Citing commercial real estate concerns, the analyst blog of Zacks.com is warning investors to avoid the stocks of banks such as Citigroup, Wachovia, National City, Keycorp, and Washington Mutual. "Commercial real estate is about to follow residential real estate into the tank, and banks will have to write off many of the commercial mortgages they hold as well," the blog cautioned. Investors should "[s]tay far away" from the stocks of such banks. "The bank write-off game is not even close to being over," the blog declares. Chicago-based Zacks Equity Research can be found on the Web at http://www.zacks.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
5h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
10h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24