Editorial Results (free)
1. Wells Fargo's Profit Up 13 Percent; Revenue Slips
- Monday, October 14, 2013
Third-quarter profit for Wells Fargo & Co., the biggest U.S. mortgage lender, jumped 13 percent as a decline in revenue from mortgage lending was offset by reduced expenses and fewer soured loans.
2. Handy Park Lease Latest Stage in Beale Endgame
- Thursday, August 22, 2013
The city of Memphis has a tentative lease of Handy Park with a group that includes some current tenants of the Beale Street entertainment district.
And the pending agreement would resolve one of the final issues in the city’s relationship with John Elkington, the developer of the district and founder of Performa Entertainment.
3. Winchester Court Sells for $6 Million After Foreclosure
- Tuesday, August 13, 2013
6740 Winchester Road
Memphis, TN 38115
Sale Amount: $6 million
Sale Date: July 31, 2013
Buyer: WBCMT 2007-C31 Winchester Court LLC
Seller: Harris P. Quinn, substitute trustee
Details: The Winchester Court retail center at Kirby Parkway and Winchester Road in Hickory Hill has sold for $6 million following a foreclosure.
4. Winchester Court Sells for $6 Million After Foreclosure
- Friday, August 09, 2013
The Winchester Court retail center at Kirby Parkway and Winchester Road in Hickory Hill has sold for $6 million following a foreclosure.
An affiliate of Miami Beach, Fla.-based loan servicer LNR Partners LLC bought the property – composed of four parcels – in a July 31 substitute trustee’s deed from Harris P. Quinn of the law firm Prochaska Thompson Quinn & Ferraro PC.
5. Lower Costs Help Lift Wells Fargo's Second-Quarter Profit
- Monday, July 15, 2013
Lower expenses and fewer bad loans helped lift Wells Fargo's second-quarter profit by 20 percent, the company reported Friday.
The cost-cutting and improved loan quality helped the nation's biggest U.S. mortgage lender overcome meager revenue growth.
6. Wells Fargo Holds Home Preservation Workshop
- Tuesday, July 09, 2013
Wells Fargo is holding a free Home Preservation Workshop in Memphis for troubled homeowners.
Wells Fargo has invited 1,250 mortgage customers to the free workshop, which will be held Thursday, July 11, from 9 a.m. to 7 p.m., at the Memphis Cook Convention Center. About 75 Wells Fargo home preservation specialists will be on hand to answer questions, make alternative arrangements and offer help where possible to any homeowner whose mortgage is linked to Wells. That would include people who have mortgages through Wells Fargo Home Mortgage, Wachovia Mortgage, Wells Fargo Financial and Wells Fargo Home Equity.
7. The Least Loved Day is Also the Market's Worst
- Monday, August 20, 2012
NEW YORK (AP) – It's not just in your head. Mondays really are the worst.
Monday is the only day the stock market is more likely to fall than to rise. The Dow Jones industrial average has been down 10 of the past 11 Mondays. And the two worst days in market history are both known as Black Monday.
8. Foreclosure Notices Filed for Panattoni Land
- Thursday, March 22, 2012
Vacant parcels on Holmes Road in Hickory Hill could be headed for a foreclosure sale after a group of borrowers that included Panattoni Development Co. leaders defaulted on multimillion-dollar construction loans, according to two first-run foreclosure notices in The Daily News Thursday, March 22.
9. JPMorgan Sneaks Up on BofA as It Adds Branches
- Tuesday, January 24, 2012
LOS ANGELES (AP) – JPMorgan Chase & Co. said Monday it plans to open about 175 more branches nationwide this year, including more than 80 in California, the latest sign that the bank hopes plain-vanilla lending will fuel its future growth.
10. Wells Fargo Agrees to Pay $37M in Bid-Rigging Case
- Wednesday, November 09, 2011
DES MOINES, Iowa (AP) – Wells Fargo & Co. said Tuesday it has agreed to pay at least $37 million in a lawsuit which alleges several banks rigged bidding competitions to win business from state and local governments.
