Word: bankamerica
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...troubles of financial giant BankAmerica were hardly a secret. A red tide of loan losses has swelled over the past four years, and Chairman Samuel Armacost last month forecast little or no profit for the second quarter. Still, the financial community was stunned when BankAmerica last week announced a net loss of $338 million for that period. It was the second-worst quarterly deficit in U.S. banking history (after Continental Illinois' $1.1 billion loss in the second quarter...
...recently as 1979, California's BankAmerica was the world's largest and most profitable financial company, but it has since slipped behind New York's Citicorp, mainly as a result of losses from loans not repaid by developing countries and by such troubled industries as agriculture, real estate and shipping...
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...