Editorial Results (free)
1. April Surplus of $113 Billion Lowers US Budget Deficit
- Monday, May 13, 2013
WASHINGTON (AP) – The U.S. government reported a rare surplus of $113 billion for April – the largest in five years and a sign of the nation's improving finances.
Steady economic growth and higher tax rates have boosted the tax revenue in recent months, keeping this year's annual budget deficit on pace to be the smallest since 2008. A smaller deficit is also likely to give negotiators more time to work out a deal on raising the nation's borrowing limit.
2. Lender Processing Paying $121 Million to Resolve Claims
- Friday, February 01, 2013
One of the biggest U.S. mortgage processing companies has agreed to pay $121 million to resolve states' claims that it wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.
3. Securities and Exchange Official Elisse Walter Chosen to Lead Agency
- Tuesday, November 27, 2012
WASHINGTON (AP) – President Barack Obama has chosen Elisse Walter, one of five members of the Securities and Exchange Commission, to head the agency. Chairman Mary Schapiro will leave next month after a tumultuous tenure in which she helped lead the government's regulatory response to the financial crisis.
4. Delek Buys Lion Oil Facility for $6.4 Million
- Tuesday, November 20, 2012
1023 Riverside Drive Memphis, TN 38106
Sale Amount: $6.4 million
Sale Date: Nov. 7, 2012
5. Owner Files $10 Million Loan on DoubleTree Hotel
- Friday, November 16, 2012
GP Memphis LP has filed a $10 million loan through Goldman Sachs Mortgage Co. on the DoubleTree by Hilton Memphis hotel at 5069 Sanderlin Ave. in East Memphis.
6. JPMorgan CEO Says Execs May Have Pay Taken Back
- Thursday, June 14, 2012
WASHINGTON (AP) – JPMorgan Chase CEO Jamie Dimon told Congress on Wednesday that senior bank executives responsible for a $2 billion trading loss will probably have some of their pay taken back by the company.
7. Goldman Manifesto Echoes Past Questions About Bank
- Monday, March 19, 2012
The young banker whose dramatic public resignation stung Goldman Sachs this week joins officials from every corner of the government in questioning whether the august investment house deals honestly with all its clients.
8. Turbo-Traders Take Bank of America for a Ride
- Monday, February 13, 2012
NEW YORK (AP) – On a normal day, 4 billion shares of stock change hands on the New York Stock Exchange. One in 10 belongs to a single company. It's not McDonald's or IBM, both of which have been on a tear.
9. Banks Face Bumpy Earnings Season
- Thursday, January 12, 2012
NEW YORK (AP) – You can usually tell a lot about the health of the U.S. economy by looking at the financial results of banks. They’re the people who finance new factories, plant expansions and fatter payrolls.
10. NYC Judge Rejects $285M SEC-Citigroup Agreement
- Tuesday, November 29, 2011
NEW YORK (AP) – A federal judge on Monday struck down a $285 million settlement that Citigroup reached with the Securities and Exchange Commission, saying he couldn't tell whether the deal was fair and criticizing regulators for shielding the public from the details of what the firm did wrong.
11. US Defends $285M Settlement With Citigroup
- Tuesday, November 08, 2011
WASHINGTON (AP) – The government is telling a federal judge that $285 million is a fair penalty for Citigroup Inc. to pay to settle charges that it misled buyers of a complex mortgage investment ahead of the housing bust.
12. Citigroup Paying $285M to Settle SEC Fraud Charges
- Thursday, October 20, 2011
WASHINGTON (AP) – Citigroup has agreed to pay $285 million to settle civil fraud charges that it misled buyers of complex mortgage investment just as the housing market was starting to collapse.
13. Goldman Sachs Loses $428 Million in Third Quarter
- Wednesday, October 19, 2011
NEW YORK (AP) – Goldman Sachs Group Inc. reported a third-quarter loss of $428 million Tuesday, only the second quarterly loss since the investment bank went public 12 years ago.
