The hottest Lending Substack posts right now

And their main takeaways
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Top Finance Topics

Fannie and Freddie: Single Family Delinquency Rate Increased in January

CalculatedRisk Newsletter • 191 implied HN points • 26 Feb 26
đź’° Finance Lending
  1. Single-family serious delinquency rates for Freddie and Fannie ticked up slightly in January (Freddie 0.60%, Fannie 0.59%) but remain very low and at or below pre-pandemic levels.
  2. Fannie Mae’s multi-family delinquency rate declined in the latest report but is still near the elevated levels seen during the housing bust.
  3. Serious delinquencies are concentrated in older bubble-era vintages (2004 and earlier, 2005–2008), while loans originated from 2009–2025 show much lower delinquency rates; the report also counts loans in forbearance as delinquent even though they aren’t sent to credit bureaus.

Why Trump’s Credit-Card Crackdown Will Backfire

Common Sense with Bari Weiss • 333 implied HN points • 26 Jan 26
đź’° Finance Lending
  1. A 10% cap on credit-card interest would push banks to play it safe and pull back, leaving many people without credit cards or access to credit.
  2. Bank leaders say such a cap would harm the economy and could trigger a recession, so they oppose it and won’t voluntarily comply without a law.
  3. Forcing or enforcing a rate cap could create big unintended harms that outweigh any short-term affordability gains for consumers.

Banks Sell Off Hard: This Is How Credit Cracks

QTR’s Fringe Finance • 35 implied HN points • 27 Feb 26
đź’° Finance Lending
  1. Regional banks and private credit are fragile because they're heavily exposed to commercial real estate, subprime auto loans, and generous valuations on illiquid loans.
  2. Investors suddenly sold bank positions hard, indicating the market is finally recognizing those underlying credit weaknesses.
  3. Fresh macroeconomic data triggered the sell-off, showing that broader economic signals can quickly reveal credit stress and that the situation isn’t out of the woods.

Podcast with UCLA Housing Voice - Again!

Erdmann Housing Tracker • 105 implied HN points • 06 Feb 26
đź’° Finance Lending
  1. Fixed-rate mortgages give borrowers predictable payments by shifting inflation/speculation risk onto the loan, which raises interest rates and makes mortgages more expensive.
  2. The Fixed Amortization/Adjustable Principal (FA/AP) is a floating-rate loan where you pay a fixed scheduled payment and the lender adjusts the principal each year to reconcile the difference with the market rate.
  3. FA/AP produces lower and more dependable starting payments (about 20% lower in the example) with only small annual payment changes, and backtests show it keeps debt-to-income from rising materially over the loan term.

Issue #149: Stripe Eyes PayPal, Block Cuts 4,000 Jobs for AI, And Coinbase Opens Stock Trading

Fintech Radar • 10 implied HN points • 01 Mar 26
đź’° Finance Lending
  1. Stripe is exploring buying all or parts of PayPal — likely eyeing Braintree or Venmo — which would merge merchant infrastructure, consumer wallets, and crypto rails into a single payments powerhouse.
  2. Coinbase opened stock and ETF trading to all US users and teamed up with Yahoo Finance, letting people trade thousands of equities (and fund trades with USDC) so stocks and crypto live on one platform.
  3. Block cut about 4,000 jobs, betting that new AI capabilities can replace large swaths of work and turning the company into a much smaller, more automated organization — a move that could signal similar shifts across fintech.
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MBA: Mortgage Delinquencies Increased in Q4 2025

CalculatedRisk Newsletter • 19 implied HN points • 12 Feb 26
đź’° Finance Lending
  1. Mortgage delinquencies rose in the fourth quarter of 2025 to a 4.26% rate, up about 27 basis points from the prior quarter and roughly 28 basis points year‑over‑year, while foreclosure starts held at 0.20%.
  2. Delinquencies increased across conventional, FHA, and VA loans, with FHA showing the biggest deterioration — about 11.52% delinquent and a notable jump in 90+ day delinquencies and foreclosure inventory.
  3. The rise appears linked to the expiration of pandemic-era FHA relief and uneven labor market conditions, and newer loan cohorts (2022–23) are struggling more than 2020–21 vintages, though improving FHA originations and moderating rates could help ease stress.

Podcast with UCLA Housing Voice

Erdmann Housing Tracker • 42 implied HN points • 22 Jan 26
đź’° Finance Lending
  1. The conversation examines how mortgage lending standards have influenced the housing market.
  2. Shane Phillips from UCLA’s Lewis Center for Regional Policy Studies shares policy perspectives on lending and its effects.
  3. A full, one-hour interview is available online for anyone who wants a deeper look at these issues.

