http://www.freerepublic.com/tag/banking/ en-us Sat, 26 Jul 2008 06:55:34 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2051598/posts WASHINGTON — When three-quarters of House Republicans balked Wednesday at a housing bill certain to become law, they were signaling three things at once: an ideological opposition to government involvement in the markets, a fiscal objection to writing a blank check that could cost taxpayers dearly if the condition of the mortgage finance system turns much worse and a political judgment that this was a moment to demonstrate their independence from President Bush. Since Mr. Bush had already abandoned his threat to veto the bill, it was clear that their resistance was futile. The measure had overwhelming support in the... The New York Times http://www.freerepublic.com/focus/f-news/2051598/posts#comment Sat, 26 Jul 2008 06:55:34 GMT http://www.freerepublic.com/focus/f-news/2051596/posts Stocks face longer bear market as more tap nest eggs Thu Jul 24, 2008 7:46pm EDT By Jennifer Ablan - Analysis NEW YORK (Reuters) - Major U.S. stock indexes, already trapped in bear territory, face a tougher road to recovery, as more Americans crack into their nest eggs to withdraw cash to cope with rising economic pressures. The Dow Jones industrial average and the Standard & Poor's 500, which have fallen 20 percent or more from their closing highs of last October, qualifying them as bear markets, have taken big hits from the drastic slowdown in housing and credit as... Reuters http://www.freerepublic.com/focus/f-news/2051596/posts#comment Sat, 26 Jul 2008 06:50:34 GMT http://www.freerepublic.com/focus/f-news/2051544/posts By John Poirier WASHINGTON (Reuters) - U.S. regulators took over two banks on Friday and sold them to Mutual of Omaha Bank, the sixth and seventh bank failures this year as financial institutions struggle with a housing bust and credit crunch. ADVERTISEMENT Two weeks after the Federal Deposit Insurance Corp seized IndyMac Bancorp Inc (Other OTC:IDMC.PK - News), the Office of the Comptroller of the Currency said it closed First National Bank of Nevada and First Heritage Bank NA of California. First National had total assets of $3.4 billion and $3 billion in deposits while First Heritage had assets of... Reuters via Yahoo! News http://www.freerepublic.com/focus/f-news/2051544/posts#comment Sat, 26 Jul 2008 02:39:47 GMT http://www.freerepublic.com/focus/f-news/2051366/posts SAN FRANCISCO (MarketWatch) -- Shares of Washington Mutual Inc. slipped again on Friday on concern unsecured creditors are losing confidence in the nation's largest thrift. Protection against a default by the company got more expensive. However, the company said on Friday that it has boosted liquidity to more than $50 billion this month. At the end of the second quarter, liquidity was more than $40 billion. Liquidity usually refers to access to cash and other assets that can be sold easily. WM lost more than 30% of its market value on Wednesday and Thursday. A report by Gimme Credit analyst... MarketWatch http://www.freerepublic.com/focus/f-news/2051366/posts#comment Fri, 25 Jul 2008 20:31:41 GMT http://www.freerepublic.com/focus/f-news/2050803/posts Mortgage rates took a big jump this week, to their highest point in a year. There's no single explanation for the rise. The benchmark 30-year fixed-rate mortgage rose 35 basis points, to 6.77 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.45 discount and origination points. One year ago, the mortgage index was almost the same, at 6.75 percent. Four weeks ago, it was 6.62 percent. The benchmark 15-year fixed-rate mortgage rose 37 basis points, to 6.32 percent.... Bankrate http://www.freerepublic.com/focus/f-news/2050803/posts#comment Thu, 24 Jul 2008 22:05:16 GMT http://www.freerepublic.com/focus/f-news/2050668/posts Don't blame Sen. Charles Schumer, D-N.Y., member of two influential banking committees - the Senate Finance Committee and the Committee on Banking, Housing, and Urban Affairs - for IndyMac's collapse, says CNBC's Erin Burnett. Burnett, host of CNBC "Street Signs," disagreed with a claim by MSNBC "Morning Joe" host Joe Scarborough that a letter to regulators from Schumer caused a run on the beleaguered bank IndyMac, which eventually led to its failure