14. JPMorgan's Income Drop Casts a Pall Over Banks
- Friday, October 14, 2011
NEW YORK (AP) – If JPMorgan Chase can't do well, investors worry that other banks may do even worse.
The New York bank, widely considered the strongest in the industry, reported a 4 percent drop in income last quarter Thursday on weakness in investment banking and more costs related to litigation over mortgage investments.
15. Bank Earnings to Reflect Slowdown From Q3 Turmoil
- Tuesday, October 11, 2011
NEW YORK (AP) – Investors are bracing for a rough earnings season from banks.
Turbulence in stock and bond markets, combined with waning confidence among business and consumers, hurt banks' business in the third quarter. IPOs were shelved, companies postponed plans to sell bonds, and acquisitions were put on ice. Consumers also held back on spending.
16. Mortgage Fraud Reports Spike as Lawsuits Pile Up
- Thursday, September 29, 2011
VIENNA, Va. (AP) – The wave of lawsuits and other demands from investors in mortgage-backed securities contributed to a big spike in reports of likely mortgage fraud during the second quarter, according to a Treasury Department report.
17. First Horizon, Fitch Say Risk Manageable
- Monday, September 19, 2011
Bryan Jordan, the president and CEO of First Tennessee Bank’s parent company, told his audience at an industry conference a few days ago in New York City that his company has been out of the mortgage business for three years now.
18. Feds Sue 17 Major U.S. Banks, Including First Tenn. Parent
- Wednesday, September 07, 2011
The federal agency that oversees the government-sponsored mortgage entities Fannie Mae and Freddie Mac has filed lawsuits seeking billions of dollars in compensation from several major U.S. banks, including the parent company of First Tennessee Bank.
19. Feds Sue 17 Major U.S. Banks, including First Tenn. Parent
- Tuesday, September 06, 2011
The federal agency that oversees the government-sponsored mortgage entities Fannie Mae and Freddie Mac has filed suit seeking billions of dollars in compensation from several major U.S. banks, including the parent company of First Tennessee Bank.
20. Goldman to Stop Controversial Mortgage Practices
- Friday, September 02, 2011
NEW YORK (AP) – Goldman Sachs' mortgage subsidiary agreed Thursday to stop many of its controversial mortgage-related practices in a settlement with a New York state banking regulator.
21. Bank of America Sells Half of its China Bank Stake
- Tuesday, August 30, 2011
NEW YORK (AP) – Bank of America Corp. is selling half of its stake in China Construction Bank Corp. to raise cash and shore up its capital base.
22. Buffett Gives $5 Bln Vote of Confidence to BofA
- Friday, August 26, 2011
NEW YORK (AP) – Warren Buffett is coming to the rescue of another fallen giant.
Buffett's Berkshire Hathaway Inc. announced Thursday that it would invest $5 billion in Bank of America Corp., giving a much-needed vote of confidence to the beleaguered bank. The news sent the bank's stock soaring 9 percent.
23. S&P Chief Resigns; Hedge Fund Seeks Parent Split
- Wednesday, August 24, 2011
NEW YORK (AP) – Standard & Poor's wild month continues.
The president of S&P is stepping down just two weeks after the rating agency stripped the United States of its AAA credit rating. At the same time, an activist hedge fund is calling for S&P's parent to break into four separate companies to unlock more value for shareholders.
24. Allstate Sues Goldman Sachs Over Toxic Investments
- Wednesday, August 17, 2011
Allstate Corp. is suing Goldman Sachs Group Inc. claiming the broker fraudulently sold it more than $123 million in mortgage-backed securities in 2006 and 2007, before the housing market collapse sent the investments' value plunging.
25. Regulator Sues Goldman Sachs Over Risky Mortgages
- Wednesday, August 10, 2011
LOS ANGELES (AP) – The U.S. regulator of credit unions is suing Goldman Sachs & Co. for more than $491 million in damages over losses incurred by five failed wholesale credit unions that bought mortgage-backed securities from the investment bank.
