BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Bank of America Fourth Quarter Earnings Preview]]>http://www.bloggingstocks.com/2010/01/19/bank-of-america-fourth-quarter-earnings-preview/http://www.bloggingstocks.com/2010/01/19/bank-of-america-fourth-quarter-earnings-preview/http://www.bloggingstocks.com/2010/01/19/bank-of-america-fourth-quarter-earnings-preview/#commentsFiled under: , , , ,

bank of america earnings previewBefore the market opens tomorrow, Bank of America (BAC) is going to be reporting its fourth quarter earnings numbers.

Going into tomorrow's earnings release, Wall Street analysts are looking for the company to show a loss of 52 cents per share. For the same period last year, the company had a loss of 48 cents per share.

Continue reading Bank of America Fourth Quarter Earnings Preview

Bank of America Fourth Quarter Earnings Preview originally appeared on BloggingStocks on Tue, 19 Jan 2010 18:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BACBank of AmericabankingBankOfAmericabanksearningsearnings previewEarningsPreviewfinanciallendersTue, 19 Jan 2010 18:20:00 EST<![CDATA[In 2008 they all fell down. Who are they?]]>http://www.bloggingstocks.com/2008/12/26/in-2008-they-all-fell-down-who-are-they/http://www.bloggingstocks.com/2008/12/26/in-2008-they-all-fell-down-who-are-they/http://www.bloggingstocks.com/2008/12/26/in-2008-they-all-fell-down-who-are-they/#commentsFiled under: , , , , , , ,

Here is a roster of some of the fallen ones.

Jimmy Cayne Former CEO Bear Stearns - latest compensation $32.1 million. He led Bear Stearns for 15 years. He resigned last January. Bear Stearns was acquired by JPMorgan Chase (NYSE: JPM) for $10.00 a share. He and his wife purchased two luxury apartments at the Plaza.

Richard Fuld Former CEO Lehman Brothers - Latest compensation $34.4 million. Subpoenaed by federal investigators to determine if he misled investors at Lehman. Executives at Barclays Capital (NYSE: BCS) bought Lehman's US assets.

Kerry Killinger Former CEO WaMu - latest compensation $4.5 million. He became CEO in 1990 and built WaMU into one of the largest US mortgage writers. He offered sub prime mortgages which led to WaMU's rapid growth. He was ousted in September when WaMU was sold to JPMorgan.

Angelo Mozilo Former CEO Countrywide - latest compensation $132 million. He helped build Countrywide into one of the country's largest lenders. A host of class action lawsuits have been filed against Countrywide, which is under investigation by the SEC. Countrywide was sold to Bank of America (NYSE: BAC) in January.

Continue reading In 2008 they all fell down. Who are they?

In 2008 they all fell down. Who are they? originally appeared on BloggingStocks on Fri, 26 Dec 2008 14:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>aigbacbanksCEOsderivativesFEATUREDfnmfrejpmkerry killingerKerryKillingerlendersmerrecklessnessrichard fuldRichardFuldWAMUwbFri, 26 Dec 2008 14:00:00 EST<![CDATA[The week in preview: Canadian banks, homebuilders, Sears and food producers]]>http://www.bloggingstocks.com/2008/11/30/the-week-in-preview-canadian-banks-homebuilders-sears-and-foo/http://www.bloggingstocks.com/2008/11/30/the-week-in-preview-canadian-banks-homebuilders-sears-and-foo/http://www.bloggingstocks.com/2008/11/30/the-week-in-preview-canadian-banks-homebuilders-sears-and-foo/#commentsFiled under: , , , ,

Last week, Bank of Montreal (NYSE: BMO), one of Canada's oldest and largest banks, reported growth in its fiscal fourth-quarter earnings. But it may be the only one that does, as at least two of the Canadian banks scheduled to report fourth-quarter numbers this week have already released preliminary results that warn of lower earnings due to debt write-downs and trading losses.

Analysts surveyed by Thomson Reuters expect Toronto-based Canadian Imperial Bank of Commerce (NYSE: CM) to post earnings 42.6% lower than a year ago, or $1.28 per share. CIBC beat estimates by a penny in the third quarter, but missed by a penny in the period before that. The bank faces a class-action lawsuit related to investments in collateralized debt obligations consisting of U.S. subprime mortgages. Shares have climbed 20.7% from a recent 52-week low of $39.52, but are down 37.8% in the past three months.

