The mortgage foreclosure "robo signers" could cost banks big money–because of put backs
Add another word to English as spoken on Wall Street: robo signer. These are the folks at banks and mortgage servicing companies who signed hundreds of foreclosure documents a day. Frequently they didn’t read them at all. Even more frequently they didn’t bother to...JPMorgan Chase earnings show U.S. banks have a growth problem
It’s not as if bank stocks don’t have enough problems what with the horrible mess that they’ve made out of their mortgage business: If you can’t foreclose on a house because your paper work was signed by employees who never even read it, you’re in deep, deep trouble....Buy JPMorgan Chase (JPM)
Maybe you’re wondering why shares of JPMorgan Chase (JPM) were up 3.4% on September 13? The whole banking sector was up that day, of course, because the announced Basel III new banking regulations aren’t as strict as some investors had worried they would be. That’s a...JPMorgan Chase disappoints on loan loss reserves–bank sector earnings pop delayed
I wish I could be as optimistic about the first quarter results posted yesterday by JPMorgan Chase (JPM) as the stock market was. The market apparently focused on the 74 cents a share in earnings—a great big 11 cents a share above Wall Street projections. The stock...Even JPMorgan Chase is still putting new money away to cover bad loans
Can’t anybody run a bank anymore? I don’t mean an investment bank that makes its money from trading, managing stock and bond offerings, and inventing new financial instruments. That’s a good business these days for everybody from Bank of America (BAC) to JPMorgan...Saving the big banks but destroying banking
There have been no obituaries. No eulogies. No burial services. But this quarter marks the death of traditional bank at the big money center banks. Oh, I know we’ve seen amazing earnings reports from the likes of Goldman Sachs (GS) and JPMorgan Chase (JPM) this...No big bad news is the biggest good news in JPMorgan Chase earnings
On the morning of October 14 JPMorgan Chase (JPM) reported third quarter earnings of 82 cents a share, way above the 50 cents a share expected by Wall Street analysts. A nice surprise that. The company also told investors that it had added another $2 billion to its...Credit card defaults move up again in August
Credit card portfolios at the country’s major banks showed a rising tide of defaults in August. That pretty much wiped out the hope the July’s numbers, which showed a glimmer of improvement marked any bottom in bad loans for the sector. Consumers. whose...Leave home without it: JPMorgan Chase targets American Express
If you’ve wondered what JPMorgan Chase (JPM), one of the winners in the banking crisis, is going to do to savage more damaged competitors, wonder a little less. On September 14, the bank announced it is going after American Express (AXP) and its highly...The banking "recovery" is less than it seems from earnings
We’ve got half a banking recovery. That’s not at all the same as being halfway through a banking recovery. What the second quarter results from Goldman Sachs (GS), JP Morgan Chase (JPM), Citigroup (C), and Bank of America (BAC) tell us is that profits from the...Jim’s Daily Email Alerts:
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