26. Top Bankers Urge Obama, Congress to Reach Deal
- Friday, July 29, 2011
NEW YORK (AP) — The chief executives of the largest U.S. financial institutions sent a letter to The White House and to members of the Congress, urging them come to an agreement this week to raise the nation's borrowing limit.
27. JPMorgan Investment Bank has Surprise Gains in Q2
- Friday, July 15, 2011
NEW YORK (AP) – JPMorgan Chase surprised Wall Street Thursday with a sharp increase in investment banking income at a time when other banks are warning of layoffs because of a slowdown in trading.
28. JPMorgan to Pay $153.6M to Settle Fraud Charges
- Wednesday, June 22, 2011
WASHINGTON (AP) – JPMorgan Chase & Co. has agreed to pay $153.6 million to settle civil fraud charges that it misled buyers of complex mortgage investments just as the housing market was collapsing.
29. New Rules Offer Big Cash Awards to Whistleblowers
- Thursday, May 26, 2011
WASHINGTON (AP) – Whistleblowers who report corporate fraud or other misconduct to the government could receive sizable cash awards under new rules adopted Wednesday by federal regulators.
30. Panel Finds Financial Crisis was Avoidable
- Friday, January 28, 2011
WASHINGTON (AP) – The government-appointed panel investigating the roots of the financial crisis says the meltdown occurred because government officials and Wall Street executives ignored warning signs and failed to manage risks.
31. Fed ID's Companies That Used Crisis Loan Programs
- Thursday, December 02, 2010
WASHINGTON (AP) – The Federal Reserve revealed details Wednesday of more than $3 trillion in emergency aid it provided to U.S. and foreign banks during the financial crisis.
It also named the companies that used its emergency loan programs and revealed how much they borrowed. Newly released documents show the companies included Goldman Sachs & Co., Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. They also show that foreign banks such as Barclays, Royal Bank of Scotland and Deutche Bank borrowed hundreds of billions of dollars.
32. JPMorgan Chase's Profit Jumps 23 Percent in Q3
- Thursday, October 14, 2010
NEW YORK (AP) – JPMorgan Chase & Co. said Wednesday that its third-quarter profit jumped 23 percent because the banking giant was able to set aside less money to cover loan losses.
33. Baker Donelson’s Brown Advises Senate Subcommittee on Financial System
- Thursday, July 29, 2010
It’s often said that the best parts of movies are the ones left on the cutting room floor.
Baker, Donelson, Bearman, Caldwell & Berkowitz PC attorney Gary Brown feels the same way about the voluminous update of the nation’s financial industry rulebook President Barack Obama signed into law last week.
34. A Piece-by-Piece Guide to Financial Overhaul Law
- Thursday, July 22, 2010
WASHINGTON (AP) — Two years after the global financial system nearly collapsed, a vast revamping of regulation has been signed into law. The measure targets the risky banking and oversight failures that led to the last crisis. The goal is to make another crisis less likely — and, if it does happen, less costly for taxpayers.
35. SEC Chief Says Enforcement Has Increased
- Wednesday, July 21, 2010
WASHINGTON (AP) – The head of the Securities and Exchange Commission said Tuesday that the agency has been revamped and has stepped up enforcement since the financial crisis. Agency officials are also ready to write new rules for companies affected by the sweeping legislation that is about to become law, she told House lawmakers.
36. Major Banking Bill Faces Final Vote This Week
- Wednesday, July 14, 2010
WASHINGTON (AP) — President Barack Obama on Tuesday secured the 60 votes he needs in the Senate to pass a sweeping overhaul of financial regulations, all but ensuring that he soon will sign into law one of the top initiatives of his presidency.
