Wachovia Bank reports $23.9 billion loss in Q3

October 22, 2008 by · Leave a Comment
Filed under: Industry News 

Another impressive loss from this financial titan.  


Wachovia Corp reported a third-quarter loss of $23.9 billion on Wednesday, a record quarterly deficit for a banking company in the global credit crisis, underscoring the challenges Wells Fargo & Co faces when it acquires the big lender.

Read more

Citigroup Demands Wachovia and Wells Fargo Terminate Merger Deal

October 3, 2008 by · Leave a Comment
Filed under: Bank Failure 

I take issue with this. Why would Citigroup be so up in airs about this deal for Well Fargo to take over Wachovia? Well beside getting a fire sale price because of the banks distressed position, nothing. The problem with these latest deals is that the banks have been cherry picking these large commercial banks for their best assets and then leaving the holding company with all the bad assets that literally wipe out the shareholders and in some cases the bondholders as well. What we are forgetting is Wells Fargo is doing what atleast half of America has been calling for “A Free Market Solution“. This is not Wells just taking the bank deposits and run, they are taking the whole enchilada including the stuff some might not prefer. But now that we have these government sponsored or backed deals people would rather have intervention in the market then take part in the downside just as they took part in the upside. Here is what an analyst said that really hits home to what I am taking about with regards to the mentality now that the government is getting involved, “Citigroup loses an attractive, accretive deal, complete with government assistance. David Trone, an analyst with Fox- Pitt Kelton Cochran Caronia Waller in New York, wrote in a note today.

Bloomberg Article:

Citigroup Inc. demanded that Wells Fargo & Co. and Wachovia Corp. terminate a $15.1 billion takeover agreement announced today, saying it breached an exclusive deal the New York-based company reached earlier this week.

Citigroup, led by Chief Executive Officer Vikram Pandit, dropped as much as 15 percent in New York trading after San Francisco-based Wells Fargo said it would buy Wachovia in an all- stock transaction. Citigroup announced a $2.16 billion offer for parts of the company four days ago.

Read more

Wells Fargo REOs – Premiere Asset Services

July 13, 2008 by · 6 Comments
Filed under: National REO Banks 

Wells Fargo has taken a slightly different approach than other banks. First, they have setup a mini-website that goes by Premiere Asset Services for their REO listings. Next, they have a partnership with Foreclosure.com to get access to Wells Fargo’s listings so they can display them on their website.

Wells Fargo’s property search is very robust with a nice search criteria for finding real estate that are going to auction. PAS also has email alerts, you can set the criteria for the property you are looking for in the geographic area and when a piece of real estate comes up that meets your property search requirements it will email you with a alert that has a link to the listing.

Bank REO Info:

“Move-in” condition. Handyman special. Luxury homes. Premiere Asset Services offers a wide selection of REO homes, representing assets of several financial institutions that contracted with Premiere Asset Services to manage and market their properties.

To search our database of properties, simply select your criteria in the boxes below, then click ‘Search’.

To obtain additional information on a property, please contact the listing agent; their name and contact information is listed on the property detail page. If you can’t find what you’re looking for, simply register for Email Property Alert.


Read more