Word: loaning
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Dates: during 2000-2009
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...JPMorgan Chase Loan losses: JPMorgan largely avoided the troubled subprime-lending game. Not so Washington Mutual, which JPMorgan acquired in 2008 in an FDIC-brokered deal. With housing prices still falling, many of those WaMu loans are going unpaid. JPMorgan has $105 billion in credit card loans, which could cost the company some $18 billion. And there is an additional $262 billion in corporate and commercial loans, which, according to Roubini, could tally $26 billion more in red ink. All told, it's a $97 billion loss for JPMorgan...
...Bank of America Loan losses: BofA's buyout of mortgage broker Countrywide means the bank has $400 billion in home loans outstanding - more than its competitors. Worse, Countrywide, by nearly all accounts, had shockingly low lending standards. Chalk up a higher-than-average $40 billion in losses there. On top of that, BofA has made $87 billion in loans to commercial real estate developers. Roubini predicts 17% of those loans will go bad as developers hit the skids. For BofA, that's $15 billion more in losses. Toss in $55 billion in commercial- and consumer-loan losses...
...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...
When western diplomats seek concessions from Iran, they typically dish out tough rhetoric and threaten sanctions. Neil MacGregor, the cherub-faced director of the British Museum, uses a more refined arsenal: cultural relics and priceless artifacts. In January, MacGregor traveled to Tehran to finalize the loan of treasures from eight of Iran's best museums. In exchange, he promised to loan the National Museum of Iran the Cyrus Cylinder, a 2,500-year-old clay cylinder inscribed with decrees from the Persian emperor Cyrus the Great. Following a request by the Iranian Vice President's office, he also vowed...