The mortgage-related lawsuits against Wells Fargo (WFC) and JPMorgan (JPM) are insignificant...


The mortgage-related lawsuits against Wells Fargo (WFC) and JPMorgan (JPM) are insignificant compared to the legal and asset write-down exposure at Bank of America (BAC) and Citigroup (C), writes Antoine Gara. For Wells, even a worst-case scenario would see a nickel cut from a forecast Q4 profit of $0.89, estimates KBW's Fred Cannon.

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Comments (3)
  • MexCom
    , contributor
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    Wells has a lawsuit; BAC has a settlement. The unknown vs the known. I'd take the known anytime.
    10 Oct 2012, 12:31 PM Reply Like
  • neutral alpha
    , contributor
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    who the hell is antoine gara and why should i give a damn about his/her opinion????????
    10 Oct 2012, 01:58 PM Reply Like
  • bernie 1
    , contributor
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    What I find amazing is that these & other banks still have in the employee mentality the ability to think they can offer anything & because it's them, we the mortgage customer, or just bank user will just fold.
    As an example, in Sept. I got an offer from my mortgage holder that at 6 % my mortgage was much to high. As an exceptional & long term customer with an very good record of never missing a payment that I qualified for an immediate reduction. I called & they told me that since I got my mortgage in 1999 I had never missed or been late on a payment & that I qualified for a lower rate. I told them that the costs of a Re-Fi was much more than my wife & I could afford.
    Well the agent, who was on the phone said that he had done all of the numbers & that with my record, he could bring my payment to 4.25% from 6 %. He said that there would be no cost's applied to me & the bank would absorb all the cost's just to keep an excellent person such as myself.
    Bottom line, my monthly payments (remember there would be NO refinancing costs) came out to app. $200. a month more than what we are paying at 6%. When the agent called again I asked about the difference between 6% & 4.25% costing so much more he said that would get back to me. Did anybody out there hear from this agent ? Maybe he lost my phone number. All this experience did for me was to listen much more carefully the next time another lending institution contacts me.
    THERE IS NO LOYALTY ANYMORE !
    11 Oct 2012, 09:16 AM Reply Like
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