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Wells Fargo & Co.

6/19/2013, 3:56 PM ET

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Wednesday, June 19, 9:06 AM Bank of America (BAC), JPMorgan (JPM), Citigroup (C), and Wells Fargo (WFC) have failed to comply with parts of the $25B national mortgage settlement, according to Joseph Smith, the independent monitor appointed to oversee the process. "We still have work to do on the loan modification process," he says. His findings jibe with anecdotal reports and comes as the NY AG has signalled his intention to sue the banks over violations. 11 Comments [Financials, Top Stories]
Monday, June 17, 10:12 AM Deutsche Bank (DB) is leading a wave of big banks ramping up exposure to single-family housing by extending credit to Wall Street firms so they can buy up homes to turn them into rentals. The bank reportedly just lent another $1.5B to Blackstone (BX) after an earlier $2.1B line got used up. Wayne Hughes' American Homes 4 Rent has as much as a $1B line from Wells Fargo (WFC), and SilverBay Realty (SBY) just inked a $200M facility from Bank of America (BAC) and JPMorgan (JPM). 14 Comments [Financials]
Friday, June 14, 11:23 AM More on Sterne Agee's Wells Fargo (WFC -0.9%) downgrade: Analyst Todd Hagerman (previous) says "meaningful multiple expansion from current levels is unlikely," as "clearly moderating" EPS growth is set to be "exacerbated by the stubbornly low rate environment and normalizing mortgage banking revenues." In related news, refi applications fell 36% last week from the first week of May, WSJ says, before noting that refinancing made up more than two thirds of all mortgage deals at WFC during Q1. (Also: WFC admits refi slowdown may hurt) Comment! [Financials]
Friday, June 14, 8:04 AM Sterne Agee cuts Wells Fargo (WFC) to Neutral from Buy, price target unchanged at $42. Details as they become available. (Previous: Atlantic says WFC probably "over earning" on elevated refi volumes) Comment! [Financials]
Wednesday, June 12, 8:10 PM CNBC's Jim Cramer thinks the shrinking number of underwater mortgages and a rising net interest margin are "incredibly" bullish signs for bank stocks. 9.7M properties were underwater in the U.S. during Q1, down from 10.5M in Q412. That's significant, he adds, because when a homeowner goes from underwater to above water on their mortgage, they spend three times as much at the retail level than they would do otherwise. His favorite pick: Wells Fargo (WFC). It's the single greatest play if you think houses are coming out from underwater," Cramer says, because of its "ability to take the collateral and make new loans." (Video). 13 Comments [Financials, U.S. Economy]
Wednesday, June 12, 11:19 AM Wells Fargo (WFC -0.2%) and U.S. Bancorp (USB -0.2%) are both downgraded to Sell by Atlantic Equities' Richard Staite, who says valuations and earnings expectations are already high, leaving little room for upside surprises. Wells is likely "overearning" relative to normal capacity thanks to previously high (now, not so much) refinance volumes. His top pick is Bank of America (BAC -0.4%), currently "underearning" by as much as 50% thanks to high legal and asset servicing costs. 2 Comments [Financials]
Tuesday, June 11, 9:33 AM Bank (C, BAC, JPM, WFC) overdraft protection raises the eyebrows of the CFPB, which questions how lenders are selling this product and whether fees can really be anticipated and thus avoided. The bureau notes consumers who opt in to such programs end up paying more in costs. "What is ofter marketed as overdraft protection may actually be putting consumers at greater risk." As of yet, no action or fines have been announced. 7 Comments [Financials]
Thursday, June 6, 11:38 AM Hoping to make the whole thing go away, Wells Fargo (WFC) pays $42M to settle allegations it failed to maintain foreclosed homes in low-income areas with the same rigor with which it kept up properties in wealthier spots. 3 Comments [Financials]
Thursday, June 6, 6:50 AM National Australia Bank (NABZY.PK) - Oz's largest - and Wells Fargo (WFC) are exploring a joint venture to bring Australian borrowers to the U.S. term loan B (TLB) market, reports Reuters. The TLB market is basically junk bonds, and the lucrative business is currently dominated by global banks such as JPMorgan (JPM) and Bank of America (BAC). 3 Comments [Financials]
Thursday, June 6, 2:48 AM Working in partnership with the FBI and authorities in over 80 countries, Microsoft's (MSFT) Digital Crimes Unit has launched a successful attack on one of the world's biggest cyber-crime rings. Microsoft forced the closure of at least 1,000 out of an estimated 1,400 malicious networks known as Citadel Botnets, which are believed to have stolen over $500M from accounts at financial companies such as American Express (AXP), PayPal (eBay), HSBC (HBC), JPMorgan (JPM), Royal Bank of Canada (RY) and Wells Fargo (WFC). 6 Comments [Top Stories, Financials, Tech, Consumer]
Wednesday, June 5, 11:26 AM Wells Fargo (WFC -0.6%) is well-positioned for rising interest rates, CFO Tim Sloan tells a DB conference (webcast), as the bank can earn higher returns on its investments. He does allow one negative - a slowdown in mortgage refinancing from which Wells has benefitted maybe more than any other U.S. bank. (Previous: Refinancing index dives). Comment! [Financials]
Wednesday, June 5, 7:56 AM More on Mortgage applications: The refinance index dove 15% to its lowest level since November 2011 as the average 30-year fixed-rate mortgage jumped 17 bps to 4.07%, the highest in more than a year. The index is now off about 40% in a month. Mortgage REITs (MORT,, REM) certainly face a few issues at the moment, but prepayment risk is no longer one of them. Struggling enough finding growth, the refinancing cash cow benefitting the big banks (WFC, BAC, JPM, C isn't producing at the moment. 11 Comments [U.S. Economy, Financials]
Tuesday, June 4, 12:04 PM Wells Fargo (WFC) and Bank of America (BAC) have been ordered by Finra to pay more than $3M (not a typo) to customers who suffered losses after being steered into floating-rate funds in 2007 and 2008. Finra is also tacking on its own $2.15M fine. "As investors continue to look for yield in a low-interest rate environment ... firms need to ensure that investment recommendations are consistent with customers' investment objectives." 9 Comments [Financials]
Monday, June 3, 3:53 PM If easy credit is necessary to fuel a bubble, then the current frothy housing market - national prices up 10% Y/Y - does not constitue one, according to Wells Fargo (WFC) CFO Tim Sloan. Lenders are maintaining standards, he tells Bloomberg, and the subprime lending in vogue pre-2007 is non-existent today. 4 Comments [U.S. Economy, Financials]
Thursday, May 30, 11:20 AM "One of the biggest risks today in our industry is not credit risk, it's interest-rate risk," says Wells Fargo (WFC +0.9%) CEO John Stumpf, speaking at a Bernstein conference. He says his bank has mistakenly (so far) kept a lot of money on the sidelines, waiting for higher rates to emerge at some time. "Sometime hasn't come yet." 3 Comments [Financials]
Friday, May 24, 8:33 AM What's Fannie Mae (FNMA.OB) up to? It's snatching profits away from banks as it increasingly purchases loans directly from lenders, cutting out those used to making good money by packaging mortgages into securities. "We don't play this big of a role because we want to," modestly says CEO Tim Mayopoulos. "(We have) no goal relative to market share, except to reduce it," says another spokesman. The lenders (JPM, WFC) seeing profits vanish aren't so sure. 12 Comments [Financials]

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