Bank of America Corp.’s chief executive officer faced complaints at the company’s annual shareholder meeting about the bank’s handling of foreclosures. In his opening remarks, he worked to distinguish the successful parts of the company from the struggling mortgage business. He clearly laid the blame on the 2008 purchase of tottering mortgage lender Countrywide Financial Corp.
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First-quarter retail originations were down around 50 percent from the fourth-quarter 2010 at Fairway Independent Mortgage Corp. Compared to the first-quarter 2010, production was off around 14 percent. But Fairway reported strong growth at its recently launched wholesale lending division.
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Home-loan fundings during the first quarter tumbled 38 percent from the fourth-quarter 2010 at U.S. Bancorp. However, fourth-quarter volume was the highest ever. Business was still better than the first-quarter 2010.
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Forbes Magazine previously ranked West Virginia as the worst state to do business. The magazine said West Virginia ranked 50th in its regulatory environment, 38th in overall economic climate and dead last in growth prospects. The chairman and chief executive officer of the biggest bank based in the state, United Bankshares Inc., says that doing business in the state is far less profitable than in neighboring Virginia because of excessive litigation and a burdensome regulatory environment.
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Under the Small Business Jobs Act of 2010 , Congress authorized a Small Business Administration program to finance commercial real estate purchases and refinance commercial mortgages. The program made available up to $34 billion in total financing. This week, the Obama administration announced that the maturity date of qualifying loans has been extended.
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The Business Secretary wanted the tax on expensive properties but Whitehall insiders poured scorn on the idea.
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Fed meeting Higher oil and food prices. Unemployment near 9 percent. Crises in Northern Africa, the Middle East and Japan. When they meet today, Chairman Ben Bernanke and his Federal Reserve colleagues will debate those problems and risks. At the top of their agenda is whether to make any changes to the Fed’s $600 billion Treasury bond-purchase program, which is set to expire at the end of June. Economists think the Fed will agree today to maintain the pace and size of the bond purchases.
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John M. Mason submits:
Last month I wrote a post entitled: ” Why Is Most of the Fed’s QE2 Cash Going to Foreign-Related Banking Institutions? .”
This month the Fed’s “cash” injection has ended up at the largest 25 banking institutions in the United States. Cash assets at the largest domestically chartered banks rose by almost $160 billion over the past four weeks.
The cash assets at foreign-related banking institutions dropped modestly (about $4 billion) over the last four weeks but is still up approximately $125 billion since the end of last year.
According to the Fed’s data on the commercial banking industry, cash assets in commercial banks have risen by about $260 billion over the past nine banking weeks, with around $135 billion going to the largest 25 domestically chartered banks, $125 billion going to foreign related financial institutions and roughly zero going to the other 7,600 domestically chartered small banks.
Other than this fact, Complete Story ยป
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The earthquake that struck Christchurch Feb. 22, killing more than 160 people and wrecking the central business district, is likely to cost as much as NZ$15 billion ($11 billion), New Zealand’s Treasury Department said.
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