11. Fidelity Ousts Manager of Struggling Magellan Fund
- Wednesday, September 14, 2011
NEW YORK (AP) – Fidelity Investments on Tuesday said it is replacing the manager of its struggling Magellan fund, once the largest mutual fund in the world.
Jeffrey S. Feingold, manager of Boston-based Fidelity's Trend fund and several others, will succeed Henry Lange, who led Magellan since 2005.
12. Wells Fargo Grant Awarded to YMCA Youth Program
- Tuesday, June 28, 2011
After receiving a $5,000 grant from Wells Fargo, the Mason YMCA Multicultural Achievers program is continuing to use that money to encourage young people to pursue academic and career success. The YMCA of Memphis and the Mid-South and Wells Fargo are helping facilitate the development and skills of youth in the Memphis area.
13. Fed Names Banks That Drew Loans During Crisis
- Friday, April 01, 2011
WASHINGTON (AP) – For the first time in its 98-year history, the Federal Reserve on Thursday identified banks that borrowed from its oldest lending program, naming those that drew emergency loans during the financial crisis.
14. Memphis Firm Acquires Two Atlanta Properties
- Tuesday, February 01, 2011
Memphis-based Cypress Realty Holdings Co. has acquired two outparcels in the North Atlanta market.
15. Wells Fargo 4Q Profit Up, Aided by Lower Reserves
- Thursday, January 20, 2011
NEW YORK (AP) – Wells Fargo & Co., one of the largest lenders to consumers among U.S. banks, on Wednesday said its fourth-quarter profit shot up as its customers opened more accounts and improved their loan paying habits.
16. Wells Fargo to Modify 15K Option-ARM Loans in CA
- Tuesday, December 21, 2010
LOS ANGELES (AP) – California Attorney General Jerry Brown says Wells Fargo Bank N.A. has agreed to modify adjustable-rate loans made to nearly 15,000 Californians by lenders that it acquired.
17. Wells Fargo to Pay $24M to End Mortgage Probe
- Thursday, October 07, 2010
WASHINGTON (AP) – Wells Fargo is paying $24 million to end an investigation by eight states probing whether lenders acquired by the company made risky mortgages to consumers without disclosing their perils.
18. Regulators Defend Actions on Lehman, Wachovia
- Thursday, September 02, 2010
WASHINGTON (AP) – Federal bank regulators on Wednesday defended their actions leading up to the collapse of Lehman Brothers and the purchase of Wachovia at the height of the financial crisis before members of an inquiry panel who criticized government oversight of the banks.
19. Wells Fargo Preservation Workshop in Memphis
- Friday, July 30, 2010
A lender whose practices have been singled out for blame and linked in a lawsuit to the city’s high wave of foreclosures is holding a workshop in Memphis Aug. 7 and 8 for struggling homeowners.
Wells Fargo is inviting mortgage customers having trouble paying their house note to attend a free two-day workshop at the Memphis Cook Convention Center.
20. Restructure Will Close Four Local Wells Fargo Stores
- Monday, July 12, 2010
Wells Fargo & Co.’s decision to shutter a consumer finance division and cut about 30 percent of the unit’s work force will mean cutting or reassigning a little less than 100 of the unit’s employees in Tennessee.
21. ‘Bank On Memphis’ to Reach ‘Unbanked’
- Friday, March 19, 2010
Joe DiNicolantonio, West Tennessee area president for Regions Bank, was one of more than two dozen bankers who got a letter from Memphis Mayor A C Wharton Jr. in the past few weeks.
22. Porter-Leath Gets $5K For Cornerstone Program
- Thursday, February 11, 2010
Porter-Leath has received a $5,000 donation from Wachovia Wells Fargo Foundation.
The donation will go toward Porter-Leath’s Early Childhood Home Visitation Program, Cornerstone.
