All Posts Tagged With: "FDIC"

(GS) FDIC Sues Banks over Risky MBS

The Federal Deposit Insurance Corp. (FDIC) has filed three separate lawsuits against major banks over the alleged sale of $5.4 billion worth of risky mortgage-backed securities (MBS) to the failed Guaranty Bank. The FDIC, in aggregate, is seeking more than $2.14 billion in damages from various units...

22Aug2012 | | Comments Off | Continued

(JPM) U.S. Home Foreclosure Activity Shows Decline

The monthly foreclosure market report, released by RealtyTrac, revealed a drop in the overall foreclosure activity. As per this leading online marketplace of foreclosure properties, foreclosure filings for July decreased 10% from the prior-year month and 3% from the prior month. This brought the total...

22Aug2012 | | Comments Off | Continued

(IBM) U.S. Jobless Claims Swing Back Higher

The weekly Jobless Claims data this morning completely erased the strong gains from last week and then some, which makes one wonder about the underlying health of the U.S. labor market. But irrespective of how one interprets the week-to-week volatility in this series, all agree that the economy has...

23Jul2012 | | Comments Off | Continued

(PMI) U.S. Jobless Data Shows Decoupling

This morning’s economic data is giving investors the clearest possible evidence of divergence in global economic growth outlook, with the U.S. economy decoupling from Europe and China. We have another better-than-expected read on Initial Jobless Claims in the U.S., while readings of the manufacturing...

9Apr2012 | | Comments Off | Continued

(JPM) Steady Drop in Problem Bank List

Is the banking industry gradually coming out of the woods? Would it be right to say that there has been no improvement? The steady decline in Federal Deposit Insurance Corporation’s (FDIC) list of problem banks is a strong positive signal for the industry and the country as a whole. The number...

6Mar2012 | | Comments Off | Continued

(JPM) Banks Face Foreclosure Charge Again

In yet another major setback for the foreclosure settlement, Massachusetts Attorney General (AG) Martha Coakley filed a lawsuit against – JPMorgan Chase & Co. (JPM), Bank of America Corporation (BAC),...

15Dec2011 | | 0 comments | Continued

(BBT) Standard & Poor’s Revises Regional Bank Ratings

In yet another round of credit ratings revision, Standard & Poor’s (S&P) announced changes in credit ratings for 31 regional banks. The list includes 28 publicly traded parent company banks, a non-public entity Bank of North Dakota and a couple of North American units of European banks. Some...

7Dec2011 | | 0 comments | Continued

(JPM) U.S. Bank Failures in 2011 Reach 90

U.S. regulators continue to shutter banks. Last Friday saw the closing down of one bank in Iowa and another in Louisiana. The twin closure takes the total number of U.S. bank failures to 90 so far in 2011, following 157 in 2010, 140 in 2009 and 25 in 2008. While the financials of a few large...

22Nov2011 | | 0 comments | Continued

(EQR) Used Home Prices Stabilize in July

In July, home prices were mixed on a seasonally adjusted basis. The Case-Schiller Composite 10 City index (C-10) fell a slight 0.12% on a seasonally adjusted basis, and is down 3.77% from a year ago. The broader Composite 20 City index (which includes the cities in the C-10) edged up by 0.05% on the...

28Sep2011 | | 0 comments | Continued

(JPM) U.S. FDIC Announces Two Bank Failures – Takes Count to 73 in 2011

After a week’s pause, U.S. regulators were back in action. The sector saw a couple of banks topple in Virginia and California last week. This brings the total number of U.S. bank failures to 73 so far in 2011, following 157 in 2010, 140 in 2009 and 25 in 2008. While the financials of a few...

27Sep2011 | | 0 comments | Continued

(JPM) U.S. Real state Foreclosure Activity Rises in August 2011

According to the data released by RealtyTrac, the leading online marketplace of foreclosure properties, foreclosure filings in August rose 7% from the prior month with 228,098 properties issued notices of default, auction or repossession during the month. However, this is still down 33% from August...

20Sep2011 | | 0 comments | Continued

(BAC) Bank of America to Dismiss 30,000 Workers

In a statement released on Monday, Bank of America Corp. (BAC) confirmed its plan to retrench about 30,000 workers under the first phase of its ongoing cost-cutting initiative –– Project New BAC. This will reduce BofA’s 288,000...

20Sep2011 | | 0 comments | Continued

(TYC) Greece Economic Crises Fears Return

Renewed Greece-related headlines are expected to come in the way of the budding stock market rally. Stocks gained almost 5% last week as some of the more dire scenarios about Europe lost ground following concerted actions by global central banks, including the U.S. Fed, to prop up the liquidity of...

19Sep2011 | | 0 comments | Continued

(JPM) U.S. 2011 Bank Failures Hits 71 – Florida Bank Fails

Last Friday, U.S. regulators shuttered The First National Bank of Florida, taking the number of failed banks thus far in 2011 to 71. This follows 157 bank failures in 2010, 140 in 2009 and 25 in 2008. While the financials of bigger banks have been stabilizing on the back of...

15Sep2011 | | 0 comments | Continued

(JPM) U.S. Bank Failures Reach 70 So Far in 2011

After a week’s pause, U.S. regulators were back in action, shuttering two more banks in Georgia. This brings the total number of U.S. bank failures to 70 so far in 2011, following 157 in 2010, 140 in 2009 and 25 in 2008. While the financials of bigger banks have been stabilizing on the back...

