Hints and tips:
...Citi also has a reputation for offering favourable rates on mortgages to its law firm clients....
...to residential mortgage finance; and small depositories must be involved in community lending (including residential mortgage finance)....
...Citibank, Bank of America, Wachovia and Washington Mutual all failed in 2008 (three were bailed out and one was seized and sold) because managers fatally misunderstood mortgage risk....
...The authors claim this triggered deposit flight from Wachovia but offer no evidence it could otherwise have stayed out of trouble....
...Interest-only mortgages accounted for 77 per cent of the loans backing $16.5bn of new commercial mortgage-backed securities in the US during the first quarter, according to data provider Trepp, up from 68...
...Earlier this year, the bank admitted to overcharging wealth management customers, and paid $1bn to settle allegations of mis-selling car insurance and charging excessive mortgage fees....
...In 2008 Goldman declined to buy Wachovia, which had a portfolio of mortgages with flexible repayment terms....
...After the Wachovia integration was complete, sales goals at her small branch in Macungie, Pennsylvania, were set much higher, and staff were hounded by district managers to hit them....
...Its brush with the 2008 crisis was to acquire Wachovia amid the financial turmoil, cleverly gaining itself a nationwide branch network....
...Since taking over Wachovia in 2008, Wells has tried to bulk up its non-retail divisions, and now ranks as the biggest lender in the US with $947bn of loans — well clear of Bank of America with $901bn and...
...Wells Fargo, the biggest mortgage provider in the US, has lined up its successor to chief executive John Stumpf with the appointment of Tim Sloan as president and chief operating officer....
...While regulators were working to arrange a sale of Wachovia, a faltering US lender, to Citigroup in 2008, Wells swept in and snagged the company with a better offer, more than doubling its size....
...Best known for being the dominant US retail bank, Wells has been quietly building up its investment bank since it acquired Wachovia during the financial crisis in 2008....
...In the years after Wells bought Wachovia in early 2009 in a deal that transformed the size of its investment bank, much of the growth was a result of hiring....
...Ms Stewart, who joined the bank in 2011, is well regarded by peers and spent most of her career at Wachovia before moving to Morgan Stanley, where she headed the private bank....
...Published accounts by leading actors such as Henry Paulson, Sheila Bair and Timothy Geithner provide a narrative of bailout decisions made with respect to Bear Stearns, Lehman, Fannie Mae and Freddie Mac, Wachovia...
...Unlike most other litigation stemming from the mortgage crisis, the MBS – sold to investors led by Wachovia, the bank since acquired by Wells Fargo, and the Federal Home Loan Bank of San Francisco – contained...
...The buyers of the MBS were the Federal Home Loan Bank of San Francisco and Wachovia, since acquired by Wells Fargo. Neither has sued BofA over the MBS in five years since they bought them....
...Other suits against Barclays, Credit Suisse, Goldman Sachs, JPMorgan, Royal Bank of Scotland, UBS and Wachovia are still pending....
...On Tuesday, Wells Fargo disclosed that government investigations are focusing on its mortgage origination and securitization practices, including those related to Wachovia, which it acquired in 2008....
...Even after the acquisition of Wachovia, Wells has continued to accelerate its spending, with an increase of more than 40 per cent between 2010 and 2011....
...Wells Fargo and Wachovia are/were mega banky, right? Why, yes they are!...
...“As a thrift, Hudson City focused primarily on deposits and mortgages....
...But when the bubble burst, within two years of the Sandlers selling their operation, it was disastrous for Wachovia, which was saddled with a mortgage portfolio worth much less than it had paid for it....
...UBS sold securities in CDOs called “Wave” that were created in 2007 by Wachovia, the US bank that Wells Fargo acquired in 2008 as the former buckled under mortgage-related losses....
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