In the Cornerstone program, Porter-Leath staff and AmeriCorps members provide pregnant mothers and young children with age-specific curricula that teach skills for positive child development.
23. Wells Fargo Reports Unexpected Q4 Profit
- Thursday, January 21, 2010
NEW YORK (AP) - Wells Fargo & Co. on Wednesday took a more optimistic view than other banks about consumer resilience, after it reported a surprise profit for the fourth quarter.
24. Where Will Banks Make Up Lost Overdraft Fees?
- Thursday, September 24, 2009
NEW YORK (AP) — Banks are backing off harsh overdraft fees and policies. That's the good news. The bad news is they'll probably look to make up that lost profit elsewhere.
It's a worrisome prospect for the vast majority of customers who never overdraw their funds and have grown accustomed to perks like free checking accounts.
25. Obama Speech Leaves Health Care Industry Uncertain
- Friday, September 11, 2009
NEW YORK (AP) - Shares of health insurers wavered in premarket activity Thursday after President Barack Obama made clear he is sticking to his goal of health care reform in a televised speech to a joint session of Congress Wednesday night.
26. 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.
27. Pat O’s Sold Back to Bank
- Monday, August 03, 2009
A mini bidding war broke out Friday during the trustee’s sale of the former Pat O’Brien’s bar at 310 Beale St., but in the end the bank that foreclosed on the property came in with the highest bid of $827,000.
28. Wells Fargo Posts Q2 Profit, Surpasses Street
- Thursday, July 23, 2009
CHARLOTTE, N.C. (AP) - Wells Fargo & Co. joined other big banks in announcing a big second-quarter profit and tempering the news by reporting it is still contending with losses from failed loans.
29. Foreclosure Issued For 310 Beale St.
- Tuesday, July 07, 2009
Two entities, 310 Beale Street Properties LLC and Hurricane Memphis LLC, have defaulted on a December 2001 construction loan for $2.6 million. The lender is Wachovia Commercial Mortgage Inc. doing business as The Money Store Commercial Mortgage Inc. The first-run foreclosure notice appears on Page 40 of today’s paper.
30. AP Analysis: Economic Stress Up In Much of Nation
- Tuesday, July 07, 2009
California, Michigan and South Carolina suffered the most financial pain in May as unemployment, home foreclosures and bankruptcies rose, according to The Associated Press’ monthly analysis of economic stress in more than 3,100 U.S. counties.
31. Bankruptcy Judge Rejects Beale Street Hip-Hop Club
- Tuesday, June 16, 2009
A federal bankruptcy court judge has scrapped plans to reopen the old Pat O’Brien’s on Beale Street as a two-day-a-week nightspot with a dress code.
The plan by Cato Walker and Curtis Givens to open “Liquid On Beale” drew opposition from Beale Street developer John Elkington and his Performa Entertainment Real Estate Inc., as well as the Beale Street Merchants Association.
32. AP Analysis: Recession's Grip Eases in April
- Tuesday, June 09, 2009
The economy's tailspin gave way to a more controlled descent in the spring, according to The Associated Press' monthly analysis of economic stress in more than 3,100 U.S. counties. Still, troubles persist in California related to the housing bust and in the Midwest, pounded by manufacturing layoffs.
33. Beale Street Case Transferred To Different Judge
- Friday, May 22, 2009
One of three separate Chancery Court cases involving control of the Beale Street Entertainment District has been transferred to the special judge handling the largest and oldest case.
Chancellor Arnold Goldin Thursday ordered the transfer of the case in which Performa Entertainment sued the city of Memphis over the city’s attempt to declare Performa in default of its lease on Handy Park. The city sent notice in December it was canceling the 10-year lease as Performa tried to renew it for another 10 years.
34. Judge OKs Chrysler's Steps Toward Sale to Fiat
- Thursday, May 07, 2009
NEW YORK (AP) - The judge overseeing Chrysler LLC's Chapter 11 bankruptcy protection proceedings has ruled that the automaker can start taking steps toward selling the vast majority of its assets to Italy's Fiat Group SpA. The judge also said lawyers for a dissident group of lenders have until noon (1600 GMT) Wednesday to file a list of members with the court, ruling that their identities do not need to be sealed despite reported death threats.
