Archive for October, 2009
Senate Moving to Expand $8000 First-Time Homebuyer Credit to All Homebuyers
A group of Senators, including Senate Banking Committee Chairman Chris Dodd, are moving to extend the $8,000 first-time homebuyers tax credit and extend it to all homebuyers. Sen. Johnny Isakson (R-GA) who had previously owned a real estate company before being elected as Georgia’s junior Senator, told the Senate banking committee on Wednesday that the [...]
Wells Fargo (NYSE: WFC), KeyCorp (NYSE: KEY) and U.S. Bancorp (NYSE: USB) Tout Declining Rates of Non-Performing Loan Rates
Many of the major banks that released their earnings this week, including J.P. Morgan Chase, Wells Fargo, KeyCorp and U.S. Bancorp highlighted the fact that their non-performing loan rates were slowing, but the piles of bad loans sitting on lenders balance sheets continue to increase, indicating that banks will continue to face major loan losses [...]
Lending Club Outlines Requirements for Borrowers
Peer-to-Peer lending giant, Prosper.com, has soured its investors by originating loans to customers that are, in retrospect, not creditworthy. Lending Club has avoided many of the delinquency problems that Prosper.com has had by placing much more stringent requirements on borrowers. In a recent online meeting between Lending Club and its investors, Lending Club outlined the [...]
Federal Reserve Moving to Increase Capital Requirements for Banks
Federal Reserve officials are moving towards forcing banks, especially large banks, to start collecting a new form of debt that would convert into equity if they hit tough financial times. Federal Reserve Gov. Daniel K. Tarullo and Federal Reserve Bank of Boston President Eric Rosengren both offered the idea of “contingent capital”, which makes many [...]
Obama Administration Demands Pay Cuts for Executives at Citibank (NYSE: C), Bank of America (NYSE: BAC) and AIG (NYSE: AIG)
Senior level executives at seven bailed-out companies including Citigroup (NYSE: C), Bank of America (NYSE: BAC), AIG (NYSE: AIG) and others will have their pay cut by about 50% after negotiations with the Treasury Department’s “pay czar”, Kenneth R. Feinberg. Under Feinberg’s plan, cash salaries for the 25 highest-paid employees at each company will have [...]
U.S. Bancorp (NYSE:USB) Earnings Rise in Third Quarter by 4.7 Percent
U.S. Bancorp (NYSE:USB) reported its profits for the third quarter rose 4.7 percent to $603 million on mortgage fees and higher net interest margins. Both of these rose primarily from the acquisition of banks that had failed, giving them a boost in both areas. The increases were up 28 percent from the same quarter last [...]
Former Federal Reserve Chairman Says to Break Up Citibank (NYSE: C), Bank of America (NYSE: BAC) and Others
Former Federal Reserve Chairman, Paul Volcker, along with the head of Current Bank of England Governor, Mervyn King, are arguing that some of the nation’s largest banks, such as Bank of America (NYSE: BAC), Citibank (NYSE: C), Wells Fargo (NYSE: WFC), and others should be broken into smaller regional banks in order to prevent institutions [...]
Wells Fargo’s (NYSE: WFC) Loan Losses Outpace Bank of America’s (NYSE: BAC) and JP Morgan Chase’s (NYSE: JPM)
Wells Fargo & Co (NYSE :WFC) announced their third-quarter earnings Wednesday morning announcing $3.2 billion in profit for the quarter and also announced that it expects quarterly losses from non-performing loans to peak sometime during the loan. The strong earnings announcement from Wells Fargo was primarily attributed to its community banking profits and investment gains [...]
Wells Fargo (NYSE:WFC) Reports Record Profits But Non-collectible Loans Rising
Wells Fargo (NYSE:WFC) reported record profits for the third quarter, rising a huge 98 percent to $3.2 billion, mostly based on the acquisition of Wachovia. The third-largest bank in the United States by market capitalization, Wells Fargo’s earnings came in at $3.24 billion, or 56 cents a share, in contrast to $1.64 billion, or 49 [...]
Morgan Stanley (NYSE: MS) Snaps Losing Streak, Posts Q3 Profit
Morgan Stanley (NYSE: MS) broke its string of three losing quarters, announcing Wednesday that it turned a third quarter profit. The New-York based company posted earnings from continuing operations related to Morgan Stanley of $757 million or 38 cents a share. The result easily topped analyst estimates, which called for 24 cents a share on [...]
Government Should Break Up JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), Wells Fargo & Co. (NYSE:WFC) and Citigroup Inc. (NYSE:C), Says Hedge-Fund Manager
Four major banks in America, JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), Wells Fargo & Co. (NYSE:WFC) and Citigroup Inc. (NYSE:C), are among those considered as needing to be broken up by hedge-fund manager David Einhorn, who said the focus should be on making it extremely difficult for any bank to be [...]
Class Action Lawsuits Filed Against Bank of America (NYSE:BAC), Wachovia (NYSE:WFC), U.S. Bank (NYSE:USB), JPMorgan Chase (NYSE:JPM) and Citibank (NYSE:C) Over Overdraft Fee Policies
It was inevitable in the current economic climate and banking bailouts that consumers would vent their anger toward the banks on anything that frustrates over doing business with them, and that’s the case with a series of class action lawsuits filed against Bank of America (NYSE:BAC), Wachovia (NYSE:WFC), U.S. Bank (NYSE:USB), JPMorgan Chase (NYSE:JPM) and [...]
Sallie Mae (NYSE: SLM) Swings Third-Quarter Profit On Increased Loan Activity
The SLM Corporation, mainly known as Sallie Mae (NYSE: SLM), announced Tuesday that it swung a third quarter profit of $116 million or 25 cents a share. That compares to a loss of $186 million or 40 cents a share in the same period a year earlier. The result blew-out analyst estimates of 4 cents [...]
Lloyds Banking Group (NYSE: LYG) to sell Bank of Scotland Portfolio Management Service to Rathbone Brothers (LSE: RAT.L)
Lloyds Banking Group (NYSE: LYG) (LSE: UK:LLOY) announced that it will sell a significant number of assets to Rathbone Brothers (LSE: RAT.L) and enter into a deal to manage money for Lloyd’s wealthiest clients and the company moves to shed non-core activities. Under the deal, Rathbones will pay up to 35.4 million GBP ($58 Million [...]
JP Morgan (NYSE: JPM) Predicts New Overdraft Legislation and Policy Changes Will Cut Profits by $500 Million Annually
The U.S. Senate’s banking committee published new draft legislation which would severely limit banks’ ability to charge large overdraft fees, in a move that would be beneficial to consumers but would diminish industry profits. One bank, J.P. Morgan Chase (NYSE: JPM), has already stated that they stand to lose up to $500 million each year [...]
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