Items Tagged with 'KeyBank'

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  • Wells Leads Commercial, Multifamily Servicers: MBA

    Wells Fargo/Wachovia Bank leads commercial and multifamily mortgage servicers in the first half of 2009. The servicer held $476.2bn of US master and primary servicing as of mid-year 2009, according to a survey of commercial and multifamily mortgage servicers by the Mortgage Bankers Association (MBA). Wells serviced 42,829 loans with an average loan size of $11.1m as of June 30.
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  • Fitch Tightens CMBS and Downgrades 10 Companies

    Fitch ratings updated its ratings criteria for commercial-mortgage backed securities (CMBS) to greater reflect the ongoing disruption in the commercial real estate (CRE) market. As a result, 10 companies were downgraded due to increased requirements for servicers weighings, financial strength, staff experience, and perhaps most importantly -- activity in CRE this year.
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  • BofA, Wells Post Highest 2008 Originations

    Bank of America Corp. [stock BAC][/stock] and Wells Fargo [stock WFC][/stock] took the top originating positions in the commercial and multifamily market in 2008, according to a report released Tuesday by the Mortgage Bankers Association.
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  • Analyst Speaks of Seven Deadly Banking Sins, Bank Shares Dive

    Shares of major U.S. banks were sent diving Monday morning after an obviously influential bank analyst predicted loan losses this sector will likely exceed Great Depression-era levels, as he believes the industry has fallen to "seven deadly sins." "The seven deadly sins of banking include greedy loan growth, gluttony of real estate, lust for high yields, sloth-like risk management, pride of low capital, envy of exotic fees and anger of regulators," said Mike Mayo, a former Deutsche Bank analyst now with Calyon Securities.
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  • PNC to Sell 61 National City Branches as Part of Merger

    The PNC Financial Services Group Inc. [stock PNC][/stock], a Pittsburgh-based financial holding company with $128 billion in assets, has agreed to sell 61 western Pennsylvanian branches of National City Corp. [stock NCC][/stock] as a condition of the pending merger, the U.S. Department of Justice announced Thursday.
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  • Regional Banks Feel Credit's Pinch

    A slew of regional bank earnings, released Tuesday morning, provide a quick look at how the nation's credit crunch is affecting banks other than the national, commercial giants. For Cleveland-based National City Corp. [stock NCC][/stock], the ghost of former subprime lending platform First Franklin -- and now, a slew of other loans, too -- has continued to hurt, as the bank reported a third quarter net loss of $729 million and continued to build its loss reserves.
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  • Credit Woes Slam Regional Banks

    Super-regional banks Fifth Third Bancorp [stock FITB][/stock] and KeyCorp [stock KEY][/stock] swung into the red during the second quarter, as credit costs exacted their pound of flesh from a regional banking sector that's increasingly looking vulnerable to continued deterioration in the mortgage and housing markets.
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  • KeyCorp's woes and the kitchen sink

    If you haven't figured it out just yet, the second quarter earnings about to be reported by more traditional banks and Wall Street's i-banks isn't exactly shaping up to be a pretty one. The latest case in point are woes at Cleveland-based regional bank KeyCorp, which shook up the financial headlines this week with news that it would raise $1.5 billion in capital and cut its dividend.
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