35. BofA Delays Release of Votes on CEO Lewis
- Thursday, April 30, 2009
CHARLOTTE, North Carolina (AP) - Ken Lewis is keeping his seat on the Bank of America Corp. board, but his job title is less certain.
36. Consumer Confidence Soars in April
- Wednesday, April 29, 2009
NEW YORK (AP) - Hopeful signs that the worst may be over for the U.S. economy boosted Americans' moods in April, sending a closely watched barometer of sentiment to the highest level since November.
37. 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.
38. Mental Health Center Faces Foreclosure Sale
- Wednesday, April 22, 2009
Midtown Mental Health Center Inc.’s property at 451 Linden Ave. in South Memphis (alternately 427 Linden Ave.) has been issued a foreclose notice, according to a notice of substitute trustee’s sale that appears on Page 38 of today’s The Daily News. The notice also can be found at The Daily News Online, www.memphisdailynews.com.
39. Leading Economic Indicators Dip More Than Expected
- Tuesday, April 21, 2009
A private sector group’s index of leading economic indicators fell more than expected in March, but the forecast called for the U.S. recession’s intensity to ease this summer.
The Conference Board reported Monday that its monthly forecast of economic activity fell 0.3 percent in March and has not risen in nine months. Economists surveyed by Thomson Reuters expected a 0.2 percent decline.
40. Mixed Signals Abound, But Economy Remains Weak
- Monday, April 20, 2009
WASHINGTON (AP) - A flurry of better-than-expected bank earnings reports this week, coupled with some tentatively encouraging economic data, suggest the economy and the financial system might not be quite as sick as many had believed.
41. At Last, Economy Leveling Off – But Bumps Not Over
- Monday, April 13, 2009
WASHINGTON (AP) – At last, after a nerve-racking six-month descent, the economy appears to be leveling off.
But don’t assume the bumps are over.
Stock investors, shoppers and home buyers are less jittery. Once-frozen credit markets are slowly thawing. And economic indicators that had been going from bad to worse are showing signs of stabilizing – though still at distressed levels.
42. 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.
43. Wholesale Inventories Drop By Most in 17 Years
- Thursday, April 09, 2009
Wholesalers cut their inventories in February by the steepest amount in more than 17 years, while sales rose for the first time since the summer, encouraging signs that companies may be getting their inventories under control.
44. FedEx Shares Fall as Demand Concerns Mount
- Monday, March 23, 2009
NEW YORK (AP) - FedEx Corp. shares fell Friday as investors reacted to the company's worse-than-expected fiscal third quarter earnings and analysts predicted the package delivery company's profit will continue to be hampered by a weak global economy.
45. Commercial Real Estate Hangs on for Dear Life
- Friday, March 20, 2009
The pulse of commercial real estate is barely detectable, but the fact that it’s still registering a beat is remarkable considering the trauma it’s suffered over the past year.
From March 2008 through February 2009, commercial sales in Shelby County declined 35 percent compared to the prior 12-month period, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.
46. US Consumer Prices Rise in February
- Thursday, March 19, 2009
U.S. consumer prices rose in February by the largest amount in seven months as gasoline prices surged again and clothing costs jumped the most in nearly two decades.
But the increase appeared to ease many economists’ concerns about dangerous price movements in either direction. The recession is expected to dampen any inflationary pressures for at least the rest of this year, while the slight uptick in prices over the past two months also has made the possibility of deflation more remote.
47. New Home Construction Logs Unexpected Gain
- Wednesday, March 18, 2009
WASHINGTON (AP) - The number of new housing projects that builders broke ground on in February rose sharply, defying economists' forecasts for yet another drop in activity.
