Bank of America says it plans to resume foreclosures in 23 states next week and will refile paperwork for 102,000 cases. Get the full story »
Filed under: Banking
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Citi dips into reserves to post 3Q profit
Citigroup Inc. reported its third straight quarterly profit, beating forecasts and boosting optimism that the banking sector is on track to recover even amid a tepid economic expansion.
Relief about the improving results, bolstered by slowing credit losses and reduced reserves for bad loans, outweighed lingering concern about the foreclosure crisis, boosting the bank’s shares nearly 4 percent. Get the full story »
Bank shares slide on foreclosure worries
Bank shares declined Friday morning in a broad industry sell-off, as investors continued to fear the impact the continuing foreclosure crisis will have on future earnings. Get the full story »
Dimon: Foreclosure probes may hurt housing
JPMorgan Chief Executive Jamie Dimon said on Thursday he worries a widening probe into foreclosure practices could be a drag on the housing recovery.
“It may slow it down,” he said. “But we’re hoping it won’t kill it.”
Dimon made the comments after a press conference at the Chicago meeting of The Business Council, a group of 150 top U.S. CEOs that convenes several times a year to discuss issues facing the U.S. economy. Dimon is one of the group’s leaders. Get the full story »
Oct. 14, 2010 at 2:50 p.m.
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Filed under: Banking, Mortgages, Real estate, Stock activity Financial stocks dip as bank mortgage woes mount
Stocks dipped Thursday after another disappointing jobs report and growing concern over how potentially damaging foreclosure documents will weigh on the health of major banks. But losses were mitigated by expectations that the Federal Reserve will have to act soon to strengthen the economy.
JPMorgan Chase posts $4.4B 3Q profit
JPMorgan Chase & Co, the second largest U.S. bank by assets, said its quarterly profit jumped 22 percent, helped by lower loan losses in its retail and credit card units. New York-based JPMorgan, the first of the banks to report third-quarter earnings, has like its peers struggled to make new loans this year, even as losses on bad mortgages and credit cards have eased. Get the full story »
Wintrust Financial chooses new COO
From Fox Business News | Wintrust Financial said Tuesday it had appointed David E. Lee chief operating officer of Lake Forest Bank & Trust.
How to avoid being skimmed at ATM
The next time you pull up to an ATM, take a closer look at the machine. Does it look a little clunkier than usual?
Look too at what’s around you: Are there mirrors? Is there a brochure-holder over your shoulder? Does it look like there might be a false panel or an extra light bar attached to the machine? Get the full story »
How foreclosure freeze could undermine housing
Karl Case, the co-creator of a widely watched housing market index, was upbeat three weeks ago. Mulling the economy while at a meeting at a resort near the Berkshires, Case thought the makings of a recovery were finally falling into place.
Today, Case’s mood is far more subdued. In scarcely two weeks, he and other housing analysts have watched as the once-staid world of back-office bank procedures has spawned a scandal that threatens to further unhinge the housing market. Get the full story »
FDIC to propose rules on financial firm breakups
A top U.S. banking regulator is expected to propose rules as soon as Friday that set out how creditors will be treated under the government’s new authority to dismantle large financial firms that run into trouble. Get the full story »
Bullard: As goes centrist Bernanke, so goes Fed
St. Louis Federal Reserve Bank President James Bullard said Friday he sees risks to further unconventional monetary easing by the U.S. central bank.
“There are risks to the balance sheet expansion policy, and you’ve got to balance those risks,” Bullard told CNBC. Get the full story »
FDIC ready to take execs of failed banks to court
More than 50 lawsuits against officers and executives of failed banks have been authorized by the Federal Deposit Insurance Corp. as the agency tries to recoup more than $1 billion in losses from the credit crisis, Bloomberg News reported Friday. Get the full story »
Chase, Harris pick up market share, FDIC says
From Crain’s Chicago Business| FDIC data show that Chase and Harris Bank gained market share in Chicago in the last year while Bank of America slid again.