and takeover by the Federal Deposit Insurance Corp. "I don't think Chuck Schumer caused a run on the bank," Burnett said on MSNBC's July 24 "Morning Joe." "This... newsbusters.org http://www.freerepublic.com/focus/f-news/2050668/posts#comment Thu, 24 Jul 2008 18:08:53 GMT http://www.freerepublic.com/focus/f-news/2050123/posts SAN DIEGO (Reuters) - San Diego City Attorney Michael Aguirre said on Wednesday he had filed a lawsuit against Bank of America Corp (BAC.N) and its Countrywide unit to prevent the mortgage lenders from foreclosing on homes in his city, which he aims to make a "foreclosure sanctuary." Reuters http://www.freerepublic.com/focus/f-news/2050123/posts#comment Wed, 23 Jul 2008 20:17:28 GMT http://www.freerepublic.com/focus/f-news/2050072/posts 25 signs of insolvency. ... And what can't be paid back will be defaulted on. If you didn't know it before, you do now: The entire US banking system is insolvent. Minyanville http://www.freerepublic.com/focus/f-news/2050072/posts#comment Wed, 23 Jul 2008 18:42:40 GMT http://www.freerepublic.com/focus/f-news/2049757/posts Over the last several years, many banks galvanized by the housing boom affixed their names to sports stadiums and arenas across the country, hoping to drive brand awareness at the ballpark. Now, as the subprime and credit crisis continues to strike many financial institutions, one expert criticizes certain money-losing companies for buying naming rights. In 2006, Citigroup (C) signed what was then the most expensive naming rights contract—a 20-year, $400 million deal with the New York Mets for the naming rights to the team's new stadium, which is set to open in 2009. The bank, which has announced losses totaling... Business Week http://www.freerepublic.com/focus/f-news/2049757/posts#comment Wed, 23 Jul 2008 03:32:32 GMT http://www.freerepublic.com/focus/f-news/2049640/posts Charlotte bracing for Wachovia job cuts06:29 PM EDT on Tuesday, July 22, 2008 By MARK BOONE / WCNC E-mail Mark: MBoone@WCNC.com CHARLOTTE, N.C. -- Mecklenburg County’s second-largest employer said Tuesday it would cut nearly 11,000 jobs as Wachovia announced a second quarter loss of $8.9 billion. The bank employs more than 20,000 people, ranking just under Carolinas Healthcare System in number of workers, according to data from the Charlotte Chamber. Many of Wachovia’s positions are expected to be trimmed from the company’s Charlotte offices, said Dr. Tony Plath, an associate professor of finance at UNC-Charlotte. “Any way you look at... WCNC http://www.freerepublic.com/focus/f-news/2049640/posts#comment Tue, 22 Jul 2008 23:25:28 GMT http://www.freerepublic.com/focus/f-news/2049340/posts For the Pritzker family of Chicago, the 2001 collapse of subprime-mortgage lender Superior Bank was an embarrassing failure in a corner of their giant business empire. Billionaire Penny Pritzker helped run Hinsdale, Ill.-based Superior, overseeing her family's 50% ownership stake. She now serves as Barack Obama's national campaign-finance chairwoman, which means her banking past could prove to be an embarrassment to her -- and perhaps to the campaign. Superior was seized in 2001 and later closed by federal regulators. Government investigators and consumer advocates have contended that Superior engaged in unsound financial activities and predatory lending practices. Ms. Pritzker, a... Wall Street Journal http://www.freerepublic.com/focus/f-news/2049340/posts#comment Tue, 22 Jul 2008 13:48:55 GMT http://www.freerepublic.com/focus/f-news/2047085/posts Federal regulators should consider revoking the US banking license of the giant Swiss Bank UBS because of its role in helping wealthy Americans evade billions of dollars in taxes, Sen. Carl Levin (D-MI) told ABC News today. "I don't think that any bank that goes to the extent that UBS has gone through to avoid doing what their agreements with the United States require them to do, should be allowed to continue to do business unless they clean up their act," Levin said. UBS's role in arranging "undeclared" accounts for an estimated 19,000 US citizens was one focus of a... ABC News http://www.freerepublic.com/focus/f-news/2047085/posts#comment Thu, 17 Jul 2008 19:38:04 GMT http://www.freerepublic.com/focus/f-news/2046979/posts Securities regulators from