The Commerce Department reported Tuesday that construction of new homes and apartments jumped 22.2 percent from January to a seasonally adjusted annual rate of 583,000 units. Economists were expecting construction to drop to a pace of around 450,000 units.
48. Fourth Down: A Brutal End to '08 for S&P Companies
- Monday, February 16, 2009
NEW YORK (AP) - The companies that make up the Standard & Poor's 500 are on track to post a collective quarterly loss for the first time – a sign corporate America was battered even harder than expected by the economy.
49. Wholesale Inventories Plunge By Most in 17 Years
- Wednesday, February 11, 2009
Wholesalers cut back on their inventories in December by the largest amount in nearly 17 years, and economists say more reductions are likely amid the deepening recession.
The ongoing inventory reductions mean wholesalers likely will order fewer new goods, leading to reduced production and potentially more job layoffs.
50. More Sour Economic Reports for Employment, Retail
- Monday, February 09, 2009
WASHINGTON (AP) - More people sought unemployment benefits than expected last week and laid-off workers found it harder to land new jobs as the economy struggled to show signs of life.
Sour economic indicators Thursday also plagued the retail industry: Weak factory orders were reported for December and sales declines last month for many major stores raised concerns about the industry's health.
51. Fees Likely as Wells Fargo Bails Out on Vegas Trip
- Thursday, February 05, 2009
WASHINGTON (AP) - Wells Fargo & Co. is likely on the hook for hefty cancellation fees after abruptly scrapping its upcoming retreats to Las Vegas casinos.
52. Schuler Buys Stake in GTx
- Tuesday, February 03, 2009
Jack Schuler, an investor who has held top leadership posts in the pharmaceutical and biotech industries, last week purchased 8.3 percent of the shares of GTx Inc. for himself, his foundation and his children.
53. Wachovia Securities Inks Wolf River Blvd. Lease
- Friday, January 30, 2009
Cypress Realty Holdings Co., a private real estate investment trust managed by Price Ford and Joe Jarratt, has signed Wachovia Securities, a subsidiary of Wells Fargo & Co., to a 10-year lease for 7,550 square feet of office space in the Wolf River Medical Arts Facility, 7550 Wolf River Blvd.
54. Wells Fargo Swings To Q4 Loss
- Thursday, January 29, 2009
Wells Fargo & Co. has reported that it swung to a $2.83 billion loss in the fourth quarter as it took significant charges to reduce its exposure to the risky assets of Wachovia Corp. and built up its reserves to cover future losses.
55. Death Knell for Citigroup's 'Supermarket' Model
- Thursday, January 15, 2009
NEW YORK (AP) - The original financial supermarket is dead.
Citigroup signaled the end of a decade-long experiment to create one-stop shopping for financial services – everything from consumer loans to investment banking – with Tuesday's announcement that it was putting its Smith Barney brokerage into a joint venture with Morgan Stanley.
56. CarMax Swings to Q3 Loss as Sales Fall
- Monday, December 22, 2008
RICHMOND, Va. (AP) - Auto retailer CarMax Inc. said Friday it swung to a $21.9 million loss in the third quarter due to slumping sales and store traffic, and loan loss write-downs in its auto finance arm.
57. Commission to Discuss Lender Suit
- Tuesday, December 16, 2008
Tennessee attorney general Bob Cooper came to Memphis last month, and in an afternoon meeting Nov. 19 with Shelby County Mayor A C Wharton Jr. the topic of discussion was a major piece of litigation the county is close to filing.
58. Losch Readies For CFO Role At First Horizon
- Monday, December 08, 2008
William “BJ” Losch will become the newest addition to the top ranks of Memphis-based First Horizon National Corp. next month when he takes over the executive role formerly held by current FHN president and CEO Bryan Jordan.
59. Holiday Shopping Season Off to a Modest Start
- Tuesday, December 02, 2008
NEW YORK (AP) - The Thanksgiving shopping weekend may not have been the disaster some had feared, but unprecedented discounts and tempered buying likely resulted in overall soft sales as a buying binge on Friday quickly fizzled. Now, online retailers are ramping up deals to turn skittish shoppers into "Cyber Monday" spenders.