Toronto Dominion Bank (NYSE: TD), Bank of Nova Scotia (NYSE: BNS), and Royal Bank of Canada (NYSE: RY) are expected to report more modest earnings declines of $1.01 per share, $0.73 per share, and $0.83 per share, respectively. All three Toronto-based banks topped estimates in the third quarter. Toronto Dominion and RBC have recently announced plans to offer shares in order to raise capital. Toronto Dominion and Scotiabank have been trading near 52-week lows, and their share prices are down around 39% in the past three months. But only Toronto Dominion has a consensus buy recommendation from analysts.

Continue reading The week in preview: Canadian banks, homebuilders, Sears and food producers

The week in preview: Canadian banks, homebuilders, Sears and food producers originally appeared on BloggingStocks on Sun, 30 Nov 2008 12:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Bank of MontrealBank of Nova ScotiabanksBeazerBeazer HomesBMOBNSBZHCanadian banksCanadian Imperial Bank of CommerceCanadian lendersCIBCCMcommoditiescredit crunchDel MonteDiamond FoodsDLMDMNDearningsHormelhousing slumpHRLlendersPop SecretRBCretailRoyal Bank of CanadaRYSAFMSanderson FarmsScotiabankSearsSFDSHLDSmithfield FoodssubprimeTDTOLToll BrothersToronto Dominion BankSun, 30 Nov 2008 12:30:00 EST<![CDATA[Consumer, lender groups seen scrutinizing Fed's new mortgage rules]]>http://www.bloggingstocks.com/2008/07/09/consumer-lender-groups-seen-scrutinizing-feds-new-mortgage-rul/http://www.bloggingstocks.com/2008/07/09/consumer-lender-groups-seen-scrutinizing-feds-new-mortgage-rul/http://www.bloggingstocks.com/2008/07/09/consumer-lender-groups-seen-scrutinizing-feds-new-mortgage-rul/#commentsFiled under: , , , ,

The U.S. Federal Reserve will issue new rules next week aimed at protecting future homebuyers from questionable lending practices.

Fed Chairman Ben Bernanke provided a preview of the Fed's new rules during a speech Tuesday at the FDIC Forum on Mortgage Lending for Low/Moderate Income Households in Arlington, Va. Under the Fed's authorities, the Home Ownership and Equity Protection Act, the rules -- which will apply to all lenders, not just banks -- are expected to, among other reforms:
  • Restrict lenders from penalizing high-risk borrowers who pay off loans early.
  • Bar lenders from making loans without proof of a borrower's income.
  • Require lenders to make sure that borrowers set aside money to pay for taxes and insurance.
'Front end' / 'back end' ratios deemed key

Economist Peter Dawson told BloggingStocks he's taking "a wait-and-see approach" regarding the Fed's mortgage regulation revisions. "This set of revised regulations could be, arguably, the most important federal regulation change, in financial terms, since the last plan to maintain the solvency of the Social Security trust fund," Dawson said.

Continue reading Consumer, lender groups seen scrutinizing Fed's new mortgage rules

Consumer, lender groups seen scrutinizing Fed's new mortgage rules originally appeared on BloggingStocks on Wed, 09 Jul 2008 16:44:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>banking sectorbanksBernankecredit scoresdefaultsFedFICO scoresforeclosuresinthenewslendersmedian home pricesmortgage bankersmortgage defaultsmortgage regulationsmortgagesU.S. Federal ReserveWed, 09 Jul 2008 16:44:00 EST<![CDATA[Andrew Cuomo breaks up lender-appraiser connections]]>http://www.bloggingstocks.com/2008/03/04/andrew-cuomo-breaks-up-lender-appraiser-connections/http://www.bloggingstocks.com/2008/03/04/andrew-cuomo-breaks-up-lender-appraiser-connections/http://www.bloggingstocks.com/2008/03/04/andrew-cuomo-breaks-up-lender-appraiser-connections/#commentsFiled under: ,

New York Attorney General Andrew Cuomo has reached an agreement with Federal Home Loan Mortgage Corp. (NYSE: FRE) and Federal National Mortgage Association (NYSE: FNM) in the midst of the office's year-long investigation into the mortgage industry.

