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In the summer of 1984, Norwest Mortgage lost nearly $100 million from an unsuccessful effort to hedge its mounting interest-rate risk on adjustable-rate mortgages. The loan losses and the mortgage debacle led to a drop in net income from $125.2 million in 1983 to $69.5 million in 1984.
The Bank of New York Mellon Corporation, doing business as BNY, is an American banking and financial services corporation headquartered in New York City.The bank offers investment management, investment services, and wealth management services. [2]
Wells Fargo's profits jumped 57% in the second quarter thanks to higher interest rates and loan balances, the bank said Friday. San Francisco-based Wells earned $4.9 billion, or $1.25 per share in ...
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The housing market is headed back to a 1980s-style recession, Wells Fargo says—and it’s all because of ‘higher for longer’ mortgage rates
What’s even more telling is that Wells Fargo’s study actually focuses on “affluent” millennials who make at least $250,000 a year, which means it’s not just lower-income young people who ...
1970s-era Pittsburgh National Bank logo, used until the 1982 merger to form PNC Bank. PNC Financial Services traces its history to the Pittsburgh Trust and Savings Company which was founded in Pittsburgh, Pennsylvania, on April 10, 1845.
Eric's Credit Community reported generally consistent delinquency results, with a 24-month delinquency rate by credit grade for loans originated after January 1, 2006, ranging from 11.8% for 'AA' loans to 61.6% for 'HR' loans. The charge-off rates in many cases exceeded the interest received on the loan categories, resulting in a negative return.