37. CEO Sees Ford Continuing to Improve Into 2011
- Friday, May 14, 2010
WILMINGTON, Del. (AP) — Ford's chief executive told shareholders that the second-largest U.S. automaker will see "continuing improvement" into 2011 but wouldn't say when the company might reinstate a dividend.
38. AP Source: NY AG Probing 8 Banks Over Securities
- Friday, May 14, 2010
NEW YORK (AP) — New York's attorney general has launched an investigation into eight banks to determine whether they misled ratings agencies about mortgage securities, according to a person familiar with the inquiry.
39. Goldman Sachs Paid $20K to Ford
- Tuesday, May 04, 2010
Goldman Sachs paid the lobbying firm of former Memphis Congressman Harold Ford Sr. $20,000 at the end of 2009. Congressional records from the fourth quarter show The Harold Ford Group was paid to promote the interests of the powerful Wall Street investment bank on issues including the pending financial reform bill.
40. In Financial Regs Debate, Senators Look to Details
- Friday, April 30, 2010
WASHINGTON (AP) — Now it's all about the details.
With Republicans ceding the way for debate, legislation to impose sweeping new controls on financial institutions faces a test from both parties. Some Democrats seek tougher restrictions on banks; some Republicans aim to ease consumer protection provisions.
41. Schwab Settles Mortgage-Backed Securities Suit
- Wednesday, April 21, 2010
SAN FRANCISCO (AP) - Charles Schwab will pay $200 million to resolve a federal class action lawsuit filed by investors who say the financial holding company misled them over the safety of mortgage-backed securities.
42. US Lawmaker: Suit Should Affect Republicans
- Tuesday, April 20, 2010
WASHINGTON (AP) - The chairman of the Senate Banking Committee said Monday that the U.S. government's fraud lawsuit against Goldman Sachs should dissuade Republicans from attempting to block financial regulations pending before the Senate.
43. Rubin is Challenged on Role in Citi's Risk-Taking
- Friday, April 09, 2010
WASHINGTON (AP) - Robert Rubin, the former financial superstar once lionized for his global crisis-fighting prowess, was scolded Thursday over the mortgage-securities disaster at Citigroup Inc. when he was a top executive there. His claim he didn't know of the risks piling up drew a sharp retort.
44. Fed Looking Into Insurance Contracts on Greek Debt
- Friday, February 26, 2010
WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke told lawmakers Thursday that the central bank is examining arrangements Goldman Sachs and other Wall Street firms have with Greece involving high-risk financial instruments.
45. Tax Credit Decision Could Cost $5.2 Billion
- Tuesday, November 10, 2009
WASHINGTON (AP) - Fannie Mae said Monday it may have to ask the government for more financial assistance because the company cannot sell $5.2 billion in tax credits.
The U.S. Treasury Department last week blocked Fannie Mae from selling about $2.6 billion in low-income housing tax credits to investors that included Goldman Sachs Group Inc. Treasury said the sale would result in a loss of tax revenue greater than the savings to the government.
46. Taxpayers Risked Trillions at Height of Crisis
- Monday, November 09, 2009
WASHINGTON (AP) - Government officials put trillions of taxpayer dollars on the line to guarantee risky bank assets – a strategy that could cause permanent and costly market distortions, a government watchdog says.
47. Bank of America Loses $2.24B as Loan Losses Rise
- Monday, October 19, 2009
CHARLOTTE, N.C. (AP) - Bank of America Corp. said Friday it lost more than $2.2 billion in the third quarter as loan losses kept rising, providing more evidence that consumers are still struggling to pay their bills.
48. Risk-taking is Back for Banks One Year after Crisis
- Tuesday, September 15, 2009
NEW YORK (AP) - A year after the financial system nearly collapsed, the nation's biggest banks are bigger and regaining their appetite for risk.
Goldman Sachs, JPMorgan Chase and others – which have received tens of billions of dollars in federal aid – are once more betting big on bonds, commodities and exotic financial products, trading that nearly stopped during the financial crisis.