Freddie Mac and Fannie Mae will no longer buy mortgages from lenders that use in-house appraisers. Many observers believe that the use of independent appraisers -- who don't work for a company that has the goal of making loans --would have resulted in fewer of the ebulliently optimistic appraisals that contributed to a run-up in home prices that was destined to come crashing down.

The move will force lenders like Countrywide Financial (NYSE: CFC) to sell their appraisal operations. The New York Times reported that "As defaults and foreclosures have surged in the last year, regulators and industry analysts have raised pointed questions about the independence of appraisers. Because they rely on banks and brokers to give them additional business, appraisers often feel pressured to value a home at prices that match or exceed loan amounts."

Continue reading Andrew Cuomo breaks up lender-appraiser connections

Andrew Cuomo breaks up lender-appraiser connections originally appeared on BloggingStocks on Tue, 04 Mar 2008 11:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Andrew CuomoAndrewCuomoappraisersfannie maeFannieMaefnmfrefreddie macFreddieMacinthenewslendersreal estateRealEstateTue, 04 Mar 2008 11:00:00 EST<![CDATA[Foreclosure costs explained: $75,000 per house]]>http://www.bloggingstocks.com/2007/12/04/foreclosure-costs-explained-75-000-per-house/http://www.bloggingstocks.com/2007/12/04/foreclosure-costs-explained-75-000-per-house/http://www.bloggingstocks.com/2007/12/04/foreclosure-costs-explained-75-000-per-house/#commentsFiled under: , , , , , ,

Foreclosure sale sign in California One of our readers asked the following question about the cost of foreclosures.

  • "I would like someone to explain where the costs of a foreclosure go. It was reported on TV that the average cost is $75,000.00 per house. Why so much and can someone breakdown who gets the money. Legal, recording fees, advertising, etc."

A report by the Joint Economic Committee of Congress estimates that the average cost of a foreclosure, to the homeowner, lender, local government, and neighbors (whose homes decline in value), is $78,000. By contrast, preventing the foreclosure would cost $3,300 per home on average. Here's how the report breaks out that figure among various "stakeholders":

  • Homeowner: $7,200
    Lender: $50,000
    Local government: $19,227
    Impact on neighbor's home value: $1,508
    Estimated total cost of foreclosure: $77,935

Homeowner: To me these costs might not even include everything, it might be more. The homeowner had the cost of moving in and moving out. Some disruption to normal working hours (and pay) if they still have a job and the loss of equity might be far greater. If you only lost 2% of a $400,000 home, you would have lost $8,000.

Continue reading Foreclosure costs explained: $75,000 per house

Foreclosure costs explained: $75,000 per house originally appeared on BloggingStocks on Tue, 04 Dec 2007 16:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>cost of foreclosureCostOfForeclosurefeaturedforeclosuresgovernmenthomeownershousinglendersTue, 04 Dec 2007 16:15:00 EST<![CDATA[Early holiday present: Subprime package seen likely]]>http://www.bloggingstocks.com/2007/11/30/early-holiday-present-subprime-package-seen-likely/http://www.bloggingstocks.com/2007/11/30/early-holiday-present-subprime-package-seen-likely/http://www.bloggingstocks.com/2007/11/30/early-holiday-present-subprime-package-seen-likely/#commentsFiled under: , , , , ,

U.S. Treasury Secretary Henry Paulson is negotiating an agreement with banks and other lenders to limit the surge in foreclosures by fixing interest rates on loans to subprime borrowers, people familiar with the Thursday meeting said, Bloomberg News reported.

"We've all agreed that there should be some sort of standardized approach to reaching more homeowners faster," U.S. Treasury Department spokeswoman Jennifer Zuccarelli told The Associated Press.

Subprime mortgages worth about $362 billion are expected to reset to higher interest rates in 2008, according to BusinessWeek magazine.

Market chatter Friday speculated on the plan's form, with no consensus readily emerging so far. Some Wall Street analysts expect Paulson's plan to focus on middle-income loans, excluding higher-income borrowers on the belief that they will able to obtain better terms themselves, and excluding lower-income borrowers who would not be able to afford their mortgage, even after a refinancing. Other analysts suggested that the plan may be more encompassing -- "capping" or limiting interest resets to predetermined rates.

