Archive for May, 2010
Using Lending Club’s Note Trading Platform to Invest in Peer to Peer Loans
Lending Club, a website which allows its members to loan each other money through 3 or 5 year unsecured loans, currently only operates in certain states ,but other investors can buy existing loans through its note trading platform which is powered by Foliofn. Lenders can purchase notes if they reside in any of the following [...]
Prosper Marketplace Resolves Some Issues Related to Loan Service Platform Migration
Prosper.com, a company which operates a peer to peer lending marketplace, went through a migration to a new loan servicing platform in early May, leaving many users of the website frustrated by errors that impacted features on Prosper‘s website and customer’s accounts. The company apologized on its blog for the mistakes, saying, “What should have [...]
Canaccord Adams Analysts Lower Price Target on Royal Bank of Canada (NYSE: RY)
Canaccord Adams analysts reiterated a ‘Buy’ rating on Royal Bank of Canada (NYSE: RY), but lowered their price target to $65 CAN. Canaccord Adams analysts wrote, “We are lowering our 2010E and 2011E EPS to $4.22 (from $4.74) and $5.00 (from $5.33), respectively. The key changes to our estimates relate to a) much lower trading [...]
Bank Of America (NYSE: BAC) Reports First Year Results Of $1.5 Trillion Community Lending Program
Bank of America (NYSE: BAC) announced yesterday the status of its 10-year $1.5 trillion community development lending program. The program recently passed the 1- year mark and has thus far provided $168.2 billion in community development lending. The lending initiative is the largest community development goal ever established by a U.S.-based financial institution and aims [...]
Wells Fargo (NYSE:WFC), Bank of America (NYSE:BAC), JPMorgan (NYSE:JPM) Citigroup (NYSE:C), Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) Slammed After Spain’s Debt Dowgraded
The Dow has given up its gains for the week, and financial stocks like Wells Fargo (NYSE:WFC), Bank of America (NYSE:BAC), JPMorgan (NYSE:JPM) Citigroup (NYSE:C), Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) are all down on the downgrade of Spain’s debt by Fitch Ratings from its prior AAA rating to AA+. Spain had had a [...]
Citigroup (NYSE:C), Goldman Sachs (NYSE:GS) Swaps Rise as U.S. Corporate Credit Risk Surges
Credit swaps for Citigroup (NYSE:C) and Goldman Sachs (NYSE:GS) rose in May, with swaps for Goldman increasing 3.9 basis points to 170.8 basis points, and Citigroup swaps grew 2.7 basis points to 173.4 basis points. Buyers of credit swaps are paid the face value of the instrument if a borrower doesn’t pay what they owe, [...]
Berkshire Hathaway’s (NYSE: BRK-B) Warren Buffett Subpoenaed By FCIC
The Financial Crisis Inquiry Commission (FCIC) has subpoenaed Berkshire Hathaway (NYSE: BRK-B) CEO Warren Buffet after the highly regarded investment guru turned done two invitations to testify before the Committee. The FCIC first contacted Buffett on May 12 when Wendy Edelberg, executive director of the commission, sent a letter to him saying that his views [...]
Waves of Criticism Keeps Rolling In for Citigroup (NYSE: C), JPMorgan (NYSE: JPM), Bank of America (NYSE: BAC) and Others
Recently, there have been grass root attempts at punishing the ‘big bad banks’. Arianna Huffington has been striving to implore savers to move deposits out of them and into local community banks. While supporting local businesses is a noble effort, and one that consumes should strive to do, making a smart financial decision goes far [...]
Goldman Sachs Group Inc. (NYSE: GS) Adds Arcelor Mittal (NYSE: MT) to Conviction Buy List
Goldman Sachs Group Inc. (NYSE: GS) added shares of Arcelor Mittal (NYSE: MT) to its “European Conviction Buy” list following recent underperformance on concerns of Europe. Goldman’s analysts noted that shares are off 28.6% since mid-April, a much larger decline than the FTSE as a whole. The analysts set a EUR 48.00 price target, representing [...]
Analyst Says Goldman Sachs (NYSE:GS) Could Pay $621 Million to Settle SEC Fraud Suit
Sanford C. Bernstein & Co. analyst Brad Hintz said in a note to clients today that Goldman Sachs (NYSE:GS) could pay $621 million to make the SEC fraud charges against them go away. Hintz said the fine would be $250 million, and the other $371 million would be to reimburse investors in the trades. Personally, [...]
American Express (NYSE: AXP) Jumps On Analyst Upgrade
Shares of American Express (NYSE: AXP) jumped more than 4 percent on Thursday following an analyst upgrade to the stock by financial advisory firm Sandler O’Neil. The firm upgraded the stock to buy from hold, citing value after the stock’s recent pullback, down roughly 15 percent this month. The firm also believes rebounding consumer spending [...]
Is Citigroup (NYSE:C) Better Than a $4 Stock?
Even though Citigroup (NYSE:C) and others with vested interest in them would like to believe they’re better than a $4 stock, I don’t think at this time that is the case, and in the short term it is doubtful they’ll have much support beyond that. We could and probably will see them make occasionally upward [...]
Bill Ackman Acquires Citigroup 150 Million Citigroup (NYSE:C) Shares
Bill Ackman is a well-known activist investor, and manages Pershing Square Capital Management, a large hedge fund, announced yesterday at a conference that he has acquired about 150 million shares of Citigroup (NYSE:C) over the last several weeks. Citigroup is an ideal stock for speculators, traders and hedge funds, as the inherent volatility in the [...]
How to Get the Lowest Interest Rate When Borrowing from Prosper.com
Prosper.com, a company which offers a peer to peer lending marketplace, allows borrowers to take out unsecured loans from other members of the website using a reverse Dutch auction. As a borrower, you post how much money you want to borrow and the maximum interest rate you are willing to borrow at. From there, other [...]
Peer to Peer Lending with Collateral: The Next P2P Financial Innovation?
Auxmoney, a German peer to peer lending website, is now allowing borrowers to offer their vehicles as a form of collateral for their peer to peer loans. Users on the website pay a EUR 9.95 fee to document the collateral in the loan listing. As part of the listing, information about the vehicle, such as [...]
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