First up
JPMorgan Chase & Co. (JPM), Wells Fargo & Co (WFC): Banks May Suffer, but Rising Mortgage Rates Won’t Shake Housing
When
megabanks JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Co
(NYSE:WFC) reported second-quarter earnings late last week, the effect
of skyrocketing mortgage interest rates was front and center. Both
banks reported a drop in refinance and new mortgage loan activity, and
Wells reported many fewer loans in its pipeline compared to last
quarter. JPMorgan noted that refinancing could drop by 40% in the next
half-year, and the overall slackening of the demand for mortgages might
be worse than analysts have predicted.
In the Next breath
Big Bank Mortgage Performance Has Been Better Than Expected: KBW
Banks that have reported so far have largely beaten expectations for the second quarter.
HUH??
Homeowners Still Struggling as Housing Numbers Trend Upward
It's
another upbeat sign for the housing market. In 2009, Wells Fargo
invited 16,000 financially struggling Chicago-area mortgage customers to
its first local workshop aimed at helping people save their homes from
foreclosure.
The numbers are up?
Sales of Existing U.S. Homes Unexpectedly Decrease: Economy
Previously
owned home sales fell unexpectedly in June as tight supply and
increasing rates for mortgages imperiled the real-estate market recovery
in the U.S.
Who are they trying to fool? This is the Banks , Wall Street, and our Government.. sending out propaganda bullshit.. to bad the only fools listening are investors.
Now
FHA Lending Is Booming! Here Are the Banks That Benefit
The
past few years have been red hot for the mortgage refinance business at
banks likeWells Fargo and JPMorgan Chase. Low rates have created an
environment where it made sense for virtually anyone to trade in their
higher rate from years past for a new low fixed-rate loan.
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