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Wednesday, October 27, 2010

How The Foreclosure Crisis Began (Video) A small house in Maine, a volunteer attorney

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A foreclosure notice and affidavit that was in "bad faith"?

How The Foreclosure Crisis Began: a small house in Maine, a volunteer attorney

There's plenty of media coverage on the foreclosure-signing fiasco, foreclosure crisis, and/or mortgage mess that has caused a huge uproar in the financial system. Below is a video by CNN on how, and where, this issue started. This all started with a small rural house in Denmark, Maine and a former bank foreclosure attorney, Tom Cox, now nonprofit volunteer for Pine Tree Legal Assistance, helping people being foreclosed on.

The courts will ultimately decide what the cost to the mortgagees, the lenders, will be regardless of all the amounts being headlined by the media. The courts will decide if there has been "bad faith" by the lenders and what the liability is. Unless there are out-of-court settlements with affected parties (e.g., mortgagors and investors) these legal proceedings could be lengthy as there are potentially billions of dollars at stake. Some links about the foreclosure crisis are below the video.

CNN's Mary Snow reports on the small house in Maine that uncovered the foreclosure signing fiasco in the country.

Links

Banks May Face $97 Billion Loss From Mortgage Mess (CNBC)

Foreclosure crisis: What it means for you (MarketWatch)

Mortgage Industry Bristles at `Robin Hood' Foreclosure Theories (Bloomberg)

The Foreclosure Crisis (WSJ)

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Saturday, October 23, 2010

Morgan Stanley Breaks Even in Q3 (Financial Performance Charts & Review) Loss to common shareholders MS

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Morgan Stanley reported earnings October 20

Morgan Stanley Breaks Even in Q3, Loss to Common Shareholders

Financial performance charts of Morgan Stanley data and the related commentary have been updated on the Morgan Stanley Financial Performance page for the September Q3 2010 financial results reported Tuesday by Morgan Stanely. The charts are:

Morgan Stanley Performance by the Quarters

Earnings per Share

Net Revenues, Operating Income, and Net Income

Operating Margin and Net Margin

Income Statement Components

Revenues & Earnings per Share Growth

Income Statement Q3 Morgan Stanley reported a loss per share for common stockholders at September 2010 of -$0.07. Net revenues were $6.8B, net income $131M, and a loss per share of ($0.07). From the prior quarter Q2 2010, net revenues were down -15%, net income down -93%, and earnings per share down -106%. From the prior year Q3 2009, net revenues were down -20%, net income down -83%, and earnings per share down -118%, respectively.

Balance Sheet Q3 Tier 1 capital was 16.5% which was adequate. More commentary will be posted about the Morgan Stanley financial position, including asset mix, at a later date.

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۩ ۩ ۩

Bank Failure Friday: FDIC Closes 7 Banks! 2010 total now 139

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FDIC Logo

Bank Failure Friday: FDIC Closes 7 Banks!

The 2010 USA bank failures increased to 139 with the closure of the 7 banks listed below. Total assets of the closed banks were $2,151,200,000 ($2.15 billion), based on the June 30, 2010 call reports (regulatory financial statements). 6 of the 7 banks were merged via purchase and assumption agreements into other banks.

A merger could not be found for First Arizona Savings, a F.S.B., therefore the FDIC stated, "The FDIC was unable to find another financial institution to take over the banking operations of First Arizona Savings, A FSB. As a result, checks to depositors for their insured funds will be mailed on Monday, October 25."

Overall, 5 were small community banks, less than $150 million in total assets, that were closed by the FDIC. First Arizona Savings, a F.S.B, was larger with $272.2 million in total assets. Hillcrest Bank in Overland Park, KS was the largest with $1.65 billion in total assets.

#133

First Bank of Jacksonville, Jacksonville, FL
Total assets $81 million at June 30, 2010, merged into Ameris Bank, Moultrie, Georgia

#134

Progress Bank of Florida, Tampa, FL
Total assets $110.7 million at June 30, 2010, merged into Bay Cities Bank, Tampa, Florida

#135

The Gordon Bank, Gordon, GA
Total assets $29.4 million at June 30, 2010, merged into Morris Bank, Dublin, Georgia

#136

The First National Bank of Barnesville, Barnesville, GA
Total assets $131.4 million at June 30, 2010, merged into United Bank, Zebulon, Georgia

#137
First Suburban National Bank, Maywood, IL
Total assets $148.7 million at June 30, 2010, merged into Seaway Bank and Trust Company, Chicago, Illinois

#138
Hillcrest Bank, Overland Park, KS
Total assets $1.65 billion at June 30, 2010, merged into Hillcrest Bank, National Association, Overland Park, Kansas, a newly-chartered bank subsidiary of NBH Holdings Corp., Boston, Massachusetts.

