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.
February 23, 2010
Three years have passed since the housing bubble burst, and yet the number of mortgage defaults and foreclosures continues to increase. RealtyTrac tallied up a record 2.8 million homes that received at least one foreclosure notice last year, and predicted that 4.5 million would go into foreclosure this year. If so, that would be nearly one out of every 20 homes. Analysts also estimate that there is a "shadow inventory" of 1.7 million to 7 million homes in foreclosure that lenders haven't yet put up for sale.
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.
February 16, 2012 |
The rate of delinquent home loans is falling as high-risk mortgages from the housing boom are replaced by loans written to the strict standards enforced after the bust. A Mortgage Bankers Assn. report Thursday said that after seasonal adjustments 7.58% of all residential mortgages were delinquent by at least one payment as of the fourth quarter of 2011. That was down from 7.99% in the third quarter of 2011 and 8.25% in the fourth quarter of 2010. The trade group said its quarterly survey covers about 88% of home loans.
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 9, 2014 |
A woman has filed suit against McDonald's Corp., saying she was burned by hot coffee that spilled on her at one of the fast-food chain's Los Angeles restaurants. The lawsuit comes 20 years after a jury awarded $2.9 million to a woman who was badly burned after she spilled hot coffee into her lap at a McDonald's in Albuquerque. That verdict was widely criticized and became a rallying cry for advocates of legal reform. A judge later reduced the verdict to $640,000 and the case settled out of court for an undisclosed amount.
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.