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Wells Fargo – Banking Crisis?
Wells Fargo – Banking Crisis? It has begun. Wells Fargo has told all its customers that it is shuttering down ALL personal lines of credit. The bank has made it clear that it is shutting down ALL existing personal lines of credit and it will no longer offer such products. That includes revolving credit lines, which typically […]
Wells Unexpectedly Shuts All Existing Personal Lines Of Credit, Hinting US Economy On The Edge
Wells Unexpectedly Shuts All Existing Personal Lines Of Credit, Hinting US Economy On The Edge Wells Fargo just announced that it’s shutting down all of its existing personal lines of credit – a popular product offered by the retail-focused Wall Street giant – a move that will likely infuriate legions of customers. The revolving credit […]
How Much Are Banks Exposed to Subprime? More than we Think
How Much Are Banks Exposed to Subprime? More than we Think Wells Fargo has $81 billion in exposure to loans that, on paper, it isn’t exposed to. A couple of days ago, when I wrote about the soaring delinquency rates in subprime auto loans – the worst since 1996 – and the collapse of three […]
Here’s How Regulators Are Inadvertently Laying The Groundwork For The Next Housing Crisis
Here’s How Regulators Are Inadvertently Laying The Groundwork For The Next Housing Crisis Only a few weeks ago, we pointed out a remarkable development in the US mortgage market that has significant implications not only for mortgage borrowers, but perhaps the broader economy as a whole: Wells Fargo, formerly America’s foremost mortgage lender, had seen […]
Wells Fargo: Who Says Crime Doesn’t Pay
Wells Fargo: Who Says Crime Doesn’t Pay Unless you’re one of the few people still watching CNN™, you may have missed what can only be one of the most scandalous in-house criminal activities to be uncovered at a bank. And not just any bank. It happened at none other than Wells Fargo™, which, up until the […]
Major Problems Announced At One Of The Largest Too Big To Fail Banks In The United States
Major Problems Announced At One Of The Largest Too Big To Fail Banks In The United States Do you remember when our politicians promised to do something about the “too big to fail” banks? Well, they didn’t, and now the chickens are coming home to roost. On Thursday, it was announced that one of those […]
Major Problems Announced At One Of The Largest Too Big To Fail Banks In The United States
Major Problems Announced At One Of The Largest Too Big To Fail Banks In The United States Do you remember when our politicians promised to do something about the “too big to fail” banks? Well, they didn’t, and now the chickens are coming home to roost. On Thursday, it was announced that one of those […]
Federal Regulators Accuse Banks Of Not Having Credible Crisis Plans, Would Need Another Bailout
Federal Regulators Accuse Banks Of Not Having Credible Crisis Plans, Would Need Another Bailout Perhaps the biggest farce to result from the Dodd-Frank legislation designed to “rein in” banks was the ridiculous notion of “living wills” – a concept that makes zero sense in an environment where the failure of even one bank assures a […]
Was There A Run On The Bank? JPM Caps Some ATM Withdrawals
Was There A Run On The Bank? JPM Caps Some ATM Withdrawals Under the auspices of “protecting clients from criminal activity,” JPMorgan Chase has decided to impose capital controls on . As WSJ reports, following the bank’s ATM modification to enable $100-bills to be dispensed with no limit, some customers started pulling out tens of thousands of dollars at […]
JPMorgan Just Sounded a $500 Million Alarm Bell On America’s Dying Oil Patch
JPMorgan Just Sounded a $500 Million Alarm Bell On America’s Dying Oil Patch Back on January 14, we noted that JPMorgan did something they haven’t done in 22 quarters: the bank increased its loan loss provisions. The “reserve build of ~$100mm [is] driven by $60mm in Oil & Gas and $26mm in Metals & Mining within […]
A Glimpse Of Things To Come: Bankrupt Shale Producers “Can’t Give Their Assets Away”
A Glimpse Of Things To Come: Bankrupt Shale Producers “Can’t Give Their Assets Away” Over the course of the last several weeks, we’ve spent quite a bit of time sounding the alarm bells on America’s growing list of bankrupt oil and gas drillers. We’ve also been keen to point out that the long list of […]
Exclusive: Dallas Fed Quietly Suspends Energy Mark-To-Market On Default Contagion Fears
Exclusive: Dallas Fed Quietly Suspends Energy Mark-To-Market On Default Contagion Fears Earlier this week, before first JPM and then Wells Fargo revealed that not all is well when it comes to bank energy loan exposure, a small Tulsa-based lender, BOK Financial, said that its fourth-quarter earnings would miss analysts’ expectations because its loan-loss provisions would be higher […]
The Credit Crunch Is Back: Banks Scramble To Collateralize Loans To Record Levels
The Credit Crunch Is Back: Banks Scramble To Collateralize Loans To Record Levels One of the biggest quandaries of this cycle for the US economy has been the amount and growth of commercial bank loans. Virtually non-existent for the first three years of the centrally-planned new normal, something changed in 2012 at which point US […]
