Archive for October, 2009
Commercial Lender Capmark Financial Group Files For Chapter 11 Protection
Capmark Financial Group, a Pennsylvania-based commercial real-estate lender, announced Sunday that it has filed for Chapter 11 bankruptcy protection as it aims to reorganize business under the pressure of mounting debt. The lender recently posted a $1.6 billion loss for the quarter ended June 30, as it was forced to take large provisions of $345.8 [...]
Lending Club’s Collections Practices
Peer-to-Peer lending company, Lending Club, recently outlined its collections practices during an online meeting with several hundreds of its investors. During the interview, the company stated that the majority of its borrowers that go delinquent because they change banks or switch accounts and do not get their information updated. According to Lending Club, the “vast [...]
New Federal Incentives Make Short Sales a Reality for Sellers and Buyers
Until recently, sellers have not had much luck in getting banks to approve short sales, or sale agreements that involve the bank agreeing to take an amount short of the loan balance as payment in full for the loan. Fortunately, sellers will likely have better luck because of new incentives from the Treasury Department. Essentially, [...]
United Kingdom Moving to Ban Commissions on All Investment Products
During the summer of 2009, the United Kingdom Financial Services Authority proposed to ban all commissions on investment products. Since then, here’s been a growing movement in Britain to align investment advisers advice with their pocketbooks. Specifically, The U.K.’s Financial Service Authority proposed the following changes: (1) to ban commissions paid to financial advisers by [...]
American Banking News Twitter Updates for the Week of 2009-10-25
Jimmie Johnson: Wins the NASCAR Banking 500 – Rotowire http://tinyurl.com/yg566f7 #Econ # RBS seeks millions in banking bonuses – United Press International http://tinyurl.com/ykslltw #Econ # Dodd says Wall Street compensation is outrageous – The Associated Press http://tinyurl.com/yfw5sta #Econ # NASCAR Chase: Brian Vickers falls farther after Banking 500 – Examiner.com http://tinyurl.com/yl5qhuk #Econ # Bank windfall [...]
Senator Dodd’s FAIR Act Threatens Banks’ Overdraft Fees
Despite many of the country’s national banks implementing new rules to limit overdraft charges on its customers, U.S. Senator Dodd’s, D-CT, Fairness and Accountability in Receiving Overdraft Coverage Act (FAIR) certainly threatens the revenues these banks generate from those fees. In recent weeks, JP Morgan Chase (NYSE: JPM), Bank of America (NYSE: BAC) and Wells [...]
Partners Bank, Hillcrest Bank Florida, Flagship National Bank, American United Bank, Bank of Elmwood, Riverview Community Bank and First Dupage Bank Fail, Totaling 106 Bank Failures in 2009.
Regulators closed seven banks on Friday, including Partners Bank, Hillcrest Bank Florida, Flagship National Bank, American United Bank, Bank of Elmwood Bank, Riverview Community Bank and First Dupage Bank Fail bringing the total number of bank failures to 106 in 2009. The Federal Deposit Insurance Corporation took over Partners Bank, a small bank in Naples, [...]
Top Citibank (NYSE: C) and Bank of America (NYSE: C) Executives Average $18.2 Million in Compensation Annually
Top executives at Citibank (NYSE: C) and Bank of America (NYSE: BAC) earned an average of $18.2 million each during 2008 while the banks accepted over $90 billion in bailout funds, according to records from the Treasury Department’s “pay czar”, Kenneth Feinberg. Citibank paid $390.2 million in compensation between its top 21 executives, with an [...]
Bank of America (NYSE: BAC) Global Banking and Marketing Chief in Cross-Hairs of Pay Czar
Bank Of America (NYSE: BAC) global banking and markets chief, Thomas Montag, is one of the many senior level executives that are being targeted by the Treasury Department’s pay czar, Kenneth Feinberg. Montag joined Bank of America when BofA purchased Merril Lynch earlier in the year. Although Montag’s name wasn’t identified in Feinberg’s report, many [...]
Editorial: J.P. Morgan Chase & Co. (NYSE:JPM), Goldman Sachs (NYSE:GS), Bank of America Corp. (NYSE:BAC) and Morgan Stanley (NYSE:MS) Increase Political Donations as Key Decisions Loom
Lobbying by large financial firms has been relatively quiet during the period they were receiving government bailouts, as it would have looked foolish and unethical to be receiving taxpayer funds while then turning around and making donations to politicians. Now that period is over though, as large banks and financial institutions are increasing political donations as [...]
Editorial: Wells Fargo (NYSE:WFC) Quarterly Report Shows Folly of Assertion the Recession is Over
Anyone who understands that statistics, surveys, polls, and other data-gathering mechanisms and reports can be made to say whatever the presenter or receiver of them wants or interprets, you will know that release of the third-quarter results by Wells Fargo (NYSE:WFC) recently are devastating to the hoax that the recession is over and recovery has [...]
American Express (NYSE: AXP) Sees Q3 Profit Slip 22 Percent
American Express (NYSE: AXP) announced Thursday night that third quarter profit dipped 22 percent to $632 million as cardholder spending fell 11 percent overall to $156.6 billion. However, Amex suggested that overall card billings have stabilized and spending trends have become encouraging. Excluding a one-time benefit totaling $180 million related to an accounting change, [...]
JP Morgan (NYSE: JPM) and Wells Fargo (NYSE: WFC) Benefit from Hedging Mortgage-Servicing Rights
Wells Fargo & Co. (NYSE: WFC) and J.P. Morgan Chase (NYSE: JPM) both earned a significant share of their quarterly profits by hedging mortgage-servicing rights, producing gains that have allowed some of the U.S. banks to offset their weakened consumer-lending businesses. Almost a full one-third of Wells Fargo’s pretax earnings came from its mortgage-servicing hedges. [...]
Pay Czar To Cut Compensation By 50 Percent At Seven Bailed Out Firms
Kenneth Feinberg, the White House appointed compensation watchdog, has requested large compensation cuts that are expected to be formally announced by the Treasury Department in the coming days. The reductions impact executives and top-level employees at seven firms that still hold substantial government aid. Bank of America (NYSE: BAC), Citigroup (NYSE: C), AIG (NYSE: AIG), [...]
Citibank (NYSE: C) To Raise Credit Card Rates, Offer “Rolling Refund” Arrangement
Untold numbers of Citibank (NYSE: C) credit card users recently received a letter in the mail telling them that their interest rates will be increased, but part of their interest will be refunded if they pay their credit card bills each month. Here’s what Citibank said in the letter to customers Earn Interest Back Every [...]
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