Category: US

US2 Comments

Wells offers welcome surprise to the markets with their results

Colin Henderson

 Wells Fargo offerred a welcome surprise to the market today, by not succumbing to another round of subprime losses as many other Banks are experiencing.  I can imagine Wells will be popular with vendors and research companies now, unlike some of the others who are sufferring. The timing was good, as traders sought to cover short positions, in anticipapation of the SEC ruling that those must all be reported now.  ft.com  Wells Fargo cheer lifts banks  While earnings have declined at Wells Fargo for three straight quarters, the bank has stayed profitable amid the turmoil for much of the banking industry. … Continue reading Wells offers welcome surprise to the markets with their results

US

The US mortgage market and how it works

Colin Henderson

Thanks to the Financial Times for this guide to the US Mortgage market. Click through to use it interactively [registration required] FT.com / In depth – Freddie Mac and Fannie Mae Fannie Mae and Freddie MacAlthough these government-chartered mortgage financiers, they have roots in government policy. Fannie Mae was created in the Great Depression as a government agency to create a secondary market for mortgages. The aim was to boost banks’ capacity to offer home loans, by buying up their existing home loans in exchange for cash. In 1968 Fannie Mae was partially privatised and Freddie Mac was created, as … Continue reading The US mortgage market and how it works

Profitability, subprime, US

US Regional Banks listed as “problem” increasing, but still much less that 1980’s

Colin Henderson

As the IndyMac failure is taken care of, attention is turning to the next round, and the focus is squarely on the smaller regional US banks. The good news is that this is not expected to be as bad as the rates of failure that occurred in the late 80’s early 90’s and that is based on the record of non-performing loans at Banks. Currently there are 90 Banks noted in the ‘problem’ category. The key will be the strength of the economy, maintenance of employment levels, and continued ability to maintain debt payments. FT.com / Companies / Financial services … Continue reading US Regional Banks listed as “problem” increasing, but still much less that 1980’s

subprime, US8 Comments

IndyMac bank failure | 3rd largest in US history

Colin Henderson

IndyMac is a deposit taking institution in the US, that only lends mortgages, and specialises in sub prime. Federal regulators took it over Friday, and it will re-open Monday under FDIC supervision. IndyMac seized as financial troubles spread | Reuters IndyMac joins top bank failures headed by the 1984 collapse of Continental Illinois National Bank & Trust Co. The Office of Thrift Supervision (OTS) insisted IndyMac’s failure was the second-largest bank failure based on FDIC figures. But the FDIC said its data showed it was third behind the collapse of First RepublicBank Corp in 1988. Continue reading IndyMac bank failure | 3rd largest in US history

US

Bank of America says Keep the Change customers have saved over $1bn

Colin Henderson

BofA offerred this service first in 2005, and the results have been good for the customers involved. Finextra: Bank of America says Keep the Change customers have saved over $1bn Who said a little change doesn’t add up? In just a little more than two years, Bank of America’s Keep the Change savings program has helped its customers save more than one billion dollars in customer round-ups and bank-matching funds, the bank announced today. Since the program was launched, these customers have accumulated approximately $10 billion in savings, including the $1 billion in customer round-ups and bank-matching funds. Continue reading Bank of America says Keep the Change customers have saved over $1bn

US1 Comment

Hats of to BofA for fostering the conversation

Colin Henderson

This is an impressive about face from Bank of America, and I commend them. It was only one year ago at the Forrester Research Financial Forum in NY, that I heard senior BofA people state they would listen to online criticism, but not participate because of the risks. A small toe in the water, but its a start. Bucking tradition, firms increasingly let customers vent on corporate sites – The Boston Globe “We felt that in the offline world customers communicate with other customers about our products and services, so why not allow them to do it in the online … Continue reading Hats of to BofA for fostering the conversation

EU, US

China and Japan spending time to improve relations

Colin Henderson

Interesting goings on in Tokyo this week. I know people in Roppongi, and the traffic is completely snarled by the effect of this visit which is for several days it turns out. Locally it is out of the ordinary. Its a dramatic shift from the days of Mr Koizumi, and has consequences for international trade and banking given the combined size of these two economies relative to US or Eurozone. FT.com / Asia-Pacific / China – Japan and China cement relations The leaders of Japan and China agreed on Wednesday on measures, including annual summit meetings and stepped-up civil and … Continue reading China and Japan spending time to improve relations

US

US banks continue to tighten lending

Colin Henderson

The credit crunch for consumers in North America is on for real now according to these statistics. FT.com / In depth – US banks continue to tighten lending Moreover, banks continued to tighten credit standards on mortgages across the board, reducing the availability of funds to finance purchases of homes. About 62 per cent said they tightened standards on prime loans, while 76 per cent tightened standards on “non-traditional loans”. A historically high proportion of banks said they were tightening terms on credit cards and other consumer loans, while many also pointed to reduced involvement in the student loan business. Continue reading US banks continue to tighten lending

Open Source Banking, US2 Comments

BofA dips toe in web 2.0 water | needs help

Colin Henderson

BofA are very conservative about this kind of thing, so its a big deal that they are at least trying something now.  Customer Reviews: Online Banking from Bank of America Write a Review Tell us what you think about Online Banking by signing in to Online Banking to submit a review. Look for the link on your Accounts Overview screen or in the Customer Service area. Results so far are mixed on two fronts; presentation:  the display is horrible …  think email, or Google Reader in terms of laying it out.  There are 1,500 entries, yet you can only see … Continue reading BofA dips toe in web 2.0 water | needs help

US

iBanknet | easily accessible data on banks

Colin Henderson

I just came across this site today, after an email conversation with Christopher.  It is a rich site, with lots of detailed information and statistics about American banking.  They have weaved the content together with some cool tools, including, search, RSS, and their blog.  The data is kept in Google Base.  Worth a look, for those in the industry. iBanknet | About Our Vision … The Internet is changing fundamentally the way people discover, share and work with information. At iBanknet, we believe in an evolving internet with increasingly identifiable, accurate, and accessible content. iBanknet is shaping the future by … Continue reading iBanknet | easily accessible data on banks