Mortgage Financing Bolsters Wells Fargo’s Record Profit
Propelled by its mortgage business – the biggest in the U.S. – Wells Fargo & Co. reported a record 20 percent jump in fourth-quarter profit, exceeding Wall Street expectations.
Through its core consumer ...
Credit Customers Boost Citigroup, But Profit Drops 11%
Citigroup’s loan business improved in the fourth quarter as consumers did a better job of paying down their credit card balances, but the nation’s third largest bank by assets was hurt by investments and missed ...
Consumer Watchdog Preps ‘Nonbank’ Lender Supervision
The nation’s new consumer watchdog is preparing to supervise “nonbanks” as part of its mandate to protect Americans from deceptive or abusive lending practices.
This month, with President Obama’s appointment ...
JPMorgan Chase Lending Grows As Charge-Offs Fall 43% in 2011
JPMorgan Chase, the nation’s largest bank by assets and top credit card issuer, saw its profit drop 23 percent in the fourth quarter, mainly from falling trading and investment bank revenue.
But its loan business, ...
U.S. Credit Card, Other Borrowing Surges Surprising 9.9%
U.S. consumer borrowing – via credit cards and auto and student loans – made the biggest jump in November since the onset of the financial crisis, surging at a 9.9 percent seasonally-adjusted annual rate, according ...
Holiday Debt Jumps, But Personal Income Remains Sluggish
For days, the headlines have been heralding record-setting online holiday sales and a more modest uptick in overall store spending, but there is a gnawing reality that personal income growth for Americans is at ...
Payroll Tax Cut Showdown: Obama Asks ‘What $40 Means to You’
Republicans and Democrats are in a standoff over extending the payroll tax cut, with just days left for Jan. 1, when a tax increase takes effect for 160 million Americans.
House Republicans have refused to accept ...
FTC: Payday Loan Scheme Illegally Garnished Wages
A federal court has ruled in favor of the Federal Trade Commission in forcing one individual behind a payday lending scheme and two of his companies to pay $294,536 for illegally attempting to garnish borrowers’ ...
Credit Card Charge-Offs See Big Drop from Year Ago, Crisis Peak
Just a year ago, the credit card division of the nation’s largest bank, JPMorgan Chase, saw a charge-off rate of 7.16 percent. That’s a stark contrast from November 2011 when Chase wrote off 4.02 percent ...
Fed: Moderate Growth Means Near-Zero Rate ‘Through mid-2013’
Despite slowing global growth, the U.S. economy is “expanding moderately” with improvement in consumer spending, but unemployment is still too high and the housing market remains depressed, the Federal Reserve ...
