All Posts Tagged With: "Wells Fargo & Co. (NYSE: WFC)"
Guilt by Association? Wells Fargo & Co’s. (NYSE: WFC) Purchase of Wachovia Increases Exposure to Troubled Mortgages
Wells Fargo & Co. (WFC) finds themselves at the epicenter of a problem that continues to vex homeowners in this fragile economy. At issue are tens of thousands of customers with adjustable-rate mortgages who have seen their monthly payments spike or stay high even while other homeowners are seeing their payments fall. In some cases, [...]
Wells Fargo (NYSE: WFC) Gets High Marks; J.P. Morgan Chase (NYSE: JPM) Not So Much in Latest Treasury Report on Small Business Lending
It’s been said that the definition of insanity is doing the same thing again and again and expecting a different result. We can only hope that all parties involved will move past the current focus on bonuses and bailouts and move quickly to address the needs of small business owners who are still finding it [...]
Wells Fargo (NYSE: WFC) announced on Friday that through the Home Affordable Modification Program (HAMP) and other modification programs it has provided mortgage relief for nearly a half million customers. The bank stepped up efforts in the fourth quarter, with three loan modification being initiated or completed for every one foreclosure sale on primary residence [...]
SEC Admits It’s Investigating Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), and Goldman Sachs (NYSE:GS)
The head of the Securities and Exchange Commission (SEC), Mary Schapiro, admitted today that it is investigating the sales practices of Collateralized Debt Obligations (CDOs) of Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), and Goldman Sachs (NYSE:GS). The admission came before the Federal Crisis Inquiry Commission on Thursday and was the most direct [...]
Will Falling Mortgage Apps and Expiring Tax Credits Cut Into Bank of America (NYSE: BAC) and Wells Fargo (NYSE: WFC) Lending Profits?
The Mortgage Bankers Association (MBA) announced Wednesday that mortgage applications remained near a six-month low last week as rising rates cut into what has been a robust refinancing market. Rates on the 30-year fixed mortgage hit 5.18 percent for the week ended January 1, 2010, the highest level since August. This trend, coupled with an [...]
Wells Fargo (WFC) could serve as a litmus test for how banks across the U.S.will deal with the largest changes to home loan disclosures since the 1970s. Even as the housing market shows signs of recovery, banks are having to wrestle with the impact of a complete overhaul in the “good faith estimate” document – [...]
As more homeowners look to refinance, Wells Fargo (WFC) and JP Morgan Chase (JPM) are seeing surprisingly substantial increases in the origination of 15-year mortgages. Through November, Wells Fargo saw 15-year mortgage originations increase by 55% from a year earlier. Although still a small percentage of the overall market, the recent rock-bottom interest rates are [...]
Officials at Citigroup, Inc. (C) and Wells Fargo & Co (WFC) are in intense discussions with the U.S. government over the scope of capital requirements the banks would need to exit the Troubled Asset Relief Program (TARP). At issue for Citigroup is a 20% dilution in shareholder value which would be necessitated if it were [...]
SunTrust, Inc. (NYSE: STI), Wells Fargo (NYSE: WFC), and Regions Financial (NYSE: RF) tout loyalty programs to increase revenue
Earning miles with Delta Air Miles with a travel debit card from SunTrust (STI). Wells Fargo (WFC) will let you apply reward points towards a home equity loan. And Regions Financial’s allows you to earn 4% cash back on downloads from iTunes. These are just a few examples of loyalty programs being used by banks [...]
A recent analysis by investment bank Keefe, Bruyette & Woods Inc, reported third-quarter core pretax, pre-provision earnings rose slightly from the second quarter. Capital One Financial Corp. (COF) topped the list with a 5.58% return. The report, which looked exclusively at banks that make up the BKX benchmark bank stock index, suggests that pre-provision earnings [...]
In a move that would affect commercial banks like Bank of America (NYSE: BAC), Wells Fargo & Co. (NYSE: WFC), and JP Morgan Chase (NYSE: JPM), Democratic lawmakers on Friday publicly called for regulatory changes to banks ability to charge overdraft fees. Rep. Barney Frank, chairman of the House Financial Services Committee, and Chris Dodd, Chairman of the Senate Banking Committee called for legislation that would allow bank customers to opt out of overdraft protection.