60. FDIC Adds 54 Banks To ‘Problem List’
- Wednesday, November 26, 2008
The Federal Deposit Insurance Corp. said Tuesday the list of banks it considers to be in trouble shot up nearly 50 percent to 171 during the third quarter – yet another sign of escalating troubles among the institutions controlling Americans’ deposits.
61. US Consumer Confidence Rises in November
- Wednesday, November 26, 2008
Consumer confidence rose in November amid receding gasoline prices, but Americans’ views on the economy remain the gloomiest in decades as they face massive layoffs, slumping home prices and dwindling retirement funds.
62. First Horizon Board Experiences Several Changes
- Tuesday, November 25, 2008
A flurry of executive changes continues to be seen at Memphis-based First Horizon National Corp.
On the heels of the company’s announcement that it has tapped William Losch, a former senior vice president and chief financial officer for General Bank at Wachovia Corp., to be the new CFO, FHN’s board recently has seen two members step down and one new person join.
63. Gov’t Plans Massive Citigroup Rescue
- Tuesday, November 25, 2008
WASHINGTON (AP) – Rushing to rescue Citigroup, the U.S. government agreed to shoulder hundreds of billions of dollars in possible losses at the stricken bank and to plow a fresh $20 billion into the company.
64. King Pharma's $1.6B Offer Wins Over Alpharma
- Tuesday, November 25, 2008
NEW YORK (AP) - Alpharma Inc. has finally agreed to King Pharmaceuticals Inc.'s $1.6 billion cash takeover offer, ending the drugmakers' months-long battle.
65. Losch Signs On As Exec. VP at First Horizon
- Monday, November 24, 2008
William C. Losch III, 38, has joined First Horizon National Corp. as executive vice president and chief financial officer. He will begin the position Jan. 1.
66. US Home Construction Sinks to New Record
- Thursday, November 20, 2008
Construction of new homes plunged last month to the lowest level on records going back nearly 50 years as U.S. builders slashed production while Wall Street nosedived.
Embattled homebuilders, who enjoyed a five-year boom, are now building new homes and apartments at a record-low pace, according to government data released Wednesday. New building permits, a barometer of future activity, also plummeted to the lowest pace on record.
67. Citigroup to Shed Another 53,000 Jobs
- Tuesday, November 18, 2008
NEW YORK (AP) - Citigroup Inc. is shedding approximately 53,000 more employees in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.
68. Banks Wage Rate War for Deposits
- Monday, November 17, 2008
Banks across the U.S. are engaged in a heated competition for deposits as the battered industry tries to shore up its funding sources.
From giant Citigroup Inc. to tiny S&T Bancorp Inc. – which is based in Indiana, Pa. and has just 55 branches – banks are responding to uncertain times by sharply increasing the interest rates paid on deposits.
69. Renasant Names Wiegert VP, Mortgage Production Manager
- Wednesday, November 12, 2008
Michael Wiegert has been named vice president and mortgage production manager for Renasant Bank in Memphis.
70. City, County May Sue Predatory Lenders
- Friday, November 07, 2008
Government leaders are discussing the possibility of taking legal action against mortgage companies they say have contributed to abusive loans in local communities.
Shelby County mayor A C Wharton Jr. and Memphis mayor Willie Herenton, as well as attorneys for the city and county, have participated in some of the discussions.
71. FDIC Plan Tests Limits of Leniency
- Tuesday, November 04, 2008
ANTIOCH, Calif. – When the Federal Deposit Insurance Corp. seized control of IndyMac Bancorp – the nation's 10th-largest mortgage lender by loan volume – the agency vowed to ease terms for many of its troubled borrowers. In doing so, the FDIC wanted to show the mortgage industry how it could slash home foreclosures by making decisions both sensible and humane.