Fannie Mae Multi-Family Delinquency Rate Almost to Housing Bust High

CalculatedRisk Newsletter • 71 implied HN points • 26 Dec 25
đź’° Finance Lending
  1. Both Fannie Mae and Freddie Mac saw single-family serious delinquency rates rise to about 0.58% in November, a small month-over-month and year-over-year increase but still below pre-pandemic highs.
  2. Delinquency is concentrated in older loan vintages: Fannie’s 2004-and-earlier and 2005–2008 loans have much higher serious delinquency rates, while loans from 2009–2025 show very low delinquency.
  3. Fannie Mae’s multi-family delinquency rate has climbed to its highest level since the housing bust (excluding the pandemic), signaling rising stress in the multi-family sector.

Pipe Had Just $7.1m in Revenue, Burned $47m in 2024, Newly Leaked Docs Show

Fintech Business Weekly • 59 implied HN points • 14 Dec 25
đź’° Finance Lending
  1. Pipe generated only $7.1M in revenue in 2024 while burning about $47M, pursued an ambitious Uber partnership and growth plan, then abruptly laid off roughly half its staff, leaving its strategy and runway in question.
  2. The OCC gave conditional national trust charters to five crypto-related firms (Paxos, Ripple, BitGo, Fidelity, and Circle’s bank), imposing detailed compliance conditions and drawing criticism from banking and state regulators about oversight and risks.
  3. Enova is acquiring Grasshopper Bank, which would give Enova a large deposit base to lower its funding costs and boost profitability for its subprime lending business, but the deal needs regulatory approvals and faces consumer advocacy scrutiny.

Long Take: Is Apple's Goldman-powered 4.15% yield account the fintech apocalypse?

The Fintech Blueprint • 491 implied HN points • 19 Apr 23
đź’° Finance Lending
  1. Apple has launched a Savings account with a 4.15% yield through Goldman Sachs, creating a disruptive financial product.
  2. Goldman Sachs plays a significant role in the product's distribution, benefiting from Apple's massive consumer base.
  3. Other big tech companies like Google, PayPal, and Ant Financial have also made inroads into financial services, showcasing a trend towards tech-powered banking.

Softened Conditions

The Transcript • 379 implied HN points • 30 Oct 23
đź’° Finance Lending
  1. Consumers are spending through their excess savings accumulated during COVID
  2. Economic conditions are softening in several markets
  3. Higher rates are impacting larger ticket item purchases

New Stablecoin Challenger - GHO

DeFi Education • 399 implied HN points • 12 Jul 23
đź”® Crypto Lending
  1. GHO is a new stablecoin by Aave, aimed at competing with existing stablecoins like DAI. It will charge a lower borrowing fee of 1.5% compared to MakerDAO's 3.5%.
  2. Aave needs to create demand for GHO to be successful. Without incentives or market makers, people might not want to hold or use GHO.
  3. The security of GHO has issues, as some audits pointed out potential problems in the code. This raises concerns about how reliable it will be for users.

RWA Deep Dive: Centrifuge

DeFi Education • 1079 implied HN points • 07 Apr 22
đź”® Crypto Lending
  1. Centrifuge connects real-world assets to blockchains. It helps digital assets become loans using real things like invoices.
  2. The main product, Tinlake, helps create lending markets based on tokenized assets. This makes it easier for businesses to get financing.
  3. Centrifuge is part of a growing trend to bring traditional finance and blockchain together. This could change how we think about loans and investments.

Stunning SBA7(a) Fraud May Be Largest In Agency's History. Why Isn't Anyone Talking About It?

Fintech Business Weekly • 89 implied HN points • 03 Aug 25
đź’° Finance Lending
  1. A major fraud scheme linked to the SBA 7(a) loan program involved a company called WaterStation, which is accused of running a Ponzi scheme and taking millions in loans that weren't properly secured.
  2. Lenders, including UniBank and Celtic Bank, allegedly knew or should have known about the fraudulent activities but continued to provide loans, causing severe financial harm to investors.
  3. The fallout from this fraud has led to numerous lawsuits, with victims struggling to repay loans for machines that mostly did not exist, highlighting serious issues in the oversight of loans by the SBA.

Genesis on the Chopping Block

DeFi Education • 479 implied HN points • 05 Jan 23
đź”® Crypto Lending
  1. Genesis Global is a big player in the crypto world, dealing with trading, lending, and custody services.
  2. They have millions in trades and provide services mainly for big clients like institutions.
  3. The current situation suggests that they might be facing some tough challenges ahead.