several U.S. states raided the St. Louis headquarters of Wachovia Securities on Thursday as part of a broad investigation into questionable practices involving auction rate securities, Missouri officials said. Missouri Secretary of State Robin Carnahan's office said the "special inspection" at the Wachovia affiliate, the former A.G. Edwards, concerned the $330 billion auction rate securities meltdown. It said regulators were looking for information about Wachovia Securities' sales practices, internal evaluations of the auction rate securities market, and marketing strategies. A spokeswoman for Wachovia was not immediately able to comment. The bank owns 62 percent of Wachovia Securities... Reuters / CNBC http://www.freerepublic.com/focus/f-news/2046979/posts#comment Thu, 17 Jul 2008 16:56:03 GMT http://www.freerepublic.com/focus/f-news/2046486/posts Drudge is reporting that the FBI has been investigating failed bank IndyMac for mortgage fraud in loans made to risky borrowers. Countrywide is also under investigation. Drudge Report http://www.freerepublic.com/focus/f-news/2046486/posts#comment Wed, 16 Jul 2008 19:30:28 GMT http://www.freerepublic.com/focus/f-news/2046346/posts H/t texascajun We can debate the propriety of mentioning the name of banks that might be in financial trouble. But one thing appears clear to Chris Cuomo [file photo]: it would be wrong to mention the name of a Democrat who could be in hot water. Wouldn't want to cause a run on the Dem's political capital, after all. Cuomo's discretion was on display during today's Good Morning America. Anchoring in the absence of Diane Sawyer and Robin Roberts, Cuomo was discussing the run on Indymac and the advisability of publicizing the names of other banks that might be in... NewsBusters http://www.freerepublic.com/focus/f-news/2046346/posts#comment Wed, 16 Jul 2008 15:44:56 GMT http://www.freerepublic.com/focus/f-news/2046325/posts Paper to blame for IndyMac troubles? Article Launched: 07/15/2008 10:38:12 PM PDT Blog Read more from Larry Wilson's Public Eye blog In a bit of a stretch, some had been blaming New York Sen. Charles Schumer for the IndyMac Bank collapse. A member of the Senate's banking committee, Schumer in late June wrote and then made public letters to federal agencies saying the Pasadena bank "could face failure if prescriptive measures are not taken quickly." Now, in a lollapalooza of a stretch, Schumer himself is blaming - get this - the newspaper you have spread out before you on your... The Pasadena Star News http://www.freerepublic.com/focus/f-news/2046325/posts#comment Wed, 16 Jul 2008 15:03:21 GMT http://www.freerepublic.com/focus/f-bloggers/2045237/posts WaMu shares were down over 25% in midday trading. Lehman Brothers analysts in a note Monday said WaMu could be forced to substantially boost its reserves to cover an estimated $28 billion of losses on the balance sheet, with $21 billion coming from mortgages. EconomcPolicyJournal.com http://www.freerepublic.com/focus/f-bloggers/2045237/posts#comment Mon, 14 Jul 2008 16:36:40 GMT http://www.freerepublic.com/focus/f-bloggers/2046018/posts Yesterday, we published a list of banks that Richard Bove of Ladenburg Thalmann believes are in "the danger zone" as to the possibly of failing. That list is here. Now a second list has emerged. This list is from Washington-based Research Associates of America. RAA use versions of the so-called Texas ratio. The Texas Ratio is a measure of a bank's credit troubles. Developed by Gerard Cassidy and others at RBC Capital Markets, it is calculated by dividing the value of the lender's non-performing loans by the sum of its tangible equity capital and loan loss reserves. In analyzing Texas... EconomicPolicyJournal.com http://www.freerepublic.com/focus/f-bloggers/2046018/posts#comment Tue, 15 Jul 2008 22:56:30 GMT http://www.freerepublic.com/focus/f-news/2046013/posts Insofar as a currency derives its strength from the balance sheet of the issuing central bank, the euro is unsound and becoming more so, as Mr. Mersch did not quite say. We, however, will say it for him. In fact, we will say the same for most of the leading monetary brands, that of the United States not excluded. The mortgage mess is the immediate cause of the new debasement. A long-held article