72. Recession Fears, Weak Earnings Stoke Stock Selling
- Thursday, October 23, 2008
NEW YORK (AP) – World stock markets sagged again Wednesday as a barrage of weak corporate earnings stoked fears that the government’s financial intervention won’t keep global economies out of recession.
73. OPEC Scrambles as Crude Prices Spiral
- Thursday, October 23, 2008
VIENNA, Austria (AP) - When oil prices go down, OPEC slashes production and the cost of crude rises, right?
Maybe not this time. With the global economy edging toward recession, the specter of diminishing supply has been blown away by a stunning lack of demand that now has the market in a stranglehold.
74. Oil Falls Below $67 on US Recession Fears
- Thursday, October 23, 2008
NEW YORK (AP) - Oil prices tumbled below $67 a barrel to 16-month lows Wednesday after the government reported big increases in U.S. fuel stockpiles – more evidence that the economic downturn is drying up energy demand.
75. Towne Center Tenant Files Bankruptcy
- Wednesday, October 22, 2008
As the economy tightened and credit dried up over the past several weeks, a South Memphis grocery store owner who is planning to open a new location in the mixed-use Towne Center at Soulsville hit a rough patch.
76. US Confronts Possibility of Long, Deep Recession
- Thursday, October 16, 2008
NEW YORK (AP) - The U.S. has not endured a deep and prolonged recession in more than a quarter century – enough time for many Americans to forget what one feels like.
But unlike the last two relatively short recessions, this one could be much longer and more severe, potentially bringing with it anxiety and job losses not seen in many years.
77. Wells Fargo Q3 Profit Falls 25 Percent
- Thursday, October 16, 2008
NEW YORK (AP) – Wells Fargo reported Wednesday its third-quarter profit fell 25 percent as it took hits on investments in troubled finance companies and increased its credit reserves, but results were better than analysts had expected.
78. Wells Fargo Plans Wachovia Buy; Regulators OK Deal
- Monday, October 13, 2008
NEW YORK (AP) – Wells Fargo emerged as the apparent victor in the battle for control of Wachovia bank Thursday night, after rival suitor Citigroup broke off talks with Wells Fargo and federal regulators but vowed to have its day in court.
79. Fed Orders Emergency Rate Cut, Other Banks Follow
- Thursday, October 09, 2008
WASHINGTON (AP) – The Federal Reserve, acting in coordination with other global central banking authorities, cut a key U.S. interest rate by half a percentage point Wednesday to steady a teetering economy.
80. Wachovia, Wells Fargo Sued by Citigroup for $60B
- Tuesday, October 07, 2008
Citigroup has filed a complaint in New York Supreme Court against Wachovia, Wells Fargo and the directors of both companies seeking more than $60 billion in damages for interfering with the bank’s planned takeover of Wachovia’s banking operations.
81. Citigroup to Acquire Wachovia Banking Operations
- Tuesday, September 30, 2008
In the latest byproduct of the widening global financial crisis, Citigroup Inc. will acquire the banking operations of Wachovia Corp. in a deal facilitated by the Federal Deposit Insurance Corp.
Citigroup will absorb up to $42 billion of losses from Wachovia’s $312 billion loan portfolio, with the FDIC covering any remaining losses, the government agency reported Monday. Citigroup also will issue $12 billion in preferred stock and warrants to the FDIC.
82. Morgan Stanley to Sell 20 Percent Stake to Mitsubishi
- Tuesday, September 23, 2008
NEW YORK (AP) – Investment bank Morgan Stanley reported Monday it signed a letter of intent to sell up to 20 percent of the company to Mitsubishi UFJ Financial Group Inc.
Financial terms of the deal were not disclosed. If the deal is completed, the price would be based on Morgan Stanley’s book value after Japan’s largest bank completes a due diligence review. The letter of intent signed by both banks is nonbinding.
83. 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.
84. 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.
