July 12, 2013 |
Wells Fargo & Co. booked a record $5.5 billion in profit during the second quarter despite a dramatic rise in mortgage rates and signs of a slowdown in its refinancing business. The 19% year-over-year jump in earnings for the nation's largest home lender reflected the breakneck pace with which the U.S. housing industry has evolved. Although refinancing activity slowed as interest rates jumped, Wells Fargo still was able to grow its mortgage origination business by increasing the number of loans it made to home shoppers.
July 12, 2013 |
NEW YORK -- Analysts looking to big-bank earnings as a sign of the health of the economy got good news Friday as JP Morgan Chase and Wells Fargo, two of the nation's biggest financial institutions, posted good second-quarter earnings, despite worries that the economic recovery is too slow. JP Morgan beat analysts' expectations, reporting a 31% increase in profits, as net income grew to $6.5 billion, from $4.96 billion a year ago. That translates to earnings of $1.60 per share, which beat the $1.45 that analysts had been expecting.
June 7, 2013 |
A bipartisan Senate effort to shut down Fannie Mae and Freddie Mac could curtail Wells Fargo & Co.'s enormous home lending business by restricting the bank's ability to issue certain mortgage-backed securities. The proposal, spearheaded by Sens. Bob Corker (R.-Tenn) and Mark Warner (D-Va.), has not yet surfaced officially, but this week a trade publication obtained a draft of the legislation. Fannie and Freddie, the giant government-sponsored buyers and guarantors of mortgages, were bailed out by taxpayers during the financial crisis.
May 22, 2013 |
Bank of America Corp. and JPMorgan Chase & Co. say they have satisfied their obligations to help troubled borrowers under last year's landmark mortgage settlement with state and federal officials. Another bank that signed the settlement, Wells Fargo & Co. said it is "90% of the way" to meeting its obligations, while Citigroup Inc. said it "remains committed to fulfilling the terms" while declining to characterize its progress. The self-reported information will not be credited officially until Joseph J. Smith Jr., the national monitor for the settlement, reviews the data.
May 6, 2013 |
NEW YORK -- New York state's attorney general plans to sue Wells Fargo and Bank of America over alleged violations of a national mortgage settlement reached last year. Atty. Gen. Eric Schneiderman's office said Monday it intends to sue the banks for "repeatedly violating the terms" of the settlement. Schneiderman's office said it has documented since October 339 violations of tightened standards aimed at helping homeowners in danger of losing their homes. The $25-billion settlement provided relief for homeowners across the country who had been subjected to faulty foreclosure practices by major servicers.
May 3, 2013 |
LeBron James is getting his fourth Most Valuable Player award - and the only mystery left is whether the vote was unanimous. The Miami Heat star will be introduced Sunday as the award winner, according to a person familiar with the results and who spoke to the Associated Press on condition of anonymity because the league has not publicly announced this year's recipient. James will become the fifth player with at least four MVP awards, joining Kareem Abdul-Jabbar, Michael Jordan, Bill Russell and Wilt Chamberlain.
April 26, 2013 |
Five of the 10 tallest skyscrapers in Los Angeles will soon be controlled by a Manhattan real estate company in one of the biggest shake-ups of the downtown commercial real estate market in decades. Brookfield Office Properties Inc. has agreed to pay about $430 million for four prominent buildings on the urban skyline, including Gas Company Tower and Wells Fargo Tower on Bunker Hill. The pending deal would mark the end of MPG Office Trust Inc., one of Southern California's most celebrated office developers.
April 12, 2013 |
Wells Fargo & Co.'s quarterly profit jumped 22%, beating expectations, despite a fall-off in the mortgage business, which generates a quarter of all revenue at the San Francisco banking giant. The quarter was marked by cost-cutting, fewer loan losses and growth in loans and deposits. Revenue declined slightly, reflecting pinched profit margins on lending at a time of record-low interest rates. Wells Fargo raised its quarterly dividend and, having passed its regulatory stress test, plans “to return even more capital to shareholders in the year ahead," John Stumpf, the bank's chairman and chief executive, said in announcing the results Friday morning.
March 26, 2013 |
Wells Fargo & Co.'s online banking operations have been knocked out intermittently by a cyber attack, the latest in a series of assaults since September on the websites of major U.S. banks. The website sitedown.co , which enables customers to report outages on business sites, logged more than 200 reports for the San Francisco bank Tuesday from 7:30 a.m. through 1:30 p.m. Wells Fargo said it was targeted by a denial-of-service attack, in which a website is bombarded with so many requests that it can slow down or stop working.