sallie Mae and Nelnet shares as the significant overhang from legislative risk will no longer remain," said analysts Sameer Gokhale and Brendan Sheehy at Keefe, Bruyette and Woods.
(Read more)
Peer-to-Peer Lending Company, Lending Club, Passes $1 Billion in Loan Demand (Our Finance)
Lending Club, a peer-to-peer lending company in the United States, has surpassed $1 billion in loan demand from borrowers and has hit a new monthly record for loan demand during the truncated month of February.The California-based peer-to-peer lending company recently issued their 10,000th loan and has now originated more than $95 million in loans as of the middle of March. Lending Club is one of a few companies taking advantage of depressed loan activity on the part of traditional banks. Large financial institutions in the United States are being pressured by regulators to increase their capital levels. They are cutting back on their lending activities with unsecured loans such as personal loans and student loans often being the first type of loan to get cut.
(Read more)
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