Wells Fargo joined the other large banks in announcing plans to pay back our TARP money. Banks are complaining that they can’t attract top talent with their compensation structures capped. This is good news, since Wells called me the other day to offer me a high paying job (they said I could spel good) but
TARP
FULL PRESS RELEASE: Wells Fargo & Company (NYSE:WFC) announced today that, pursuant to terms approved by U.S. banking regulators and the U.S. Treasury, it will redeem the $25 billion of series D preferred stock issued to the U.S. Treasury in October 2008 under the government’s Troubled Asset Relief Program (TARP), upon successful completion of a
FULL PRESS RELEASE: Wells Fargo & Company (NYSE:WFC) announced today that, pursuant to terms approved by U.S. banking regulators and the U.S. Treasury, it will redeem the $25 billion of series D preferred stock issued to the U.S. Treasury in October 2008 under the government’s Troubled Asset Relief Program (TARP), upon successful completion of a
Repeat after me: Fed Funds are set by the Federal Open Market Committee, don’t vary daily, and have no direct bearing on 30-yr mortgage rates. 30-yr mortgage rates are set by supply and demand through the bond markets, vary every day, and prices are adjusted by what investors & servicers want to see flowing into
Ken Feinberg, the administration’s compensation czar, capped pay at $500k/yr for execs at firms receiving what he calls exceptional assistance from the government. With very few TARP repayments so far, this covers a lot of companies and executives. Full ABC story here, with a small excerpt below: Feinberg is limiting cash salaries at the firms
The FT reports that Citi could repay TARP funds as soon as this week. Reports don’t confirm whether they’d pay back the full $45b they owe, but state that Citi would raise $20b in an equity offering—the same tactic Bank of America used to repay their entire $45b TARP obligation using cash and proceeds of
Is Gov’t Blocking TARP Repays?, Fannie Updates Prompt Mass Lender Changes, Track Rental Foreclosures
98% of Americans say, “OH S&!T* before going in the ditch on a slippery road. The other 2% are from Wisconsin and Minnesota, and they say, “Hold my beer and watch this!” That quip has nothing to do with mortgage banking or renting, but seemed right given the weather in many areas. Every renter has
What better way to do business than to combine two segments of the economy that are hurting? Either land got cheap, or Bentley’s got cheap, so some combination thereof, because here in Northern California, near San Jose, there’s a development giving away Bentley’s to anyone who will buy one of their lots! Citi to Repay
I have decided to hold a press conference to confront stories that I was Tiger Woods’ mistress. I’ve never held one before. Nor have I ever met the man, nor am I “inclined” that way. But I figure that now is a good time to jump on the band wagon, especially if magazines are paying
What a difference one year and unprecedented levels of Fed and Treasury help makes. Bank of America said today they will repay TARP funds in full with $26.2b in cash and $18.8b in proceeds raised by a common stock issue that begins Thursday, December 3. This will obviously dilute the shares, but it could help
It was reported that for the ninth year in a row, the most popular car color was silver. In fact, GM says that this year, all three of the cars they sold were silver. But I saw a clever sign at a car dealership: “The best way to get back on your feet? Miss a
US Bank Expansion, CIT Bankruptcy What do Bank USA, National Association of Phoenix; California National Bank of Los Angeles; San Diego National Bank; Pacific National Bank of San Francisco; Park National Bank of Chicago; Community Bank of Lemont, Illinois; North Houston Bank; Madisonville State Bank of Madisonville, Texas; and Citizens National Bank, of Teague, Texas
US Bank Expansion, CIT Bankruptcy What do Bank USA, National Association of Phoenix; California National Bank of Los Angeles; San Diego National Bank; Pacific National Bank of San Francisco; Park National Bank of Chicago; Community Bank of Lemont, Illinois; North Houston Bank; Madisonville State Bank of Madisonville, Texas; and Citizens National Bank, of Teague, Texas
Fortune reports that big bank deposits have outpaced loans in the year ended June 30, 2009. These two graphs from the story show loan/deposit stats among top banks and market share of deposits for big vs. rest of banks—also below are key stats from the story. This isn’t to say it’s all Evil Banker Greed,
Just when mortgage brokers thought that it was safe to go back into the water and they were out of the headlines… In a story based on a Columbia University working paper that studied 700,000 loans made by a major national mortgage bank from 2004 to 2008, every loan originated by brokers is performing! Oh,
There are lots of trailer trash jokes out there, and more at the bottom of this post (You know you’re trailer trash when “You have your local taxidermist on speed dial”, “You think ‘The Nutcracker’ is something you do off the high dive”, and “Your grandmother has ‘ammo’ on her Christmas list”, for example). Manufactured
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