49. Mortgage Aid Program Helping Fraction of Borrowers
- Wednesday, August 05, 2009
WASHINGTON (AP) – The government’s $50 billion program to ease the foreclosure crisis is helping only a tiny fraction of struggling homeowners.
As of July, only 9 percent of eligible borrowers had seen their mortgage payments reduced. And a progress report on the plan Tuesday showed 10 lenders had not changed a single loan.
50. Some Bailout Firms Up Lobbying Spending in Q2
- Wednesday, July 22, 2009
WASHINGTON (AP) - As Congress spent much of the last three months looking at ways to tighten regulations on financial institutions, some of the biggest recipients of the government's $700 billion bailout increased their spending on influencing legislators.
51. Bank of America Earns $2.4B, Ahead of Estimates
- Monday, July 20, 2009
CHARLOTTE, N.C. (AP) - Bank of America joined other major banks in reporting better-than-expected second quarter income Friday, earning $2.42 billion even as losses from failed loans continued to rise.
52. JPMorgan Profit Surges on Investment Banking Gains
- Friday, July 17, 2009
CHARLOTTE, N.C. (AP) - The banking industry has another winner.
JPMorgan Chase & Co. reported a 36 percent jump in second quarter profits Thursday, easily surpassing analysts' forecasts as huge gains in its investment banking business outweighed higher losses from bad loans.
53. Sector Snap: Capital Raises Batter Bank Stocks
- Friday, May 22, 2009
NEW YORK (AP) - Regional bank stocks tumbled Thursday, led by a steep decline in Regions Financial Corp. shares, as several more banks announced plans to raise capital through stock offerings.
54. Stress Test Results Lift Cloud of Uncertainty
- Monday, May 11, 2009
WASHINGTON (AP) – Government exams of the biggest U.S. banks have helped lift a cloud of uncertainty that has hung over the economy.
The so-called stress tests – a key Obama administration effort to boost confidence in the financial system – showed nine of the 19 biggest banks have enough capital to withstand a deeper recession. Ten must raise a total of $75 billion in new capital to withstand possible future losses.
55. Corker Decries Auto Industry Bailout, Other Federal Moves
- Wednesday, April 29, 2009
U.S. Sen. Bob Corker is not only a critic of the federal stimulus package in Washington – he’s also outspoken against the federal bailout of the auto industry, especially since Tennessee is one of the top three states for auto manufacturing.
56. Wells Fargo Q1 Results in Line with Forecast
- Thursday, April 23, 2009
NEW YORK (AP) - Wells Fargo & Co.'s first-quarter report on Wednesday had few big surprises, as results fell in line with the bank's forecast and easily beat Wall Street's estimates. But like most of its peers, the bank continues to post higher credit costs.
57. Citigroup Tops Forecasts, But Caution Lingers
- Monday, April 20, 2009
NEW YORK (AP) - For big banks like Citigroup, the first quarter of 2009 may turn out to be the best of the year.
Citigroup Inc., JPMorgan Chase & Co., Goldman Sachs Group Inc. and Wells Fargo & Co. all impressed investors over the past week with earnings reports that were better than Wall Street analysts anticipated.
58. Wells Fargo Projects Record $3 Billion Q1 Profit
- Friday, April 10, 2009
NEW YORK (AP) - Wells Fargo & Co. said Thursday it expects record first-quarter earnings of $3 billion, easily surpassing analysts' estimates and providing an encouraging sign for the banking industry.
59. Obama: AIG Can't Justify 'Outrage' of Bonuses
- Tuesday, March 17, 2009
WASHINGTON (AP) - President Barack Obama on Monday issued a blistering attack on American International Group and pledged to stop the struggling insurance and investment giant from paying out millions in executive bonuses.
60. AIG Says Emergency Aid Used to Pay Other Banks
- Tuesday, March 17, 2009
NEW YORK (AP) - American International Group Inc. used more than $90 billion in federal aid to pay out foreign and domestic banks, some of whom had received their own multibillion-dollar U.S. government bailouts.
