Hints and tips:
Related Special Reports
...Its price to book value of nearly 3 times trumps that for mortgage-heavy Wall Street banks like JPMorgan, Bank of America and Wells Fargo. But Rocket doesn’t have appreciably higher return on equity....
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...A law firm consultant said a managing partner of a top firm once called his Newport, Rhode Island, holiday home, “the house that Citi built”, because of the deal he got on his mortgage....
...However, Weinstein et al say they are excited to a large extent because those aforementioned risks are now materialising. As private credit investors, this is the environment we’ve been waiting for....
...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....
...This is especially true because adjustable-rate mortgages, historically a key tool for selling to rate-sensitive buyers, are less widely available today. Why has Pulte, in particular, done so well?...
...BlackRock, Wells Fargo, Bank of America and State Street were also excluded from doing business with the state, Oklahoma said....
...The recent rise of the Faangs, et al, looks like a knee-jerk reaction to the fall in rates and rate expectations that followed the banking mess (the 10-year yield has fallen from 4-ish per cent to 3.6-ish...
...For one thing, the sharp rise in mortgage rates has put a lid on banks’ home-lending businesses....
...But as Steven Kelly of the Yale Program on Financial Stability pointed out to me, Yellen et al will need the goodwill of the big banks should some other bank or banks get into trouble....
...One thing to start: The Phoenix Suns are on track to set a record price for the sale of a National Basketball Association franchise, with mortgage lending billionaire Mat Ishbia nearing a $4bn deal to acquire...
...In the US, at least, mom-and-pop investors and advisers build portfolios with the categories used by Morningstar et al....
...Quicken Loans overtook Wells Fargo to become the largest home mortgage lender in the US two years ago, and last year originated $145bn in loans....
...Bank of America, Citigroup and Wells Fargo together provided another $1.2tn of lines, while Morgan Stanley and Goldman Sachs had a combined $260bn, regulatory filings show....
...al — arrived....
...America’s top three lenders — Wells Fargo, JPMorgan and Bank of America — have seen their share of home loan origination fall from a peak of 49 per cent in 2010 to just 19 per cent in the first half of this...
...Andrew Garthwaite et al at Credit Suisse has had a fiddle about with the model portfolio, resulting in insurers getting a push....
...Recent medical literature suggests that severe manifestations of COVID19 may be due to tissue damage caused by severe immune dysregulation (Li H, et al; The Lancet; April 2020)....
...Fargo claims....
...Wells Fargo follows an hour later, at 8am on Tuesday, followed by Bank of America, which completes the big retail banks’ line-up when it publishes on Wednesday morning at 6.45am....
...Last year the Sage of Omaha rescued Canada’s Home Capital, a stricken mortgage lender....
...Home loan originations dipped 3 per cent in the second quarter to $447bn, according to Mortgage Bankers Association estimates....
...A year-long investigation instigated by Wells Fargo found no basis for the allegations....
...Among the largest, Wells Fargo is expected to be particularly hard hit....
...“[Bear Stearns] is the deal that validated JPMorgan’s reputation for strength,” says Mike Mayo, a veteran Wall Street analyst, now with Wells Fargo....
International Edition