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Feingold Opposed Geinthner Confirmation
Posted on January 26th, 2009 No commentsWisconsin Sen. Russ Feingold was one of only three Democrats who voted against Timothy Geithner when he was confirmed as treasury secretary, the Chicago Tribune reported.
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Rough Year for Wis. Banks
Posted on January 24th, 2009 No commentsOne in every six Wisconsin banks took a loss in the third quarter of 2008. Even though that’s better than the national average of one in four, the state’s ratio will almost certainly be worse when the FDIC releases fourth-quarter data, analysts said in the Milwaukee Journal Sentinel.
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Rates Not Boosting Sales Yet
Posted on January 24th, 2009 No commentsLow mortgage interest rates haven’t boosted home sales yet, but real estate agents are optimistic that will happen. And Jim Bradley, president of Home Savings Bank of Madison, said about 15 percent of the mortgage applications his bank has processed recently are for sales instead of refinancing. Read the Wisconsin State Journal article.
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Foreclosures to Slow in 2009?
Posted on January 23rd, 2009 No commentsThe nation’s foreclosure hemorrhage has finally slowed and 2009 should see a significant decline in foreclosures as buyers return, pushing home prices up and fueling a real estate recovery, according to the 2009 Outlook from Foreclosures.com reported in the Small Business Times.
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Not Quite the Great Depression
Posted on January 23rd, 2009 No commentsNorthern Trust Bank economist Paul Kasriel compares expectations for the current recession with the Great Depression in a Small Business Times column.
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New Firm Buys Distressed Assets
Posted on January 23rd, 2009 No commentsMilwaukee-based Bellwether Capital Group Inc. was founded in October for the express purpose of helping banks rid themselves of distressed assets. “Our client buys all or any identified non-performing (assets) at the full note plus any accrued interest,” said Michael Blumenfeld, the firm’s president, in the Small Business Time.
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Wis. Banks Safe and Sound
Posted on January 23rd, 2009 No commentsThe banking industry is one of the most highly regulated industries with very complex, technical rules that must be followed. While the industry as a whole is facing challenging times as a result of the current economy, the banks in Wisconsin as a whole are strong, wrote Rose Oswald Poels of the Wisconsin Bankers Association in a Small Business Times opinion column.
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Bright Spots Amid the Turmoil
Posted on January 23rd, 2009 No commentsSome segments of the banking industry are healthy and are lending money, especially to strong commercial and industrial clients. Lending institutions that are in a strong financial position still have a significant appetite for commercial loans, Russ Weyers, president and COO of Johnson Bank told the Small Business Times.
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People Saving with Low Rates
Posted on January 23rd, 2009 No commentsRecord-low mortgage rates are keeping Madison-area lenders busy, with as much as five times the normal volume. “People are extremely rate sensitive, more so than ever before. They’re literally watching for an eighth of a percent,” one lender said. Read the Wisconsin State Journal article.
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Two More Join Fed Program
Posted on January 22nd, 2009 No commentsThe parent companies of The Baraboo National Bank and Manitowoc’s Bank First National have joined the list of Wisconsin banks participating in the federal government’s Capital Purchase Program, according to the Milwaukee Journal Sentinel.