December ICE Mortgage Monitor: Home Prices "Firmed" in November, Up 0.8% Year-over-year

CalculatedRisk Newsletter • 19 implied HN points • 08 Dec 25
đź’° Finance Lending
  1. Falling mortgage rates triggered a surge in refinances, lifting servicer refinance retention to a 3.5‑year high and making rate‑and‑term refinances the dominant activity; non‑bank servicers retained far more borrowers than banks.
  2. Mortgage performance strengthened as national delinquencies fell to about 3.34%, well below pre‑pandemic levels, although FHA loans remain an outlier with higher non‑current rates.
  3. Home prices firmed modestly with the ICE Home Price Index up 0.8% year‑over‑year in November, but gains are uneven — the Northeast and Midwest lead, the South and West lag, and single‑family homes are outperforming condos.

Straight Outta DeFi - R.W.A

DeFi Education • 839 implied HN points • 05 Apr 22
đź”® Crypto Lending
  1. Real World Assets (RWAs) have a huge potential market, which could greatly impact both crypto and traditional finance. It's a new area where the value of physical things can be brought onto the blockchain.
  2. DeFi protocols are strongly influenced by speculative behavior in crypto markets. When prices go up, there's more trading and borrowing, but when the market cools down, activity drops significantly.
  3. Challenges like legal issues and the need for standardized processes exist in the RWA space. However, if solved, RWAs could provide stable investment opportunities even during crypto market downturns.

So-Fried

The Last Bear Standing • 72 implied HN points • 22 May 25
đź’° Finance Lending
  1. SoFi has changed from focusing on high-quality student loans to riskier personal loans and credit card consolidations. This shift has put the company in a tougher spot than before.
  2. The way SoFi accounts for its loans is unusual compared to other banks, which can create a false sense of financial strength. This method allows them to report higher earnings but exposes them to more risk.
  3. As a bank, SoFi must follow strict regulations that weren't a concern when they were just a tech company. If they don't manage their finances carefully, they could face serious consequences from regulators.

A brief guide to building your first lending product

Rohit’s Newsletter • 98 implied HN points • 14 Sep 23
đź’Ľ Business Lending
  1. Building financial products like credit cards or loans requires careful consideration of compliance regulations, risk models, operations, and funding models.
  2. Fintech infrastructure products can assist in building credit products, but integration can be complex due to a lack of standard setup.
  3. To effectively build a lending product, break it down into steps like acquisition, underwriting, origination, funding, and servicing.

Protocol Updates (part 1)

DeFi Education • 459 implied HN points • 29 Mar 22
đź”® Crypto Lending
  1. Aave is a platform where you can borrow and lend money safely. It lets users earn interest on their funds.
  2. This post provides updates on various DeFi protocols like Alchemix, Dopex, and Yearn that have been researched before.
  3. It is part of a series that aims to keep subscribers informed about the latest changes in DeFi projects.

Demystifying Money Markets

Concoda • 356 implied HN points • 25 Jun 23
đź’° Finance Lending
  1. Money markets are markets for lending and borrowing money efficiently
  2. Dealers borrow cash using repo and lend it out in reverse repo to earn a profit from the spread
  3. Understanding money market rates is key to navigating financial articles and terminology

News You Need To Know Before Money2020: Goldman & Apple Hit With CFPB Enforcement Actions

Fintech Business Weekly • 104 implied HN points • 27 Oct 24
đź’° Finance Lending
  1. Goldman Sachs and Apple have to pay nearly $90 million due to issues with how they handled customer complaints about the Apple Card. They didn't follow the rules about resolving billing errors and misleading customers about financing options.
  2. The final open banking rule is now in place, but it faces a legal challenge from big banks who argue it could increase fraud and harm consumer data safety. This rule aims to give consumers more control over their financial data.
  3. SoLo Funds, a peer-to-peer lending service, is facing a lawsuit for allegedly misleading customers about loan costs. The company has been criticized for operating without the necessary licenses and using confusing practices.

What IS OCEN? What would it look like?

Turnaround • 494 implied HN points • 05 Oct 20
đź’Ľ Business Lending
  1. OCEN is a new credit infrastructure that could revolutionize lending in a way similar to how UPI transformed payments.
  2. It is a protocol, not a switch, and its potential lies in the consumer products that can be built on top of it.
  3. OCEN aims to address India's credit distribution problems by making access to credit easier for the Next Billion Users and SMEs, potentially reducing the concentration of capital.