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REUTERS/Jim Bourg/File Photo Acquire Licensing RightsNEW YORK, Sept 29 (Reuters) - The U.S. securities regulator on Friday said it had fined 12 companies, including brokers, investment advisers and credit rating firms, for record keeping failures. The Securities and Exchange Commission (SEC) said the companies, including Interactive Brokers Corp, Fifth Third Securities and Nuveen Securities, agreed to pay a total of $79 million and admitted they violated the record keeping rules. Credit rating agencies DBRS Inc. and Kroll Bond Rating Agency, LLC also agreed to pay civil penalties to settle SEC charges related to the record-keeping failures, the regulator added. Employees at both firms failed to preserve electronic communications, including off-channel messages on personal and work-issued devices, the SEC said. To settle the charges, DBRS agreed to pay $8 million in civil penalties and KBRA agreed to pay $4 million in civil penalties, the SEC said.

Persons: Jim Bourg, Kroll, DBRS, KBRA, Chris Prentice, Carolina, Barbara Lewis Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, Securities, Interactive Brokers Corp, Fifth Third Securities, Nuveen Securities, Reuters, Wall, DBRS Inc, Kroll Bond Rating Agency, Employees, Thomson Locations: Washington, U.S

They are a key source of financing for some fintech lenders, which have fewer funding options than banks. As the end of pandemic stimulus and rising inflation led delinquency rates to normalize, investors shunned the fintech ABS market late last year. Fintechs like Upstart (UPST.O), Affirm (AFRM.O) and OneMain Financial (OMF.N) say they are boosting credit quality, in another example of how lenders have been pulling back amid uncertainty over the economic outlook. Still, analysts say it is a sign the fintech ABS market is recovering. For fintech loans to borrowers with weighted average credit scores between 660 and 710, annualized net losses rose by 1.88% month-over-month to 16.61%.

Persons: Sanjay Datta, Datta, Max Levchin, Doug Schulman, OneMain, Finsight, Robert Wildhack, Kroll, Hannah Lang, Matt Tracy, Josie Kao Organizations: Wall Street, OneMain, AAA, Autonomous Research, Kroll Bond Rating Agency, Thomson Locations: Washington

☆ Manhattan office market's tough outlook persists, leaving investors on sidelines
▼ + stars: | 2023-07-12 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/2] The Empire State Building and Manhattan skyline are pictured from the Summit at One Vanderbilt observatory in Manhattan in New York City, U.S., April 14, 2023. "There's essentially almost no market for office buildings right now because people don't know where the bottom is," said Andrew Nelson, a real estate economist who runs Nelson Economics in Washington. Opportunistic investors who could clear the market of unneeded office space and help lift values are biding their time, sitting on the sidelines, Lim said. The increase in negative absorption comes despite the number of office jobs in Manhattan now exceeds pre-pandemic levels. And Savills Plc (SVS.L) said direct available office space in Manhattan now measures 70.4 million square feet, the highest in history.

Persons: Mike Segar, There's, Andrew Nelson, Andrew Lim, Lim, JLL, Nelson, Mark Berry, Kroll, Herbert Lash, Nick Zieminski Organizations: Empire, Vanderbilt, REUTERS, Reuters, Nelson Economics, Jones Lang LaSalle Inc, SOAR, Kroll Bond, Agency, Thomson Locations: Manhattan, New York City, U.S, Washington, New York

☆ Single-family rentals were stars of real estate during the pandemic. Now the sector faces its biggest challenges yet.
▼ + stars: | 2023-04-19 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +4 min

The SFR sector is facing fresh challenges this year, however, two KBRA analysts said. If you were an institutional investor looking to invest in real estate during the height of the pandemic, single-family rental properties were probably on your list. Home prices were rising quickly, and borrowing costs were low, underpinning the fundamentals of residential real estate. What's more, real estate research and investment-banking firm Zelman & Associates has estimated there's $110 billion in investor capital waiting to be spent on homes. Labor and supply costs have risen consistently, and massive home price appreciation is resulting in higher real estate taxes.

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☆ 'One of our best years on record': With VC deals on the decline, venture-debt investors are cleaning up. But there's a dark side to startups borrowing cash.
▼ + stars: | 2022-12-27 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +7 min

As the Fed keeps raising interest rates to fight inflation, venture-debt defaults could soon go up. Venture debt, like a typical venture-capital investment, involves betting big on fledgling startups that may be far off from profitability. In the first six months of the year, venture debt increased 7.5%, even as VC funding fell 8% over the same period. The year for debtArmentum's Markell said venture debt had exploded in popularity this year as traditional VC deals dwindled and startup valuations plummeted. Factoring in expected Fed rate rises, Kroll thinks these interest rates will climb to as much as 12% next year.

☆ LendingClub’s New CFO Tasked With Preparing Its Balance Sheet for a Downturn
▼ + stars: | 2022-12-22 | by ( Kristin Broughton | ) www.wsj.com time to read: +7 min

Drew LaBenne, LendingClub’s chief financial officer since September, is tasked with managing the San Francisco-based company’s balance sheet as it faces a downturn and an industry pullback in demand for loans from investors. We use the marketplace, which is essentially whole loan sales to buyers, or we use the balance sheet. We make on average close to three times as much by putting a loan on the balance sheet versus selling it. Why not just keep all of them on your balance sheet? A lot of that was driven by the upfront CECL [charge] of the loans that we put on the balance sheet.

As Truss spoke on Friday gains made in anticipation of the corporation tax U-turn faded. Ten-year gilt yields were 40 bps above session lows hit earlier on Friday, also pushed up by moves in bond yields globally. UNDERWHELMEDBritain's mini-budget three weeks ago triggered some of the biggest ever jumps in British bond yields, exposed vulnerabilities in the pensions sector -- undermining the country's financial stability. "How it impacts liquidity on the gilt market going forward is something we are monitoring closely." Rabobank's McGuire said pressure on UK assets could lead the BoE to re-intervene in the bond market or delay its quantitative tightening, bond-selling plans.

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