61. Congress Considers Changes to Mortgage Aid Program
- Thursday, February 05, 2009
WASHINGTON (AP) - With fewer than 500 applications and only two-dozen homeowners helped so far, lawmakers want to revamp a new program that was intended to help hundreds of thousands of borrowers avoid losing their homes.
62. Thain Resigns from Bank of America
- Friday, January 23, 2009
NEW YORK (AP) - Wall Street bonuses, a sore point as the government gives billions of dollars in bailout money to the financial industry, have apparently cost former Merrill Lynch & Co. CEO John Thain his new job at Bank of America Corp.
63. NY Fed Begins Buying Mortgage Securities
- Tuesday, January 06, 2009
NEW YORK (AP) – The Federal Reserve Bank of New York reported Monday it has begun purchasing mortgage-backed securities in an effort to bolster the battered housing market.
64. Goldman Sachs Posts First Loss Since Going Public
- Wednesday, December 17, 2008
NEW YORK (AP) - Goldman Sachs Group Inc. on Tuesday reported its first quarterly loss since it went public in 1999, losing $2.29 billion during its fiscal fourth quarter.
65. Merrill, BofA Shareholders Approve Combination
- Monday, December 08, 2008
CHARLOTTE, N.C. (AP) - Shareholders of Merrill Lynch & Co. and Bank of America Corp. on Friday approved the investment bank's sale to Bank of America, in a move that will create the nation's largest financial-services firm.
66. Fed Extends Key Credit Programs Through April 30
- Wednesday, December 03, 2008
WASHINGTON (AP) – The Federal Reserve has extended the life of key programs aimed at busting through credit clogs and restoring stability to financial markets.
The Fed said Tuesday that the programs, originally slated to last through Jan. 30, will be extended through April 30. The Fed said it was taking the action "in light of continuing strains in financial markets."
67. AIG Restricts Exec Compensation, CEO Gets a Dollar
- Wednesday, November 26, 2008
CHARLOTTE, N.C. (AP) - American International Group Inc. said Tuesday it is limiting how much it pays its top executives, including granting a $1 salary for this year and the same for 2009 to its Chief Executive Edward Liddy.
68. Greenspan Denies Blame for US Crisis, Admits Flaw
- Wednesday, November 05, 2008
WASHINGTON (AP) – Badgered by lawmakers, former Federal Reserve Chairman Alan Greenspan denied the nation's economic crisis was his fault but conceded on Thursday that the meltdown had revealed a flaw in a lifetime of economic thinking and left him in a "state of shocked disbelief."
69. Worries Over Economy Spread; Global Markets Sink
- Friday, October 17, 2008
NEW YORK (AP) – Fears of recession are trumping fears of inflation.
A crucial barometer of inflation came in flat last month, temporarily halting Wall Street’s slide. But stocks seesawed in a wide range Thursday.
70. Bush: Financial Rescue Plan Will Take Some Time
- Tuesday, October 07, 2008
CINCINNATI (AP) - As Wall Street reeled and global markets plunged, President Bush on Monday said the U.S. economy is going to be "just fine" in the long run. But he cautioned that the massive rescue plan will take time to work.
71. Exec Pay Limits Gain Support as Bailout Questioned
- Thursday, September 25, 2008
WASHINGTON (AP) - Executives whose companies get a piece of the $700 billion government bailout will have their pay packages strictly limited under proposals that are broadly supported by both Republicans and Democrats in Congress.
72. Paulson Urges Quick Action on $700B Bailout
- Tuesday, September 23, 2008
WASHINGTON (AP) – The Bush administration insisted Sunday that Congress must move quickly to approve what one lawmaker called the “mother of all bailouts” – a $700 billion proposal to buy a mountain of bad mortgage debt in an effort to unfreeze the nation’s credit markets.