#139
First Arizona Savings, a F.S.B., Scottsdale, AZ
Total assets $272.2 million at June 30, 2010, Federal Deposit Insurance Corporation (FDIC) was named Receiver. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $32.8 million. First Arizona Savings, A FSB is the 139th FDIC-insured institution to fail this year, and the third in Arizona. The last institution closed in the state was Towne Bank of Arizona, Mesa, on May 7, 2010.

The next FDIC bank closings, if any, will most likely be announced on Friday, October 29.

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USA September Sales for Retail & Food Services at 25-Month High (Chart) *Up +0.62% to $367.67B*
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Wells Fargo Reports Increased Earnings (Financial Performance Charts & Review( *EPS $0.60* WFC
Goldman Sachs Reports Improved Earnings (Financial Performance Charts & Review) *EPS $2.98* GS
Citigroup Reports Passable Q3 Earnings (Updated Financial Charts & Review) *Net Revenues $20.7B, EPS $0.07* C
Other Links

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Thursday, October 21, 2010

Bank of America Reports Colossal $7.3 Billion Quarterly Loss (Financial Performance Charts & Review) $10.4B impairment charge BAC

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Bank of America reported earnings October 19

Bank of America Reports Colossal $7.3 Billion Quarterly Loss

Financial charts of Bank of America data and the related commentary have been updated on the Bank of America Financial Performance page for the September Q3 2010 financial results reported Tuesday by Bank of America. The charts are:

Bank of America Performance by the Quarters

Earnings per Share

Net Revenues, Operating Income, and Net Income

Operating Margin and Net Margin

Capital to Assets and Tier 1 Capital Ratios

Return on Assets

Income Statement Components

Asset Mix

Income Statement Q3 Bank of America reported net revenues of $26.7B, net loss of ($7.3B), and a loss per share of ($0.77). From the prior quarter Q2 2010, net revenues were down -8.4%, net income down -333.8%, and loss per share down -385.2%. From the prior year Q3 2009, net revenues were up +2.6%, net loss increased +629.2%, and loss per share increased +71.9%, respectively. The operating and net margins plunged with the huge loss QoQ and YoY. The incredible net loss was due to a goodwill impairment charge of $10.4B in the global card services segment, which was related to limits to be placed on debit interchange fees under the financial reform legislation enacted in July 2010, which will reduce future revenues in the global card services business. On a positive note, Provision for Credit Losses of $5.4B is the lowest since June 2008 of $5.8B.

Balance Sheet Q3 Total assets decreased QoQ -1.5% to $2.33 trillion. The capital to assets ratio (total stockholders' equity divided by total assets) increased to 9.90%, which is adequate. Tier 1 capital was 11.2%, which is adequate and the highest since September 2009. Loans decreased QoQ -2.3%, for the 2nd consecutive quarter. The ALL/Loans ratio (Allowance for Loan Losses divided by Gross Loans) was 4.7%, should be adequate, and continues above 4% for the 4th consecutive quarter.Related Articles and Links

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۩ ۩ ۩

Wednesday, October 20, 2010

Fed Beige Book: USA Economic Activity Continued to Rise at Modest Pace (Review) Employment: hiring remains limited

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Marriner S. Eccles Federal Reserve Board Building in Washington

Fed Beige Book: USA Economic Activity Continued to Rise at Modest Pace

Summary

The Federal Reserve Board issued the much scrutinized Beige Book on October 20, 2010. Overall, "Reports from the twelve Federal Reserve Districts suggest that, on balance, national economic activity continued to rise, albeit at a modest pace, during the reporting period from September to early October." The Federal Reserve continues with the wording and theme of "modest" and "moderate" regarding economic activity, recovery, and growth. As always, the Fed Beige Book, officially titled the Summary of Commentary on Current Economic Conditions by Federal Reserve District, is carefully worded.

