October 20, 2010 |
The Wells Fargo stagecoach continues to roll despite the weak economy, weathering the San Francisco bank's 2008 acquisition of Wachovia Corp. better than some critics had predicted. Wells Fargo & Co. reported Wednesday that it earned $3.34 billion, or 60 cents a share, in the third quarter, up 3.2% from $3.24 billion, or 56 cents, a year earlier. Excluding some one-time items, the results easily topped analyst estimates. Wells shares jumped $1.05, or 4.3%, to $25.60 on the results.
January 7, 2012 |
Homeowners who lose their jobs will be able to skip payments on loans backed by Freddie Mac for up to a full year under a new policy taking effect Feb. 1 at the mortgage finance giant. The change, doubling the forbearance extended to the unemployed, squares Freddie Mac's policies with those that its sister company, Fannie Mae, adopted in September 2010. The two firms, operating under government conservatorship since nearly melting down three years ago, own or guarantee more than half of all U.S. mortgages.
December 22, 2009 |
Troubled home loans continued to mount in the nation's banks in the third quarter as even once-solid borrowers increasingly fell behind on their mortgage payments. For the first quarter ever, the number of homes in foreclosure with mortgages serviced by U.S. national banks and savings and loans topped the 1-million mark, according to figures released Monday by the Office of Thrift Supervision and the Office of the Comptroller of the Currency. The percentage of prime borrowers whose loans were 60 or more days past due doubled from the July-to-September period a year earlier.
March 22, 2008 |
Manic weeks like this one in the markets test investors in so many ways. Including their ability to withstand massive metaphoric pile-up. Was it the beginning of the end? The end of the beginning? Did the financial system dodge a bullet -- or a cannonball? Some key take-aways from the wild week that was: They all can agree on one thing: More help, please. It's difficult, if not impossible, to find anyone on Wall Street who isn't expecting an eventual federal bailout of bad mortgages.
April 4, 2008 |
More Americans have fallen behind on consumer loans than at any time in nearly 16 years as credit problems once concentrated in mortgages spread into other forms of debt. In a quarterly study, the American Bankers Assn. said the percentage of loans at least 30 days past due rose to 2.65% in the fourth quarter from 2.44% in the third quarter and from 2.23% a year earlier. The rate of delinquencies was the highest since a 2.75% rate in the first quarter of 1992.
January 26, 2008 |
FirstFed Financial Corp., parent of First Federal Bank of California, reported that net income plunged 75% to $8.41 million in the fourth quarter because of delinquent home loans. FirstFed shares slumped $2.93 to $36.07. Net income was 61 cents a share, compared with $33.4 million, or $1.97, in the same period a year earlier, the Santa Monica-based company said. Single-family home loan delinquencies led to an increase in the provision for losses to $21 million, compared with $3 million a year earlier.
February 16, 2008 |
Delinquency rates on U.S. auto loans in asset-backed securities rose in January to the highest levels in 10 years, Fitch Ratings said. Fitch's index for prime loans with payments overdue for at least 60 days was 0.77% last month, an increase of 44% from a year earlier. The rate for sub-prime loans reached 4.03%, a 43% increase from a year earlier, the Chicago-based ratings company said in a report. "It's just general weakness across the board," said Hylton Heard, the report's author.
December 24, 1988 |
The Farmers Home Administration said Friday that it is easing some of the paper work requirements for delinquent borrowers but insisted that the 45-day deadline for submitting forms to the agency is fixed by law. A growing number of members of Congress have been pressuring the Agriculture Department agency to extend the deadline, which gives farmers 45 days in which to respond after receiving official notices telling them to begin settling overdue accounts.
January 9, 2014 |
Delinquencies on consumer loans have hit another all-time low, according to the American Bankers Assn., which says that is good news for the economy as well as for the balance sheets of the banks that are owed money. Bank credit-card delinquencies rose slightly but remained well below their historical norm. At the same time, the rate of missed payments fell on personal loans and loans for cars, mobile homes, boats and recreational vehicles. There was sharp improvement in payments on home-equity loans and lines of credit.