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Keeping the Home Sales Momentum Going
Posted on August 24th, 2009 No commentsReal estate professionals and industry analysts say there is no doubt the $8,000 first-time homebuyers tax credit has had an impact nationally and locally. In the metropolitan Milwaukee market, it has helped boost sales over the summer. But whether the momentum can be sustained when the tax credit goes away is the real question. Read the Milwaukee Journal Sentinel article.
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SBA Recovery Loans Popular in Wisconsin
Posted on August 21st, 2009 No commentsWisconsin ranks second in the nation in the America’s Recovery Capital program, which the U.S. Small Business Administration introduced in mid-June to provide no-interest loans of up to $35,000 to help small businesses pay existing debt, The Business Journal of Milwaukee reported.
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Wisconsin Mortgage Delinquencies Jump
Posted on August 20th, 2009 No commentsIn the second quarter, 6.86 percent of all residential mortgage loans in the state were at least one month behind but not yet in foreclosure, the Mortgage Bankers Association reported. That represents an increase from 4.73 percent in the second quarter of 2008, but less than the national delinquency rate of 8.86 percent. Read more in the Milwaukee Journal Sentinel.
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Amcore Selling New Glarus, Belleville Branches
Posted on August 19th, 2009 No commentsAmcore Bank NA of Rockford, Ill., has agreed to sell its Wisconsin branches in New Glarus and Belleville to Evansville, Wis.-based Union Bank & Trust Co. for an undisclosed amount, the Business Journal of Milwaukee reported.
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Survey: Investor Optimism Higher
Posted on August 19th, 2009 No commentsInvestor optimism about the global economy has soared to its highest level in nearly six years, with portfolio managers putting their cash back into equity markets, according to a survey of fund managers conducted for August by Merrill Lynch. Read the Milwaukee Business Journal article.
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Baylake Still Dealing with Troubled Loans
Posted on August 18th, 2009 No commentsBaylake Corp., the Sturgeon Bay, Wis. holding company for Baylake Bank, reported an increase in net income for the second quarter, but rising levels of nonperforming loans left bank management disappointed, the Business Journal of Milwaukee reported.
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Fed Survey Addresses Loan Demand, Standards
Posted on August 18th, 2009 No commentsU.S. banks extended fewer business loans in the second quarter, largely because of weaker demand for loans and deteriorating creditworthiness. According to a quarterly Federal Reserve survey of senior loan officers, a smaller percentage of banks tightened their loan standards from May through July than was true in the previous three months. Read more in the Business Journal of Milwaukee.
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M&I’s Nonperforming Loans Exceed 5%
Posted on August 18th, 2009 No commentsMilwaukee-based M&I Bank is the largest U.S. bank to own nonperforming loans that equal 5 percent or more of its holdings, according to Bloomberg News. More than 150 U.S. lenders own nonperforming loans that equal 5 percent or more of their holdings. Read the story in the Milwaukee Small Business Times.
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Marine Bank Parent Co. Extends Vote
Posted on August 18th, 2009 No commentsCIB Marine Bancshares Inc. in Pewaukee, Wis., the parent company of Marine Bank, has extended the voting period on its reorganization plan. CIB Marine said it hasn’t received enough votes to approve the plan, and it is extending the voting period until Sept. 9 in the hope of winning support for it, according to the Milwaukee Journal Sentinel.
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‘Low Rates Can’t Last Long’
Posted on August 16th, 2009 No commentsWhenever the Fed takes the training wheels off the economy, monetary policy could be dramatically different from the recent past, writes Milwaukee Journal Sentinel columnist Tom Saler.