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News Breaks | | | | February 4, 2013 | | 07:39 EDT |  | USB, BAC, WFC, JPM | Bank of America takes new mortgage course, WSJ reports
Bank of America (BAC) has cut back its mortgage business, but is still making a lot of money from it, reports the Wall Street Journal's. In the fourth quarter of 2012, BofA originated about $22B, about a third of what it produced in Q1 of 2011. The bank's gain-on-sale margin, or the revenue it books divided by the value of mortgages originated, was 4.33%, compared with about 2.85% at J.P. Morgan Chase (JPM), 2.56% at Wells Fargo (WFC) and about 2.13% at U.S. Bancorp (USB). The trouble is, BofA may be hard-pressed to sustain this performance, especially if interest rates on government bonds continue to rise. That will put more pressure on the bank to boost its share of the mortgage market so that it can maintain this revenue source, the Journal says. Reference Link | |
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News For BAC;JPM;WFC;USB From The Last 14 Days Check below for free stories on BAC;JPM;WFC;USB the last two weeks. |
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| May 10, 2013 | | 05:30 EDT |  | BAC | KeyBank to acquire Bank of America CMBS servicing portfolio, Berkadia CMBS business
 Subscribe for More Information | | | May 9, 2013 | | 17:12 EDT | | JPM | JPMorgan sued by California for "fraudulent, unlawful debt-collection practices"
Attorney General Kamala D. Harris filed an enforcement action against JPMorgan Chase alleging that the bank engaged in fraudulent and unlawful debt-collection practices against tens of thousands of Californians. The suit alleges that Chase engaged in widespread, illegal robo-signing, among other unlawful practices, to commit debt-collection abuses against approximately 100,000 California credit card borrowers over at least a three-year period. Chase used California’s judicial system as a mill to obtain default judgments, the suit alleges, using illegal tactics to flood the state’s court system in order to secure default judgments and garnish wages from Californians. Reference Link | | | 14:30 EDT |  | BAC | Options Update; May 9, 2013
Subscribe for More Information | | | 08:09 EDT | | JPM, BAC | JPMorgan, Bank of America had perfect trading records in Q1, Bloomberg reports
JPMorgan Chase (JPM) and Bank of America (BAC) had perfect trading records in the first quarter, making money every day of the period as Morgan Stanley (MS) posted losses in eight sessions and Goldman Sachs (GS) in two, reports Bloomberg. One daily gain at JPMorgan was over $200M as the bank recovered from last year’s London Whale derivatives loss, the company said in a regulatory filing. Reference Link | | | 07:35 EDT |  | JPM | Platts to host a conference
Subscribe for More Information | | | 06:40 EDT | | JPM | Calpers to support separation of chairman, CEO roles at JPMorgan, NY Times says
Subscribe for More Information | | | 05:43 EDT | | JPM, BAC, WFC, USB | Big banks take the offense against Washington, WSJ reports
The biggest U.S. banks are going on the offensive to fight off growing efforts in Washington to rein them in, reports the Wall Street Journal. They've hired longtime, influential Washington insiders to deflect regulatory and political pressure to strengthen their finances and to sell assets. Reference Link | | | 05:39 EDT | | JPM | JPMorgan looks for more board directors for its risk committee, WSJ reports
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