of central banking dogma is the remote cause. New York Sun http://www.freerepublic.com/focus/f-news/2046013/posts#comment Tue, 15 Jul 2008 22:46:53 GMT http://www.freerepublic.com/focus/f-news/2045924/posts THIS IS A LONG READ, BUT VERY INFORMATIVE. Let me issue and control a nation's money supply, and I care not who makes its laws." (Mayer Amschel Rothschild, Founder of Rothschild Banking Dynasty) Many prominent Americans such as Benjamin Franklin, Thomas Jefferson, and Andrew Jackson have argued and fought against the central banking polices used throughout Europe. Market Oracle http://www.freerepublic.com/focus/f-news/2045924/posts#comment Tue, 15 Jul 2008 19:54:59 GMT http://www.freerepublic.com/focus/f-bloggers/2045846/posts Five banks have gone into receivership this year, the latest of which is IndyMac which became the largest OTS-regulated savings and loan to fail and second-biggest financial institution to close behind Continental Illinois in 1984, according to the FDIC. Nonetheless, the FDIC is very fond of saying "No saver has ever lost a dime in federally insured deposits." That's fine and dandy but inquiring minds are looking ahead and asking "How much uninsured money is at risk, not just at IndyMac but in the entire system?" It's a good question, but first let's dig a litter deeper into what is... Mish's Global Economic Trend Analysis http://www.freerepublic.com/focus/f-bloggers/2045846/posts#comment Tue, 15 Jul 2008 17:16:02 GMT http://www.freerepublic.com/focus/f-news/2045836/posts Police ordered angry customers lined up outside an IndyMac Bank branch to remain calm or face arrest Tuesday as they tried to pull their money on the second day of the failed institution's federal takeover. At least three police squad cars showed up early Tuesday as tensions rose outside the San Fernando Valley branch of Pasadena-based IndyMac. Federal regulators seized Pasadena-based IndyMac on Friday and reopened the bank Monday under the control of the Federal Deposit Insurance Corporation. Deposits to $100,000 are fully insured by the FDIC. Worried customers with deposits in excess of insured limits flooded IndyMac Bank branches... LA Daily News http://www.freerepublic.com/focus/f-news/2045836/posts#comment Tue, 15 Jul 2008 16:51:46 GMT http://www.freerepublic.com/focus/f-bloggers/2045754/posts We have a crisis today.... Banking interests are collapsing. Housing markets are in the tank. Banks like IndyMac, Countrywide and others are having financial meltdowns. Why is that? Well, let's look at some of the factors involved. Chuckie Schumer opened his big mouth. That lead to a panic that caused IndyMac to collapse. Now, would this have happened in a better market? Probably not. People would have laughed at BS CS. So, how did we get to this point where a raging Senator with no sense could cause the collapse of a bank? Let's do what is always required in... My research http://www.freerepublic.com/focus/f-bloggers/2045754/posts#comment Tue, 15 Jul 2008 14:16:45 GMT http://www.freerepublic.com/focus/f-news/2045747/posts NEW YORK (Reuters) - U.S. Bancorp (NYSE:USB - News) posted a larger-than-expected 18 percent decline in quarterly profit due to mounting housing-related credit losses, and said that tough economic conditions will cause bad loans to increase further. The results, from a bank that has avoided the massive credit losses afflicting many rivals, do not augur well for the rest of the nation's banks, Reuters via yahoo http://www.freerepublic.com/focus/f-news/2045747/posts#comment Tue, 15 Jul 2008 13:54:49 GMT http://www.freerepublic.com/focus/f-news/2045612/posts Selected excertps... IndyMac Bancorp Inc., the failed thrift, reopened its doors under federal control Monday and promptly moved to toss ailing homeowners a lifeline by halting all foreclosures on the mortgages it owns. "We can't make any promises," Ms. Bair said. "We're going to look at each one before we are going to let them continue on to foreclosure, and when we find people who want to stay in their homes, we are going to try to work with them to see if we can modify their loan." What's less certain, for example, is how the FDIC is going to... Wall Street Journal http://www.freerepublic.com/focus/f-news/2045612/posts#comment Tue, 15 Jul 2008 04:54:09 GMT