Archive for Wells Fargo
Posted To: Pipeline Press
It is the last day of January already? Time flies. This year we have 4 unusual dates: 1/1/11, 1/11/11, 11/1/11 and 11/11/11. Is it a coincidence that you can take the last 2 digits of the year you were born, plus the age you will be this year and it will equal to 111? Maybe this is another Fed regulation… Of great interest to banks is that the FASB announced that it was dropping a proposal to mark bank loan portfolios to marke t after a lengthy effort by the banking industry to kill the proposal. Instead, the board will use an amortized cost model, rather than one based on fair value, to measure “financial assets for which an entity’s business strategy is managing the assets for the collection of contractual cash flows through a lending or customer financing activity.” FULL STORY Companies…(read more)
Posted To: Pipeline Press
Some would say that the winning bid for this website domain name represents the change in mortgage lending in the last 5 years: OPTIONARMS And here is one quote that I received recently which also represents what many seem to feel. “I love my job but it’s really the industry I dislike right now.” Companies in the mortgage industry have been reporting financial results lately. In the mortgage insurance sector, most MI company shares tumbled after MGIC Investment Corp. posted fourth-quarter results far below analysts’ expectations. MGIC’s shares plummeted 21% in one day after the company reported a loss of 93 cents a share. The largest MI company’s llosses on mortgage default claims rose again after trending downward during the two previous quarters, and in fact MGIC has been posting quarterly…(read more)
Posted To: Pipeline Press
We’re now in that lull period leading up to Thanksgiving. Many feel it is a good time to pull pranks on cubicle dwellers: CHECK IT OUT Yesterday I mentioned well capitalized mortgage companies buying banks. A grizzled industry vet wrote, saying “Buying a bank is a good idea but it is nearly impossible to do if you are not a bank. I have worked with very well capitalized clients for over a year only to find out that the OTS and OCC will not approve the deals if the business plan is to operate the bank to feed the needs of the mortgage company. Once you own a bank you can bid on other banks that are closed each week, but without being in the pre-approved category you have no idea who is for sale. People with money who want to buy banks are not allowed to play because they don’t own a bank.” Regarding…(read more)