Hints and tips:
...This month, US homebuilder confidence slipped for the first time this year according to an index compiled by the National Association of Home Builders and Wells Fargo....
...JPMorgan’s profits were boosted by higher interest rates, as were those of Wells Fargo. BlackRock profits jumped too as assets under management reached $9.4tn....
...Profits at Wells Fargo however fell by half after being hit by multibillion dollar fines for mismanagement of mortgages, car loans and bank accounts....
...Dimon will be joined by the chief executives of Citigroup, Bank of America and Wells Fargo, among others....
...Jim Pickard Well, what we’re not gonna do is go back to the era of Jeremy Corbyn and John McDonnell, where some of their economic policy was within the traditions of social democratic parties across Europe...
...A classic V-shaped recovery ensued, reflected in sharp rises in sales agreed, mortgage approvals and house prices....
...There are three main master servicers in the US — Wells Fargo, KeyBank and Midland Loan Services....
...Few executives from big Wall Street investment banks received commensurate punishment for the home mortgage meltdown....
...In the US, $9.5bn of credit charges — including loan loss provisions — pushed Wells Fargo to a $2.4bn loss, while profit fell more than 50 per cent at Citi, Bank of America and JPMorgan....
...(Pets at Home)....
...Thanks Letter in response to this newsletter: We need to adapt past experience to the present situation / From Dr Aleksandr V Gevorkyan, St John’s University, New York, NY, US...
...Jonathan Portes: On current trends, the recovery will be K-shaped: those who work in relatively well-paid jobs that can be done from home will have lots of surplus savings to spend, while those in lower-paid...
...Saudi Aramco has hired Wells Fargo banker Robert Fernandez to manage its relationship with banks after the oil company completed the world’s biggest share sale....
...If there’s a V-shaped recovery on the horizon “the market probably buys the EPS downgrade, assuming that the disruption is eventually contained.”...
...Once again, Wells Fargo is in trouble....
...Mr Sloan said: “We continued to transform Wells Fargo into a better, stronger company.”...
...Home loan originations dipped 3 per cent in the second quarter to $447bn, according to Mortgage Bankers Association estimates....
...John Shrewsberry, Wells Fargo’s chief financial officer, described in the company’s earnings call how competition from non-bank lenders had diminished banks’ market share....
...In 2010 the big three of Wells Fargo, BofA and JPMorgan Chase originated a combined 32 per cent of home loans for low- and moderate-income households, more or less matching their one-third share of deposits...
...Higher interest rates have led to a slump in demand for home loan refinancing — Wells reported a 24 per cent year-on-year decline in mortgage banking income in the first quarter....
...“[Bear Stearns] is the deal that validated JPMorgan’s reputation for strength,” says Mike Mayo, a veteran Wall Street analyst, now with Wells Fargo....
...At the same time, mortgage lending to home buyers with poor credit ratings is also shooting up....
...Federal and state agencies, including the Department of Justice, have been investigating Wells’ role in originating, underwriting and securitising home loans, including subprime mortgages....
...And last June he threw a C$2.4bn (US$1.9bn) lifeline to Home Capital Group, a Canadian subprime mortgage lender that had been battling to stem an outflow of deposits amid broad concern over the country’s...
...Morgan Stanley has been building up its loan book too, particularly in mortgages and securities-based loans for its well-heeled clients....
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