Items Tagged with 'KeyCorp'

ARTICLES

  • Stress Tests End; Raising Money Begins

    The wait is over. Stress test results reveal nine of the nation's 19 largest banks successfully endured the government's testing and will not require any additional capital, while the other 10 banks must boost capital levels by a collective total of $74.6bn, in order to comply with government standards, said the Federal Reserve this afternoon. Bank of America [stock BAC][/stock] stands the front-runner, requiring $33.9bn in fresh capital, followed by Wells Fargo [stock WFC][/stock] who must raise $13.7bn in new capital.
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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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  • Nationstar Plans Comeback

    Written off by most after watching its subprime operations implode late last year, Nationstar Mortgage is planning to reinvent itself as a prime retail lender operating nearly nationwide, HousingWire has learned. The company plans to expand a small retail lending platform later this month, various sources have informed HW; representatives at the Dallas-based lender did not immediately return phone calls seeking comment by the time this story was published.
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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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  • Radian, Creditors Agree to Amendments; Net Worth Provisions Relaxed

    In good news for at least one mortgage insurer, Radian Group Inc. [stock RDN][/stock] said late Wednesday that it had finalized negotiations with key creditors, including Cleveland-based KeyCorp [stock KEY][/stock], that amend the terms of the insurer's primary back-up source of liquidity to eliminate covenants tied to the firm's insurer financial strength ratings. Radian had said on April 10th that it had secured a waiver on rating terms, and that its credit had been frozen pending a long-term resolution.
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  • Nationstar Completes Acquisition of Champion Mortgage

    Dallas-based Nationstar Mortgage LLC announced Thursday that it has completed the acquisition of the Parsippany, N.J.-based Champion Mortgage origination platform from KeyCorp (NYSE: KEY). The transaction was previously announced December 1, 2006 and includes over 250 employees and four call centers located in Parsippany, N.J., Marlborough, Mass, Melville, N.Y. and Marlton, N.J. The acquisition does not include the $2 billion Champion Mortgage loan portfolio, which was sold separately to HSBC Holdings, Plc.
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  • Ohio IDA Program Expands Opportunities for Homeownership

    More than 2,000 Ohio families will have the opportunity to purchase their first homes, thanks to a $4 million grant from the Ohio Department of Jobs and Family Services. The new statewide program offers Individual Development Accounts (IDAs), personal savings accounts that earn match dollars, to encourage and help people save enough money to buy a house. The program has the potential to create more than $190 million in home investments, according to program sponsors.
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