73. Fed Could Suffer with New Role
- Tuesday, September 23, 2008
The Federal Reserve, responding to the nation's worst financial crisis since the Great Depression, is stepping into its most political role ever - using government funds and its credibility to end the turmoil.
74. Last Major Investment Banks Change Status
- Tuesday, September 23, 2008
WASHINGTON (AP) - The Federal Reserve said Sunday it had granted a request by the country's last two major investment banks - Goldman Sachs and Morgan Stanley - to change their status to bank holding companies.
75. SEC Bans Short-Selling of Financial Stocks
- Monday, September 22, 2008
WASHINGTON (AP) – The federal government, trying to boost investor confidence in the face of a market crisis, took the dramatic step Friday of temporarily banning a practice of betting against financial stocks.
76. Fed, Central Banks Move to Boost Global Confidence
- Friday, September 19, 2008
NEW YORK (AP) - The worst global financial crisis since the Great Depression forced the Federal Reserve and central banks in other countries to pump billions of dollars into the world's banking system in an urgent bid to stop further damage.
77. Stocks Tumble After Government Bailout of AIG
- Thursday, September 18, 2008
NEW YORK (AP) - Wall Street plunged again in a crisis of confidence Wednesday as anxieties about the financial system still ran high after the government's bailout of insurer American International Group Inc. The Dow Jones industrial average dropped about 340 points, and investors seeking the safety of hard assets and government debt sent gold, oil and short-term Treasurys soaring.
78. Shares of Morgan Stanley and Goldman Sachs Plunge
- Thursday, September 18, 2008
NEW YORK (AP) - Shares of Goldman Sachs and Morgan Stanley plunged on Wednesday, a sign that investors fear they can't survive in their present form as the last two major independent investment banks.
79. Two Brokers Accused of $1B Subprime Fraud
- Thursday, September 04, 2008
WASHINGTON (AP) - Federal prosecutors and regulators Wednesday accused two former Wall Street brokers of defrauding customers by making more than $1 billion in unauthorized purchases of securities tied to subprime mortgages.
80. Wachovia Loses $8.9B, Cuts 6,350 Workers, Dividend
- Wednesday, July 23, 2008
CHARLOTTE, N.C. (AP) – Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street’s hopes that the nation’s big banks are weathering the credit crisis well. The nation’s fourth-largest bank by assets said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.
81. Wachovia Exits Wholesale Mortgage Lending Business
- Wednesday, July 23, 2008
CHARLOTTE, N.C. (AP) – Wachovia Corp., the nation’s fourth-largest bank, is leaving the wholesale mortgage lending business, it announced Tuesday.
Beginning July 25, the company no longer will offer mortgages through brokers, joining other lenders making similar moves to exit the troubled sector.
82. Reality Trumps Ideology In Fannie-Freddie Rescue
- Tuesday, July 22, 2008
WASHINGTON (AP) – Odd alliances are at work as President Bush and congressional Democrats band together to save Fannie Mae and Freddie Mac.
The push to reassure markets that the mortgage giants are financially healthy has thrust Republicans – who have never liked the idea of government-sponsored mortgage companies – into the arms of Democrats, who long have championed Fannie’s and Freddie’s mission of helping low- and middle-income Americans buy homes.
83. CIT Group Exits Home Lending Businesses
- Wednesday, July 02, 2008
NEW YORK (AP) - CIT Group Inc. will sell its home lending business to Lone Star Funds for $1.5 billion in cash, plus $4.4 billion of assumed debt, in a move to exit the troubled mortgage arena and focus on its commercial finance operations, CIT reported Tuesday.
84. Wachovia Quits Offering Risky Mortgage Loan
- Wednesday, July 02, 2008
CHARLOTTE, N.C. (AP) - Beleaguered consumer bank Wachovia Corp. will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest, the company announced Monday.
