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...executive vice president of M&T Bank, said he thinks banks will be able to avoid many of those loan losses through loan modifications or "through blocking and tackling," as he put it. Parkus, though, said that outlook was too positive. He countered that banks will have a very tough time refinancing the poor loans they made at the height of the credit bubble. "There are very large losses embedded in the system," he said...
...sure, Wells Fargo still has plenty of fans, and its bottom line has held up better than expected - the bank's first-quarter earnings of $3 billion were up 50% over the prior year's first quarter, despite a tough economy. Executives at Wells are also reassuring investors that the bank's loans will perform better than rivals; they point to the $39 billion in loans the bank wrote off when it acquired Wachovia last fall as proof of its conservative posture...
...greater threat to investors springs from the fact that Wells Fargo's loan losses could exceed the government's expectations. In calculating the stress tests, government bank examiners applied different loan-loss rates for different banks. For instance, bank examiners were relatively tough on Wells' primary mortgage-loan portfolio, predicting that nearly 12% of the loans would default over the next two years. This compares to an estimated loss for Citigroup of just 8% for its primary mortgage loans. That makes sense. More of Wells' mortgage loans are concentrated in California than Citigroup. And California has had more foreclosures than...
...course, such market tumult ultimately means some railroads may find the going tough. To get an idea of what competition might do to the passenger-train industry, take a look at the freight sector, which was opened up to cross-border rivalries in late 2005. In France, nine new operators that stepped in to take on SNCF's freight service have captured 11% of the market in just five years. That may not sound like much, but the smaller players are making money while the state-owned giant is not. "What's significant in this isn't the element...
...mundane sets of stats - many of which requite specialized software to access - make data.gov a tough sell to the general public. Vivek Kundra, the federal government's chief information officer and the site's manager, has explained that the contents are rapidly expanding. He encourages web developers to use the raw information to create new, user-friendly web applications. "With your help, Data.gov will continue to grow and change in the weeks, months and years ahead," he advises on the site's homepage...