South Korea to guarantee banks’ foreign currency debts
More evidence of this global problem. I am surprised to see this article, I thought the Fed offered unlimited currency swaps for countries needing dollars. With S. Korea having the 6th largest foreign currency reserves, it looks like they are working on getting through this crisis under there own power. If so, that would be the prudent approach to keep its credit rating in tact.
Release:
South Korea announced measures Sunday to shore up its banks by guaranteeing their external debt and pumping more money into the financial system amid the global credit crisis.
The government said it will provide up to $100 billion to secure banks’ maturing foreign currency debt for three years on loans taken out from Oct. 20 this year until June 30, 2009.
Popularity: 1%
Private bankers see crisis boosting transparency
The global financial crisis will boost calls for tougher regulation and greater transparency on banking fees, which could in turn hit some wealth managers’ profit margins, bankers to the world’s rich say.
“Clients have lost trust and something needs to be done to improve the quality of advice,” Sebastian Dovey, managing partner at wealth management consultancy Scorpio Partnership, told the Reuters Wealth Management Summit.
Popularity: 1%
Washington Mutual (WaMu) REO Department
No review for WaMU REO properties as this time. I could not find any information on their website or a link to a national broker that was handling their REO listings. Through searching the web I did happen to pull up a phone number you can call that has a automated voice menu. Enjoy
REO Phone Number:
Popularity: 16%
JPMorgan loses $1.5 billion so far in third quarter
The losses keep rolling in. I expect to continue to see more write-downs and losses into 2009. Risk spreads are still quite wide and that tells us the market still thinks there are more hidden grenades on balance sheets waiting to explode on unsuspecting investors. Here is the release.
Release:
Investment bank JPMorgan Chase & Co has incurred losses of about $1.5 billion since the start of July, hurt by turmoil in the credit and mortgage markets and by wider credit spreads and lower levels of liquidity, the company said in a regulatory filing late Monday.
Popularity: 1%
Fed Says Banks Toughen Lending Standards Amid Economic Slump
Banks in the United States further tightened lending standards in all major categories, especially for consumer loans, in the past three months amid a weakening economic outlook, according to a Federal Reserve survey released on Monday.
The July survey of senior loan officers at 52 domestic banks and 21 branches and agencies of foreign banks also showed that demand for loans by both businesses and households had weakened since the last survey in April.
Popularity: 1%
Security National Servicing Corporation
In 1996, Security National Properties opened as a commercial real estate company that specializes in the acquisition, development, and management of office and retail properties. In 1998, SNP issued their first bond securitization, providing investors an opportunity to participate in pools of performing assets.
Today, the Company manages a diverse portfolio of residential and commercial assets as well as a select group of non-real estate loans. We anticipate continued growth as a result of our success in procuring new portfolios, effectively managing our assets, and strategically diversifying into related business activities.
Listings:
At the time of this writing, they have REO property in every state in the U.S. The listing pages are very basic with few having actual pictures. After reviewing a handful of listings in different states we would recommend just contacting the broker and getting some concrete information.
Link:
Popularity: 8%
Private Financial Services REO Properties
This will be a short review being that Private Financial Services only had a single REO property listing at the time of this writing. PFS is a property management company that specializes in Oil & Gas properties with mineral rights. They have provided services for Bank of Oklahoma, Bank of Texas, Bank of Albuquerque, Bank of Arizona, Colorado State Bank and Trust, Bank of Arkansas, Bank of Kansas City, and Southwest Trust Company.
For the single listing they had it did not have a picture. It does have some basic real listings information and contact information for the broker representing the property. Maybe in the future we will see more listings.
Link:
Popularity: 5%