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Tag Archives: Citigroup

Bank Shares Soar on Europe’s Grand Debt Bargain

Bank shares lifted in the enthusiastic market response to news that European Union states reached a grand bargain to save the euro, but analysts speaking with MReport pare jubilation with forecasts for fewer refinance applications and home purchases. After two years of time spent in a debt crisis, European leaders cobbled together a third bailout measure to salvage debt-ridden Greece and prevent further peril for the continent├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós common currency.

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Bank Stocks, Shares Fall on Euro Debt News, Again

The meeting cancellation before a major summit of European Union state leaders spooked the markets Tuesday, according to multiple news outlets, leading the Dow Jones Industrial Average into a 207-point nosedive and slashing stocks and shares for the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós mortgage lenders. The investor selloff wiped clean three days of otherwise solid gains for bank stocks and shares, which deflated on news that troubled economic heavyweights Greece and Italy may still tumble.

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Bank Shares Lift on News of a Europe Bailout Deal

Stocks and shares for mortgage lenders and homebuilding companies got swept into a market updraft following news reports that major European economies had agreed to bail out their Mediterranean counterparts. Several weeks of speculation trail the news, with investors fleeing, then returning to shares and stocks on wobbly notions that Europe├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós two biggest economies, France and Germany, will pull debt-ridden laggards Greece, Italy, and potentially others away from a default scenario.

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Big Banks Sued for Allegedly Bilking Veterans, Taxpayers

In yet another blow to major mortgage lenders, two brokers unveiled suits Monday against a string of companies alleging the defendants bilked veterans out of millions by hiding illegal fees under other charges for their refinance loans. Quickly emerging as a hot-button topic inside the Beltway, with some pointing fingers at federal agencies, the suit joins a pack of other litigation on the way for big banks. The matter involves the Interest Rate Reduction Refinancing Loans program for veterans.

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Rumored Europe Relief Sends Up Shares for Lenders

After a drought for good news, markets and mortgage lenders found reason to celebrate Monday with a late-day flood by investors to their stocks. Confidence-boosting measures by government officials led the charge by investors to lenders like Bank of America and JPMorgan Chase, with central bankers in Europe mustering up an aid package for debt-ridden countries.

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Dodd-Frank Cheered, Jeered, as Moody’s Downgrades Big Banks

In a surprise move, Moody's Investors Service slashed credit ratings for mortgage giants Bank of America, Citigroup, and Wells Fargo Wednesday afternoon, citing concerns that the federal government may not rush to pick up their remains and bail out the institutions in another liquidity crisis. Critics and advocates of the Dodd-Frank Act used the downgrades to alternately justify the legislation or undermine it in the national square. The downgrades arrive amid a slew of bad times for the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós largest mortgage lenders.

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Feds Seen as Able to Weather Crisis if Greece Defaults

With fears on the rise about a Greek default, stocks for U.S. companies and lenders fell around midday Monday. Speaking with MReport, federal regulatory agencies downplayed the fears despite quarterly numbers that found an expansion in lending volume between wobbly euro zone and U.S. financial institutions over the first quarter. New worries about a spreading debt contagion arose over the weekend when European Union officials reached an impasse in bailout talks.

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Banks Lose Big Over Bad MBS, Numerous Suits

Even as the good news emerged that fewer banks are failing countrywide, Bloomberg News found that the nation's biggest lenders have lost some $65.7 billion in bad mortgage-backed securities, with billions in the red. A number of suits by mortgage lenders, one against the other, plus a barrage of action to recover losses for Fannie Mae and Freddie Mac suggest more losses may be in store for U.S. financial institutions. Market watchers disagree over whether culpability is needed in lieu of the bad economy.

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Markets, Analysts React to the FHFA Suits

Partly in response to suits brought by the Federal Housing Finance Agency Friday, stocks for a number of the 17 companies-turned-defendants sank Tuesday, with Deutsche Bank leading the way down midday. Market watchers across the country offered up their reactions, with some portending considerable fallout for the economy and others waving away notions that a settlement by the banks would weaken the housing recovery. Deutsche, Barclays, Morgan Stanley, and others all saw their shares decline Tuesday midday.

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FHFA Sues 17 Companies Over MBS Losses

Acting on behalf of Fannie Mae and Freddie Mac, the Federal Housing Finance Agency filed suits Friday against 17 of the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós largest banks and firms to recover losses stemming from mortgage-backed securities. At stake: tens of billions of dollars in assets, according to market watchers. Multiple news outlets fixed losses in mortgage-backed securities for the GSEs at $41 billion. The federal agency announced that it filed the suits on behalf of the GSEs in a New York federal court.

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