Earnings Roundup: Banking and Mortgage Industry

Bank Earnings Banks have virtually doubled 3Q earnings by injecting $8.1 billion into net income from funds they had set aside to cover loan losses. The 18 commercial banks with at least $50 billion in assets earned an adjusted $17 billion in the third quarter – almost half of which came from reducing their loan-loss

Private Equity To Save Banks? Without Fed Regulation?

It’s been well known that private equity firms are a viable white knight for banks who are temporarily troubled but may be good bets long term. So if they take majority stakes in banks, are they subject to the same rules as banks, or is this an end-run around the rules? According to a Bloomberg

AIG Could Sell 15 Businesses To Pay Back $85b Fed Loan

The $700b government bailout package for the financial sector has taken center stage, but it was only two weeks ago that AIG was hogging headlines as they were poised to topple. The Fed’s $85b subprime-like loan to AIG saved them…or at least bought them time to raise money. The big talk two weeks ago was

More WaMu News, Fed Meeting, Updates on Wells, HSBC & Chase

After announcing plans to raise $7 billion by selling ownership in their company, WaMu elaborated, “We will conduct our mortgage production business through our retail banking stores and our consumer-direct channels, which includes telephone and online sales. This is in line with our strategic direction to organize around our retail distribution network. As a result,