More bank stress tests coming. Here's why U.S. banks are pushing back on how tests work.
Wells Fargo
The big four banks combined to write $175.4 billion in new mortgages during the three months ended Sept. 30. That is 24% lower than what these lenders wrote a year earlier. BofA’s drop noted below is a big contributor to the overall drop. Wells Fargo originated $89 billion in new mortgages, down 12% from the
The big four banks combined to write $175.4 billion in new mortgages during the three months ended Sept. 30. That is 24% lower than what these lenders wrote a year earlier. BofA’s drop noted below is a big contributor to the overall drop. Wells Fargo originated $89 billion in new mortgages, down 12% from the
The U.S. Treasury Department is exploring a plan that could help 1 million or more homeowners avoid foreclosure. It applies to non-agency (in securities not issued by government agencies) mortgages, and is an attempt to promote modifications of delinquent or defaulted home loans, including write-downs of principal, by bringing fresh private capital into the market.
Comparing performance of Bank of America vs. Wells Fargo is interesting study, and is much more than an $8.8 billion loss compared to a $3.95 billion gain. Bank of America “trimmed roughly 151,000 loans from its portfolio of delinquent and discontinued mortgages in the second quarter through foreclosure or short sales. However, there are still
Here are some tidbits for the day and some comments on MBS markets this past week: -The cost of placing ads on Facebook is rising rapidly: the “cost per click” of an ad placed on Facebook has increased by 74% over last year. -Reader’s Digest Association, the 90-year-old publishing and marketing company that emerged from
When it comes to powerful women, how does the FDIC’s Sheila Bair—our nation’s top bank regulator—stack up against Lady Gaga or Katie Couric? When it comes to powerful banks, how do they rank for first quarter production? The big four banks originated a combined $186 billion in home loans, down 33% from $281 billion home
Jumbo mortgage volume is very dependent on location. So what are borrowers in high cost areas thinking when it comes to obtaining a jumbo loan? Linda Stern of Reuters reminds us that conforming loan limit caps for high cost areas will be reduced from $729,750 to $625,500 effective October 1, and says that some borrowers
Today links include more consumer-focused interpretations of the Fed’s new risk retention rules for mortgage securitization. If you only read one link today, read Kid Dynamite on the topic. -Mansion Linked To ‘The Great Gatsby’ Demolished (Reuters via tip from DB!) -Onion or Reuters: Protecting Borrowers From Lenders (Kid Dynamite) -Leader of Big Mortgage Lender
Lee Farkas, the former chairman of Taylor, Bean and Whitaker Mortgage Corp., was found guilty on all 14 charges stemming from a seven-year, multibillion-dollar fraud scheme that led to the collapse of his firm and Colonial Bank. Even the photo can make you cringe. At this point Mr. Farkas is probably not interested that Cantor
Regarding the government shutdown, Caroline Baum wrote this on Bloomberg: What if the U.S. government shut down and no one noticed? Even worse (or better, depending on one’s point of view), what if all federal workers went on furlough and the public realized there were benefits, not just costs, to smaller government? Essential services will
Here are a couple Monday morning questions: Is the rise of non-bank lending a good thing? Does the GOP’s rush to dismantle Fannie & Freddie threaten a fragile housing market? And the biggest question of the day, or any day, is how do we fix the mortgage mess? Wells Fargo CEO John Stumpf offers a
Last Thursday, while on a tour of the Chicago Mercantile Exchange, my son and I met and chatted with CNBC futures reporter Rick Santelli. I told him that I was there to speak at a Fannie Mae regional meeting, he launched into a dissertation about how better off the mortgage industry would be if the
Last Thursday, while on a tour of the Chicago Mercantile Exchange, my son and I met and chatted with CNBC futures reporter Rick Santelli. I told him that I was there to speak at a Fannie Mae regional meeting, he launched into a dissertation about how better off the mortgage industry would be if the
A survey of more than 100 lenders by Freddie Mac showed that adjustable rate mortgages (ARMs) are attracting applicants again, and that their market share may go from 3% in 2009 to almost 10% in 2011. Gone, for the most part, are two-year adjustables, option ARM’s, “pick-a-pay” ARMs, etc., and they’ve been replaced with the
Future of Fannie & Freddie January is scheduled to be a big month for Freddie and Fannie, in that the Treasury is expected to release plans for their future. Merrill Lynch released some conjecture about upcoming news, which will probably come out after the State of the Union address on 1/25. Merrill reminds us that
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