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Big Banks Address Milwaukee Foreclosures
Posted on October 24th, 2010 No commentsRepresentatives of five of the nation’s leading banks told a crowd of 1,100 that they would work with the advocacy group Common Ground to deal with Milwaukee’s foreclosure crisis, including maintaining vacant land and boarded-up properties. Representatives from U.S. Bank, Wells Fargo, Bank of America, JPMorgan Chase & Co. and Deutsche Bank were at the meeting. Read more in the Milwaukee Journal Sentinel. -
Chase, B of A, Wells Lead in Foreclosures
Posted on October 13th, 2010 No commentsThe nation’s Big Three of banking have the most homes in foreclosure, according to research firm SNL Financial. J.P. Morgan Chase has $19.5 billion, or 7.5 percent of its one-to-four family mortgages, in foreclosure. Bank of America has $18.7 billion, or 4.39 percent, and Wells Fargo has $17.5 billion, or 4.74 percent. Chase and Wells Fargo have sizable deposit market shares in the Milwaukee area. Read the article in the Business Journal of Milwaukee. -
PNC Financial Also Suspends Foreclosures
Posted on October 8th, 2010 No commentsPNC Financial Services Group Inc. joined Bank of America Corp., JPMorgan Chase & Co. and Ally Financial’s GMAC Mortgage Unit in stopping mortgage foreclosures and evictions for a month so it can review whether documents it submitted to courts complied with state laws, the Small Business Times of Milwaukee reported. -
JPMorgan Chases Postpones Foreclosures
Posted on October 1st, 2010 No commentsJPMorgan Chase & Co. is asking that rulings be postponed in some pending foreclosures so the bank can review statements. New York-based Chase is looking at filings again because it learned that some of its employees had not reviewed underlying records before signing affidavits. About 56,000 foreclosures are affected by the delay, the Business Journal of Milwaukee reported.
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Chase Increases Profit by 76%
Posted on July 15th, 2010 No commentsJPMorgan Chase & Co. told investors it set aside $3.36 billion to cover loan-loss reserves, down from $8 billion a year ago, which helped the bank report a 76 percent increase in second-quarter profit, according to the Business Journal of Milwaukee. -
Chase Lowers Rate for Businesses That Hire
Posted on June 30th, 2010 No commentsJPMorgan Chase & Co. is lowering the interest rates for small businesses by 0.5 percent on a new business line of credit for each new employee hired, up to three, for the life of the loan, the company said in a news release. Read more in The Business Journal of Milwaukee. -
Chase Rolls Out New Mobile Banking Features
Posted on May 21st, 2010 No commentsJPMorgan Chase & Co. has rolled out two free mobile banking features to help customers manage their accounts. Customers can receive a low-balance alert via text message and transfer funds by sending a text-message reply, the Business Journal of Milwaukee reported.
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JP Morgan Chase Reports Earnings Jump
Posted on April 14th, 2010 No commentsGains in its investment banking operations helped JPMorgan Chase & Co., the bank with the third-largest deposit market share in the Milwaukee area, to a double-digit earnings jump for its first quarter, beating expectations, according to the Business Journal of Milwaukee.
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Lenders May Lose Billions on Fannie, Freddie
Posted on March 5th, 2010 No commentsLenders including Wells Fargo & Co., Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. may be forced to buy back $21 billion in faulty loans from Fannie Mae and Freddie Mac. “The agencies, which have suffered $200 billion in losses since 2007, have been cracking down on boom-era loans issues that may have been issued based on falsely stated incomes or inflated appraisals,” the Business Journal reported.
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Wells Fargo Touts Confidence in Customers
Posted on January 20th, 2010 No commentsBreaking from the cautious, even downbeat forecasts of rivals like JPMorgan Chase & Co., Wells Fargo used words like “favorable” and “confidence” about its future amid tentative signs that its loan defaults are close to a peak or already have peaked. But banking analysts say that ongoing problems could still hold back recovery, according to the Milwaukee Journal Sentinel.