Regarding the USA Financial System

"Lending activity was stable at low levels across most Districts. Demand for commercial and industrial loans remained weak. On the consumer side, lending was sluggish, but there were scattered reports of improvement. Credit quality changed little on balance."

Regarding Jobs Nationwide

"Hiring remained limited, with many firms reluctant to add to permanent payrolls given economic softness."

Economic Conditions Nationwide by Category Since the Prior September 8, 2010 Report:

Consumer Spending was steady to up slightly

Travel and Tourism activity picked up

Business Spending (no mention)

Nonfinancial Services demand reported to be stable to modestly increasing overall

Manufacturing activity continued to expand

Transportation activity (no mention)

Residential Real Estate: housing markets remained weak

Commercial Real Estate: conditions were subdued

Real Estate Construction conditions expected to remain weak

Banking and Finance: lending activity was stable at low levels

Agriculture conditions were generally favorable

Natural Resources: activity in the energy sector continued to expand

Employment, Wages, and Prices: wage pressures were minimal, prices of final goods and services were mostly stable

Economic Activity and Conditions By Federal Reserve District
(Prior report was September 8, 2010, from information collected on or before October 8, 2010)

Boston: economic activity continues to exceed year-earlier levels
New York: economy continued to expand at a modest pace
Philadelphia: business conditions continue to be mixed

Cleveland: economic activity held steady
Richmond: economic activity continued to be mixed
Atlanta: pace of economic activity remained slow
Chicago: pace of economic activity picked up moderately
St. Louis: economic activity has expanded modestly
Minneapolis: economic growth has picked up somewhat
Kansas City: economy posted moderate but uneven growth
Dallas: economy expanded at a more subdued pace
San Francisco: economic activity appeared to post further modest growth

Conclusion

This October 20 Beige Book, by district economic activity, is more positive than the September 8 report. Economic activity in only 2 of the 12 districts was slow or held steady (Cleveland and Atlanta), compared to 5 in the previous report. 3 districts reported mixed or uneven growth (Philadelphia, Richmond, and Kansas City). The remaining 7 districts reported basically modest improvement of economic activity and conditions. The wording is cautiously optimistic. Overall, there is no robust growth or strong recovery stated or implied.

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Wells Fargo Reports Increased Earnings (Financial Performance Charts & Review) EPS $0.60 WFC

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Wells Fargo reported earnings today, October 20

Wells Fargo Reports Increased Earnings

Financial charts of Wells Fargo data and the related commentary have been updated on the Wells Fargo Financial Performance page for the September Q3 2010 financial results reported today by Wells Fargo. The charts are:

Wells Fargo Performance by the Quarters

Earnings per Share

Net Revenues, Operating Income, and Net Income

Operating Margin and Net Margin
Capital to Assets and Tier 1 Capital Ratios

Return on Assets

Income Statement Components
Asset Mix

Income Statement Q3 Wells Fargo reported net revenues of $20.9B, net income of $3.3B, and earnings per share of $0.60. From the prior quarter Q2 2010, net revenues were down -2.4%, net income up +9.1%, and earnings per share up +9.5%. From the prior year Q3 2009, net revenues were down -7.1%, net income up +3.25%, and earnings per share up +7.1%, respectively. The operating and net margins rebounded with the improved QoQ results. The increase in net income was due to a decrease in both provision for credit losses and noninterest expenses, operating expenses. Therefore, net income and earnings per share improved due to decreased expenses, not from top line growth, net revenues, which decreased.

Balance Sheet Q3 Total assets decreased QoQ -0.41% to $1.221 trillion. The capital to assets ratio (total stockholders' equity divided by total assets) increased to 10.1%, which is very good and the highest since the Wachovia merger in late 2008. Tier 1 capital was 10.9%, which is adequate and the highest since the Wachovia merger. Loans decreased QoQ -1.6%, for the 7th consecutive quarter. The ALL/Loans ratio (Allowance for Loan Losses divided by Gross Loans) was 3.2%, should be adequate, and above 3% for the 5th consecutive quarter.

