Bank of America gave up about $6 billion in annual revenue by phasing out risky consumer banking products and eliminating certain fees.» Read More
If any company can take the mortgage pain, WFC can. And once the Fed cuts rates, this stock should shoot up like a rocket.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
It takes more than good credit to get a mortgage these days. Lenders across the country, stuck with piles of loans investors wouldn't buy, are jacking up rates and imposing stricter requirements on even the most creditworthy borrowers. And once again, to close a deal, home shoppers often have to put down their own money, prove what they say they earn, as well as show a track record for payment.
The subprime meltdown is spreading to other parts of the mortgage market. So-called jumbo loans--those above $417,000--are getting more expensive and difficult to get.
Corporate news and analyst upgrades were some of the catalysts behind the most actively traded stocks on Monday.
Stocks rallied as investors snapped up shares in the beaten-down financial sector despite uneasiness surrounding the health of credit markets and the U.S. economy. "We got a big sigh-of-relief rally," said Arthur Cashin, director of floor operations at UBS.
Let me just preface by saying that I don't make a habit of commenting on what other colleagues at CNBC say. It's neither prudent, nor necessary. I also didn't even plan on blogging this week; I'm on vacation for crying out loud! But my BlackBerry was buzzing off the base this weekend, with housing bloggers begging me to respond to Jim Cramer's outcry on Friday about the Fed and the mortgage market. So let me just blog here respectfully.
There was little cheer about for the real estate and housing industries this week, but the news flow was not nearly as unrelentingly negative -- some would say depressing -- as the previous two weeks.
Wells Fargo, Wachovia and other lenders are limiting mortgages to some of their more creditworthy borrowers as worries about U.S. homeowner defaults widen.
“They’re pulling themselves out of the market to regroup,” is what one of my mortgage broker buddies told me on the phone this morning when I asked how in the heck Wells Fargo could raise rates on a 30-year jumbo fixed rate mortgage from 6 7/8% to 8% overnight. A jumbo is anything over $417,000, and given today’s home prices, that’s going to hit an awful lot of borrowers.
Countrywide Financial, the largest U.S. mortgage lender, Tuesday reported a 33% decline in second-quarter profit and slashed its full-year earnings forecast, citing a difficult housing market.
Wells Fargo & Co. has stopped offering a popular adjustable-rate mortgage designed for home buyers with troubled borrowing histories, becoming the latest lender to curtail its exposure to the subprime market in response to regulatory and market pressures.
The Dow Jones Industrial Average closed at a record high, but slipped below 14,000 after trading above the milestone earlier in the session. Traders remained optimistic that the market will power higher. "We're not going to stop at 14,000; it's just an arbitrary number," said Gordon Charlop, president of Walter J. Dowd.
Wells Fargo, the fifth-largest U.S. bank, said second-quarter profit rose 9% to a record, as higher customer fees offset a decline in mortgage banking income and a jump in loan losses.
Earnings news is helping set the tone as some big positive reports are countering weakness in stocks ahead of inflation data.
Next week a number of companies should report better-than-expected earnings. Here are Cramer's must-own names.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Wells Fargo, the fifth-largest U.S. bank, on Wednesday named John Stumpf chief executive, replacing Richard Kovacevich, who will remain chairman.
The cell phone does it all: You can take pictures, send emails, play music and watch TV. Now, you can add banking to that list. That's because some of the largest U.S. banks -- Bank of America, Citibank, Wachovia, Washington Mutual, Wells Fargo, and ING Direct – are launching mobile banking services that give you access to your accounts wherever you are.
On Wall Street, the Berkshire Hathaway chief is a god. But does he still have his mojo after all these years?Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Over the last 2 days The Street’s most admired investors all revealed they were purchasing more stocks. Warren Buffett, George Soros, Carl Icahn and Eddie Lampert disclosed holdings that ranged from drugs to railroads. Click here to find out exactly what they’re buying and why.
A tough operating environment for U.S. banks, especially smaller ones, is likely to drive more of them to seek mergers this year in an effort to improve profits. Through the second week of May, there were 21 U.S. bank and thrift mergers involving sellers with assets of at least $500 million in 2007, according to analysts at Keefe, Bruyette & Woods.