Word: bankamerica
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
Black home ownership trails that of whites by nearly 30 percentage points--a gap Fannie Mae hopes to close. The federally chartered mortgage financier announced a partnership with the N.A.A.C.P. and BankAmerica last week to provide $110 million in financing aimed at helping disadvantaged blacks and other minorities obtain a mortgage with only a 3% down payment. For information on the program, which begins in a month, call...
...notes Lynn Reaser, chief economist of NationsBank Private Client Group, a division of BankAmerica, the economy has been growing at a remarkably even clip. She believes gross-domestic-product growth in the second half of this year "will turn out to be about 3.5%, actually equal to the first half, which was in turn equal to the second half...
...Management, a high-risk, high-rolling hedge fund based on the formulas of two derivatives Nobelists, went belly-up last month, Greenspan realized that the damage wasn't restricted to the brandy-and-cigars crowd. Banks and financial institutions were deep into hedge funds, and when Merrill Lynch or BankAmerica takes a $100 million hit, a lot of ordinary folks -- from bank customers to businesses to a homeowner looking to take out a second mortgage -- get contaminated...
Consumers might find this terrifying, but the superbankers love it. Because their gigantic banks are "too large to fail," firms like the new BankAmerica and Citigroup will offer the safest possible havens for investors--safer, perhaps, than even government-printed money. In the end, what the semper financiers are after is not just new customers or new deposits but a kind of business immortality ensured by their gargantuan size and guaranteed by their killer technology. E-cash, wealth accounts and consumer derivatives will have made these firms as essential as cash itself once was. If business immortality can be purchased...
Still, the recent mergers of Citicorp with Travelers, NationsBank with BankAmerica, and Bank One with First Chicago show that the push for bigness remains intense. Just about everyone expects a handful of not-quite-ready-for-prime-time banks--Mellon Bank, Wells Fargo, Norwest, Fleet Financial and others--to be bought or to find partners themselves. Meanwhile, those same banks, and many middle-size ones too, sport prices inflated by speculation. Their high stock prices give them currency to shop for smaller prey of their own. Fertile deal territory, for sure...