Word: bankes
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Dates: during 2000-2009
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...Capital cushion: The good news for Wells is that it has been aggressive in identifying problem loans - $37 billion from Wachovia alone. Wells officials argue that will lead to lower losses than its competitors'. But if not, the bank could be in trouble...
...still on the monitor, but it's not far from being healthy again. It has a stressed leverage ratio of 4.6%. Just $7.3 billion in new capital would put BofA back on its feet. And with Uncle Sam finalizing its deal to guarantee $118 billion of BofA debt, the bank may already be on the mend. (See the top 10 financial-crisis buzzwords...
...Wells Fargo Loan losses: When Wells Fargo acquired Wachovia late last year, it more than doubled its loan book. In good times, that would be a major coup. These days, it's major trouble. Home buyers owe the bank $360 billion, up from about $150 billion just three months ago. Next, Wells has $154 billion in commercial real estate loans, as well as $200 billion in other types of commercial debt. Apply Roubini's overall 13% loss projection, and the conclusion is that Wells may be sitting on a $117 billion loss...
...Prognosis: Defibrillator. Stat! Wells Fargo is generally considered one of the banks that are least likely to fail. But our stress test says otherwise. Even with its $58 billion loan-loss buffer, Wells is still in the hole for $59 billion, or 60% of its capital. With $40 billion remaining and an expected $5 billion in income, the bank could sink to a less-than-rosy leverage ratio...
Financial stocks were a big drag on Thursday's market - banks fell 6.6%, led by Bank of America's 14% decline. Real estate-related sectors were also sharp decliners, with home construction stocks falling 9%. Both sectors, finance and housing, are at the heart of the goverment's efforts to address the financial crisis. On February 10 Treasury Secretary Timothy Geithner unveiled a multi-pronged plan for troubled banks, and on Wednesday President Barack Obama announced a $275 billion program to stem foreclosures and support the housing market. Today's stock market action suggests investors are still in doubt about...