85. Housing Picture Worsens as Fannie Sees Price Drop
- Wednesday, May 07, 2008
WASHINGTON (AP) - The outlook for the housing market darkened further Tuesday as the nation's largest buyer of home mortgages said it racked up more than $2 billion in quarterly losses and forecast a steeper drop in home prices this year.
86. Bad Mortgage Timing Leads Wachovia to Post Loss, Cut Dividend, Seek $7 Billion in New Capital
- Tuesday, April 15, 2008
CHARLOTTE, N.C. (AP) - Wachovia Corp. is getting a lesson in "timing is everything."
The nation's fourth-largest bank reported a $393 million first-quarter loss and has been forced to cut its dividend and seek a $7 billion cash injection to make up for a poorly timed expansion of its mortgage business.
87. FBI Investigating 14 Companies For Possible Subprime Fraud
- Thursday, January 31, 2008
WASHINGTON (AP) - The FBI on Tuesday said it is investigating 14 companies for possible accounting fraud, insider trading or other violations in connection with home loans made to risky borrowers.
88. Citigroup Suffers 57 Percent Profit Drop in Third Quarter
- Tuesday, October 16, 2007
NEW YORK (AP) - Citigroup Inc. said Monday its third-quarter profit dropped 57 percent after the biggest U.S. bank took a hit of more than $3 billion in mortgage-backed security losses, leveraged debt write-downs, and fixed-income trading losses.
89. Credit Crunch Spurs Uncertainty On Bankruptcy Exit Loans
- Friday, August 31, 2007
WASHINGTON (Dow Jones/AP) - Companies trying to emerge from Chapter 11 protection by the end of this year may have trouble securing financing, as credit market woes extend into the niche arena of bankruptcy lending.
90. Lehman Brothers Closes BNC Mortgage Subsidiary Amid Tumult in Home Lending Market
- Thursday, August 23, 2007
NEW YORK (AP) - Lehman Brothers Holdings Inc., the nation's fourth-largest investment bank, said Wednesday it is shuttering its subprime mortgage business because of the turmoil in the home lending industry.
91. Buyers for Distressed Mortgage Debt are Scarce, But They Exist, Despite Market Downturn
- Wednesday, August 22, 2007
NEW YORK (AP) - Three companies swept up in the struggling credit markets said Monday they sold pieces of themselves or their investments to fund ongoing operations, underscoring how tight those markets still are despite government intervention last week.
92. Fed Moves to Shore Up Wall Street Doesn't Erase Subprime and Credit Worries
- Monday, August 20, 2007
NEW YORK (AP) - The Federal Reserve swept into the market last week to offer a calming hand, but that's still no panacea for the fundamental problems Wall Street faces.
Big institutional investors from hedge funds to investment banks are still wrestling with credit problems spawned by distressed subprime mortgage loans. The housing market still looks gloomy. And the wave of takeovers that drove stocks to new highs this year has dropped off considerably.
93. Fears on Wall Street Could Lead to Recession Troubles on Main Street
- Monday, August 20, 2007
WASHINGTON (AP) - The stock market is on a stomach-churning ride, the nation's once high-flying housing market is sinking deeper into gloom, and credit, the lifeblood of the economy, is drying up.
94. SEC Probes Books of Wall Street Firms to Determine Their Exposure to Mortgage Turmoil
- Monday, August 13, 2007
WASHINGTON (AP) - The Securities and Exchange Commission is examining major Wall Street banks to determine their vulnerability to home-loan defaults, two people familiar with the accounting inquiry said.
95. Archived Article
- Tuesday, March 13, 2007
33 Humphrey Center Drive
Memphis, TN 38120
Sale Amount: $8.9 million
Sale Date: Feb. 8, 2007
Buyer: W2005 New Century Hotel Portfolio LP
96. Archived Article: Graphic
- Tuesday, October 06, 1998
Following is a look at the top mortgage lenders in Shelby County based on dollar amounts, according to trust deeds issued in the Shelby County Register's Office Sept Union Planters National Bank and First Tennessee Bank topped the list of local mort...