Asset Mix Wells Fargo overall is not retaining originated loans as total loans have decreased for 7 consecutive quarters. Wells Fargo is increasingly originating loans for sale, but not retaining loans, net, on the books. Liquidity has increased significantly as a result of not retaining loans as evidenced by the increase in overnight funds, short term investments, and securities available for sale. This conservative strategy is good for financial condition and stability and for increasing capital ratios. However, profitability is ultimately affected negatively as the asset mix shifts from higher yielding loans to lower yielding investments. The eventual result is lower net revenues which have been offset so far by lowering expenses to maintain, and even increase, net income. A chart of the asset mix is at the Wells Fargo Financial Performance page.

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۩ ۩ ۩

Tuesday, October 19, 2010

Goldman Sachs Reports Improved Earnings (Financial Performance Charts & Review) EPS $2.98 GS

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Goldman Sachs reported earnings today, October 19

Goldman Sachs Reports Improved Earnings

Financial charts of Goldman Sachs data and the related commentary have been updated on the Goldman Sachs Financial Performance page for the September Q3 2010 financial results reported today by Goldman Sachs. The charts are:

Goldman Sachs Performance by the Quarters

Earnings per Share

Net Revenues, Operating Income, and Net Income

Operating Margin and Net Margin
Return on Assets

Income Statement Components
Net Revenues and Earnings per Share Growth

Income Statement Q3 Goldman Sachs reported total revenues of $8.9B, net income of $1.9B, and earnings per share of $2.98. From the prior quarter Q2 2010, total revenues were up +0.70%, net income up +209.6%, and earnings per share up +263.4%. From the prior year Q3 2009, these were down -28.0%, -40.5%, and -43.2%, respectively. The operating and net margins rebounded with the improved QoQ results. Most of the increase in net income was due to a decrease in noninterest expenses, operating expenses, from $7.4B in June 2010 to $6.1B in September 2010. Net income increased QoQ from $613M to $1.9B. Therefore, net income and earnings per share improved due to decreased expenses, not from top line growth.

Balance Sheet Q3 Total assets increased QoQ +2.9% to $909B. The capital to assets ratio (total stockholders' equity divided by total assets) is 8.32%, which about average for the most recent 4 quarters. Tier 1 capital was 15.7%, which is adequate and the highest in many quarters.

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Recent Posts by Financial Controls

Citigroup Reports Passable Q3 Earnings (Updated Financial Charts & Review) *Net Revenues $20.7B, EPS $0.07* C
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JP Morgan Reports Mixed Q3 Earnings (Financial Charts & Review) *Revenues $23.8B, EPS $1.01* JPM

USA Total Consumer Credit Decreases in August (Charts) *7th consecutive monthly decline*

Federal Reserve: Pace of Economic Recovery Likely to be Modest in Near Term (Review)

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۩ ۩ ۩

Monday, October 18, 2010

Citigroup Reports Passable Q3 Earnings (Financial Performance Charts & Review) Net Revenues $20.7B, EPS $0.07 C

♦♦♦

Citigroup reported earnings today, October 18

Citigroup Reports Passable Q3 Earnings

Financial charts of Citigroup data and related commentary have been updated on the Citigroup Financial Performance page for the September Q3 2010 financial results reported today by Citigroup. The charts are:

Citigroup Performance by the Quarters

Earnings per Share

Net Revenues, Operating Income, and Net Income
Operating Margin & Net Margin

Capital to Assets & Tier 1 Capital Ratios

Return on Assets

Income Statement Components

Income Statement Q3 Overall, Citigroup continues as a break-even operation, barely eking out a profit. Compared to the dismal financial results in 2007, 2008, and 2009, the current Q3 is adequate. Citigroup financial performance was passable with net revenues of $20,738M and net income of $2,168M. From the prior quarter Q2 2010, net revenues were down -6.0%, net income was down -19.6%, and earnings per share were down -22.2%. From the prior year Q3 2009, net revenues were up +1.7%, net income was up +2046.5% (from $101M to $2,168M), and earnings per share was up +125.9% (from -$0.27 to +$0.07). Operating and net margins were down from the prior quarter Q2 2010 and have decreased for 2 quarters, but are up significantly from the prior year Q3 2009 when they were negative.

Balance Sheet Q3 Citigroup total assets are $1.983 trillion. The capital to assets ratio (stockholder's equity to total assets) is 8.21% and much improved from 2007 and 2008. The financial regulatory Tier 1 capital ratio is 12.50% and also much improved from prior years.

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