Wachovia: Increasing Credit Troubles Ahead
Submitted by
CalculatedRisk on Fri, 10/19/2007 - 4:34am (15 comments)
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Funny they don't mention all the layoffs they've been conducting.
Second!
Fifth Third confesses:
Fifth Third Third-Quarter Profit Little Changed
| Reuters
Fifth Third set aside $139 million for bad loans, up 60 percent, and said net charge-offs increased 46 percent to $115 million. Nonperforming assets increased 72 percent to $706 million. The bank cited deteriorating credit conditions in commercial construction, commercial mortgages, and consumer home equity and auto loans for some of the increases.
And here's a gem:
Fifth Third operates mainly in the Midwest, but has been expanding in Florida. It has 1,181 banking offices and about $104 billion of assets.
Just as FL RE collapses, they are trying to expand there. Wow!
BOYD ERMAN and JACQUIE MCNISH AND TARA PERKINS
From Thursdays Globe and Mail
October 18, 2007 at 3:08 AM EDT
Credit-rating agency DBRS Ltd. suggested for the first time Wednesday that some of the assets underlying the frozen portion of Canadas commercial paper market are at risk because of its ties to the controversial U.S. residential mortgage-backed security market.
The $34-billion market for third-party asset-backed commercial paper has been frozen since investor demand dried up in August and is now being restructured by major banks. Throughout the turmoil, DBRS has said the assets were top quality and the market breakdown was a result of liquidity problems brought on by a global market rout.
Wednesday, DBRS revealed that about three-quarters of the total amount is backed by complicated financial structures known as collateralized debt obligations, or CDOs, while only about 23 per cent comes from traditional assets such as mortgages and auto loans.
GOOG
today's pre-open gain takes care of next years eps...
now for '09's
who wants to pay up for that today?
$25 in '09
685 anyone?
Caterpillar misses
Expired
I'm in Charlotte and I keep hearing whispers about layoffs at BoA and Wachovia...but not mass layoffs. It's more executive level, six-figure type people being cut than the workers bees.
I have no proof of this except anecdotal evidence of the things I see and what I hear. If others are hearing/seeing this as well I'd love to hear more...
Lots of worker bees have been furloughed since 7/1. Its all about centralizing operations. By year end 1/2 of the pre merger GDW staff will be gone.
Couldn't happen to a nicer bank.. F'em. The crap they pull on their customers. I used to be one, pulled out.
F'em and their JD powers and associates #1 ranking.
Sore Ex
Caterpillar misses
Cat says trucking is in a recession.
If trucking is in recession, the economy can't be far behind. All signs point to recession starting Q4.
Sad thing is they are buying a reputed conservative company like A.G.Edwards & Sons and run it to ground. AOL & Time Warner, Worldcomm & MCI all over again.
Caterpillar misses
Cat says trucking is in a recession.
One of Cat's divisions provides infrastructure support to railroads. The freight slowdown (mentioned on CR a few weeks back) could be having a follow on effect there.
Progress Rail Services
Wachovia Layoff Forum:
Wachovia Jobs Forum | Indeed.com
Coming up on 1100 posts in last 4 months.
Under the radar to the msm. 25 here, 40 there doesn't get the ink.
So, just how stable is Wachovia at this point? I know they are morons - I've dealt with them for years after they bought up a decent bank I did business with - but should I be concerned about them rolling over? I am trying to spread my money around and keep under the FDIC limit at each bank... thoughts?
GREENLINK WHICH IS IN CHARGE OF ALL APPRAISALS FOR WACHOVIA WOULD USE APPRAISERS THAT ONLY WOULD MAKE THEIR VALUE. AS A MORTGAGE BROKER I LOST SEVERAL DEALS TO WACHOVIA BECAUSE THE APPRAISER I USED COULD NOT MAKE VALUE I FOUND OUT GREENLINK CLOSED THE DEAL USING COMPARABLES THAT WERE NOT EVEN IN THE MARKET. HOPE YOU EVEN LOOSE MORE MONEY BECAUSE YOU WERE JUST AS DISHONEST AS ALLQUEST BUT JUST DIDNT GET CAUGHT.