THE NEWS WRAP: US subprime loans investigation targets Uber finance partners

Two partners of Uber’s vehicle financing program are under federal investigation in the United States amid allegations they are pushing drivers into subprime car loans.

 

US regulators started looking at subprime auto lending in the past six months, with General Motors and Santander Consumer USA – both partners in Uber’s vehicle financing service – being issued with subpoenas from the Department of Justice in August, according to Valleywag.

 

They are being investigated because they are the “top issuers” of securities related to subprime auto loans, not for anything related to their role in Uber’s financing program, which launched last November.

 

Regulators are concerned that hastily packaged loans are being included in investments sold to pension funds and insurance companies.

 

Intel Capital invests $62 million in 16 startups

 

Intel Capital, the venture arm of the world’s biggest chipmaker, has invested $US62 million ($A71 million) in 16 startups operating in wearables, the Internet of Things, big data analytics, chips, and smart devices.

 

The company expects to invest $355 million this year to help accelerate the adoption of new technology.

 

Sean Rad out as Tinder CEO


Tinder co-founder Sean Rad has been ousted as CEO of the app he helped create, Forbes reports.

 

Rad heard the news while he was preparing to speak at a keynote slot at the Forbes Under 30 Summit, where he was planning to unveil Tinder’s first-ever revenue generator, a premium service that will become a new feature of the otherwise free app.

 

“I went through every stage of mourning at once – fear, a bruised ego,” he says about hearing the news.

 

Overnight


The Dow Jones Industrial Average is up 17.60 to 17,383.84. The Australian dollar is currently trading at US87 cents.

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