This may be old news to some of you, but it was news to me: Bank of America “plans to dump the Countrywide name early next year.”
This from today’s L.A. Times: “… Bank of America still plans to dump the Countrywide name early next year in favor of the Bank of America brand, [...]
Morgan Stanley cut its rating on Bank of America Corp (BAC.N: Quote, Profile, Research), and lowered its 2008 earnings view for large-cap U.S. banks saying the banks may have to raise additional $51 billion in capital and record further loan losses.
Analyst Betsy Graseck downgraded Bank of America to “underweight” from “equal weight” and [...]
Morgan Stanley slashed its estimates for large-cap banks again this morning–and cut Bank of America (BAC) to SELL. On a positive note, it now hates Fifth Third (FITB) slightly less than it used to.
Morgan’s BAC target goes from $33 to $15. Specifically, Morgan is wary of BAC’s buyout of Countrywide Financial, and expects [...]
Rev. Jessie Jackson
This is a little off base for us but this story is improtant wether you like Obama or not.
NEW YORK — The news that the Rev. Jesse Jackson took a crude swipe at Sen. Barack Obama this week put renewed scrutiny on the relationship between the veteran civil rights activist and Democratic presidential contender.
But [...]
U.S. mortgage rates barely move: Freddie Mac Mortgage rates changed little this week as the housing sector received mixed economic reports, Freddie Mac’s chief economist said on Thursday.
The 30-year fixed-rate mortgage averaged 6.37% for the week ending July 10, up from last week’s 6.35% average, according to Freddie Mac’s weekly survey. The mortgage [...]
It turns out that CEO Ken Lewis is not universally loved.
From John A. writes about the bank’s decision to keep, then not keep, Countrywide President David Sambol.
“Why hasn’t someone asked Lewis why they gave that $20 million-plus employment contract to the Countrywide exec who was deeply involved in the subprime mess and then didn’t hire him but still [...]
Key rate left unchanged at 5% as inflation soars
Caught between a softening economy and soaring inflation, the Bank of England on Thursday left its key interest rate unchanged at 5%.
The nine-member Monetary Policy Committee’s decision was no surprise. The central bank didn’t elaborate on the decision, in keeping with its usual practice when rates are [...]
You might have missed the obscure securities filing that rejiggered some of the terms behind the Corsair Capital-led $7 billion investment in the Ohio’s National City.
But there is a behind-the-scenes story to the change. One that could affect future investments in the banking industry and at least conceivably, a similar investment by private-equity [...]
For opportunistic savers, IndyMac Bancorp’s CD yields are a bonanza.
Struggling to hold on to depositors, IndyMac is offering the highest yields in the nation on six-month and one-year certificates of deposit. And the troubled Pasadena-based thrift isn’t just edging out competitors on yield — it’s trouncing them.
That raises some questions, of course — including the [...]
Most homeowners might be ecstatic about getting a $1,400 refund from their escrow account and a $150 in their monthly mortgage payment, but a surprise lurking ahead could temper the enthusiasm.
Sandra Moffett got a check from CitiMortgage, but she knew the extra money wasn’t a windfall.
CitiMortgage misinterpreted her recent 2007 property [...]
D Fragoso