12Sep2011 | | 0 comments | Continued

(BAC) Bank of America to Layoff 40,000 Workers

Bank of America Corp. (BAC) is mulling over retrenching 40,000 workers under the first phase of a proposed restructuring program to recover its financial position, the Wall Street Journal reported following communication with...

11Sep2011 | | 0 comments | Continued

(JPM) Federal Deposit Insurance Corporation Announces Fewer Banks on Problem List

The number of banks on the Federal Deposit Insurance Corporation’s (FDIC) list of problem institutions saw a sharp decline to 865 in the second quarter from 888 in the sequentially preceding period, the agency said in its quarterly report on the health of the nation’s banking system on Tuesday....

26Aug2011 | | 0 comments | Continued

(JPM) U.S Reports Another Bank Failure – 2011 Tally Hits 48

Last Friday, U.S. regulators shuttered Clayton, Georgia-based Mountain Heritage Bank, taking the number of failed banks thus far in 2011 to 48. This follows 157 bank failures in 2010, 140 in 2009 and 25 in 2008. While the financials of bigger banks have been stabilizing on the back of an economic...

27Jun2011 | | 0 comments | Continued

(UBS) Basel Wants Big Banks to Store More

On Saturday, the oversight body of the Basel Committee on Banking Supervision proposed new rules that would force the world’s biggest banks to hold extra capital on their balance sheets as protection and prevention against global financial crisis, the Associated Press reported. The targeted...

27Jun2011 | | 0 comments | Continued

U.S. Federal Reserve Announces it Will Sit on Sidelines

The Fed just finished its meeting and here is its current policy statement, along with its previous statement (4/27). I present the two statements on a paragraph-by-paragraph basis, and then intersperse my translation/commentary. As was universally expected, there...

22Jun2011 | | 0 comments | Continued

(JPM) Will Credit Unions Replace Banks?

On the one hand, banks are figuring out ways to recover some money that they are bound to lose due to the imminent cut in interchange fees, as dictated in the Wall Street reform legislation last year. On the other hand, credit unions are gaining more popularity among consumers as alternatives...

22Jun2011 | | 0 comments | Continued

What to Expect from The Federal Reserve Meeting

The Fed is meeting tomorrow and Wednesday, and on Wednesday afternoon, it will announce the decision on the Fed Funds rate and release the policy statement, followed by a Ben Bernanke news conference. What do I expect? No change in the Fed Funds rate, which has been stuck in a 0 to 0.25%...

22Jun2011 | | 0 comments | Continued

(FDX) The Federal Reserve in Focus

The positive stock market momentum of the last four days provides a favorable backdrop for Ben Bernanke’s second news conference, which takes place this afternoon. The Greek vote and solid earnings report from FedEx (FDX)...

22Jun2011 | | 0 comments | Continued

(JPM) U.S. Bank Failures Tally Hits 47 in 2011

After a week’s pause, U.S. regulators were back in action, shuttering two more banks in Georgia and Florida. These pushed the number of failed U.S. banks to 47 so far in 2011. Looking back, there were 157 bank failures in 2010, 140 in 2009 and 25 in 2008. While the financials of bigger banks...

20Jun2011 | | 0 comments | Continued

(V) Debit Card Cap Battle in Final Leg

The fate of the pending cap on interchange fees for debit cards will be decided today in a U.S. Senate vote, according to a Reuters report on Tuesday. This would put an end to the tussle on the enactment and deferment of the cap that has been in question for quite some time now. According to...

16Jun2011 | | 0 comments | Continued

(BAC) Federal Reserve Requires More Stress Tests

The Federal Reserve requires more banks to submit their capital plans annually to prove their financial ability to confront another recession. The Federal Reserve will also hold the right to ban capital deployment activities of unsuccessful banks. This is part of Federal Reserve’s effort...

15Jun2011 | | 0 comments | Continued

(BAC) Time Extended on Foreclosure Plans

The Office of the Comptroller of the Currency (OCC) said on Monday that regulators are about to allow the nation’s major banks 30 more days to submit their foreclosure plans to address mortgage servicing malpractices. In April, OCC entered into an agreement with 14 major lenders to ensure reimbursement...

15Jun2011 | | 0 comments | Continued

(MCO) Fitch Threatens US Credit Rating Downgrade

Fitch Ratings said on Wednesday that it will keep a watch on U.S. debt for a possible downgrade if the debt ceiling isn’t raised by August 2. The news was published in the Associated Press yesterday. Though the government hit the debt ceiling on May 16, it still has buffer time till August...

12Jun2011 | | 0 comments | Continued

(JPM) Credit Card Defaults Trend Down

Regulatory filings by major credit card companies for the month of April have shown a declining trend in credit card defaults. On Monday, five of the nation’s top six credit card companies reported a decline in card defaults. While JPMorgan Chase & Co. (JPM),...

30May2011 | | 0 comments | Continued

(JPM) Federal Deposit Insurance Corporation’s Problem Institutions List Increases to 888

The number of banks on the Federal Deposit Insurance Corporation’s (FDIC) list of problem institutions saw a marginal increase to 888 in the first quarter from 884 in the previous, the agency said on Tuesday. This is the highest number since March 31, 1993, when there were 928 problem institutions...

29May2011 | | 0 comments | Continued