Continue reading Early holiday present: Subprime package seen likely

Early holiday present: Subprime package seen likely originally appeared on BloggingStocks on Fri, 30 Nov 2007 14:22:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>banking sectorbanksbond marketcredit marketfeaturedHenry Paulsonhome priceshousinghousing correctioninterest rateslendersMedianHomePricesmortgage defaultsmortgage lendersmortgage refinancemortgagesPaulsonsubprimesubprime mortgagesU.S. economyU.S. Federal ReserveU.S. Treasury DepartmentFri, 30 Nov 2007 14:22:00 EST<![CDATA[Does America need a 'Mortgage Czar' to bail out foreclosures?]]>http://www.bloggingstocks.com/2007/10/04/does-america-need-a-mortgage-czar-to-bail-out-foreclosures/http://www.bloggingstocks.com/2007/10/04/does-america-need-a-mortgage-czar-to-bail-out-foreclosures/http://www.bloggingstocks.com/2007/10/04/does-america-need-a-mortgage-czar-to-bail-out-foreclosures/#commentsFiled under: , , ,

You just have to love the U.S. -- marketing runs the majority of the world's largest economy, and when subprime lenders began using low interest rates to push shoddy mortgages onto clueless homebuyers years back, millions jumped on the bandwagon. If you weren't flipping houses for a living, you were getting into a much larger home with the feeling that those larger payments and mortgage term resets were years off. We're here now, and foreclosures are up while homeowners are losing their collective shirts. Is it the housing equivalent of the Titanic sinking? Nah -- but that's what many of the media portray it to be.

But, in perfect "we can save this country" fashion, a few 'Crats on the Hill have decided that the U.S. needs a 'mortgage czar' to protect us all from getting in over our heads with goofy mortgages. The prediction is that foreclosures will continue to escalate, so some lawmakers want $200 million to help those in over their heads make sure they don't lose their homes.

Continue reading Does America need a 'Mortgage Czar' to bail out foreclosures?

Does America need a 'Mortgage Czar' to bail out foreclosures? originally appeared on BloggingStocks on Thu, 04 Oct 2007 13:31:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>countrywidedefaultsdemocratsforeclosuresinthenewslendersloansmortgage czarMortgageCzarsubprime meltdownSubprimeMeltdownThu, 04 Oct 2007 13:31:00 EST<![CDATA[Morningstar finds strength in European lenders]]>http://www.bloggingstocks.com/2007/08/28/morningstar-finds-strength-in-european-lenders/http://www.bloggingstocks.com/2007/08/28/morningstar-finds-strength-in-european-lenders/http://www.bloggingstocks.com/2007/08/28/morningstar-finds-strength-in-european-lenders/#commentsFiled under: , , ,

Morningstar MORN LogoWhen BloggingStocks contributor Georges Yared recently took a look at lenders that could rise up out of the recent subprime-related credit mess, he focused on Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), and US Bancorp (NYSE: USB) as strong contenders.

Well, the European markets have been struggling with many of the same credit concerns as in the U.S. Morningstar (NASDAQ: MORN) has gone looking for investment opportunities in European markets, and found such contenders as Alcatel-Lucent (NYSE: ALU), France Telecom (NYSE: FTE), and Cadbury Schweppes (NYSE: CSG). However, like Mr. Yared, Morningstar analysts found themselves focusing on a pair of wide-moat lenders that had been unfairly punished by reactions to the current problems.

Continue reading Morningstar finds strength in European lenders

Morningstar finds strength in European lenders originally appeared on BloggingStocks on Tue, 28 Aug 2007 15:10:00 EST. Please see our terms for use of feeds.

Read | Read | Permalink | Email this | Comments]]>AIBAlcatel LucentAllied Irish BanksALUBACBank of AmericaCadbury SchweppesCredit SuisseCSCSGforeign investmentFrance TelecomGeorges Yaredinvestment bankinglendersloan underwritingMorningstarprivate equitysubprimeUS BancorpUSBWells FargoWFCTue, 28 Aug 2007 15:10:00 EST