85. Fannie, Freddie Takeover Leads to Questions
- Monday, September 15, 2008
WASHINGTON (AP) – The federal government’s dramatic takeover of mortgage finance companies Fannie Mae and Freddie Mac raises many questions for the public at large as home prices continue to fall and the U.S. economy remains weak.
86. Washington Mutual Ousts CEO
- Tuesday, September 09, 2008
Washington Mutual Inc., ravaged by losses from sour mortgages, replaced Kerry Killinger as chief executive of the nation’s largest savings and loan on Monday, adding him to the growing list of banking bosses ousted by their boards. Its shares fell almost 12 percent.
87. Jobless Rate Jumps To 5-Year High
- Monday, September 08, 2008
WASHINGTON (AP) – The nation’s unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike.
88. Economy Remains Stuck in Low Gear
- Monday, August 25, 2008
NEW YORK - A private sector measure of the economy's health showed the largest drop in a year, and while new jobless claims fell for the second straight week, they remain near the highest levels since 2002. The reports are the latest evidence the languishing American economy remains stuck in low gear.
89. Housing Starts Slide To 17-Year Low
- Thursday, August 21, 2008
WASHINGTON (AP) – Construction of homes and apartments fell in July to the lowest level in more than 17 years, but some economists said the drop could aid the slumping housing sector by helping reduce a glut of unsold properties.
90. Wachovia to Cut 600 More Jobs
- Wednesday, August 13, 2008
Wachovia Corp. officials said this week the company plans to cut 600 more jobs than it previously expected as it works to reduce expenses in the face of staggering losses tied to mortgage debt.
According to its quarterly filing with the U.S. Securities and Exchange Commission, the bank now expects to eliminate 11,350 positions, including 6,950 active employees and 4,400 open positions. All of the additional job cuts will be in the bank’s troubled mortgage business.
91. Citigroup Returning Billions to Investors
- Monday, August 11, 2008
WASHINGTON (AP) - Citigroup Inc. will buy back more than $7 billion in auction-rate securities and pay $100 million in fines as part of settlements with federal and state regulators, who said the bank marketed the investments as safe despite liquidity risks.
92. Jobless Rate Rises To 4-Year High
- Monday, August 04, 2008
WASHINGTON (AP) – The nation’s unemployment rate climbed to a four-year high of 5.7 percent in July as employers cut 51,000 jobs, dashing the hopes of an influx of young people looking for summer work.
93. 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.
94. 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.
95. BofA Q2 Profit Shrinks, Beats Wall Street Expectations
- Tuesday, July 22, 2008
CHARLOTTE, N.C. (AP) - Bank of America Corp. has become the latest in a string of big banks whose second-quarter earnings, while hurting from the impact of the credit crisis, still managed to beat Wall Street expectations.
96. Mortgages Up, National, Local Reports Show
- Monday, July 14, 2008
Federal Reserve Chairman Ben Bernanke said in a speech given last week at a Federal Deposit Insurance Corp. conference in Virginia that the Fed is unveiling new policies this week that will provide a salve to the bruised mortgage market.
97. 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.
98. Commercial Mortgages Decline 31% in May
- Monday, June 30, 2008
Issues plaguing residential lending such as stricter guidelines and shrinking credit tend to garner most of the headlines, but the commercial sector continues to deal with those same problems.
As a result, commercial lending has declined locally and nationally, according to the latest data from the Mortgage Bankers Association and real estate information company Chandler Reports, www.chandlerreports.com.
99. Wall Street Economists See Faster Growth in 2009
- Wednesday, June 25, 2008
WASHINGTON (AP) - After anemic growth in 2008, Wall Street economists expect U.S. economic growth to accelerate next year, according to a survey released Tuesday by a financial industry trade group.
100. May Commercial Sales Drop 75 Percent
- Monday, June 23, 2008
Take away the $16 million multifamily portfolio sold in a complicated deal that kept the properties out of bankruptcy and Shelby County’s commercial real estate activity in May was a picture of paltriness.