JPMorgan and Wells Fargo Revenues Receive Boost From Home Affordable Refinance Program
Five Star Equities Provides Stock Research on JPMorgan and Wells Fargo
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 06/20/12 -- U.S. banks have performed admirably this year despite growing concerns of a euro zone recession. Collectively the U.S. Banking Industry has posted a first quarter profit of $35.3 billion, the best in nearly five years. This makes it 11 consecutive quarters FDIC insured banks have seen year-over-year increases. "The condition of the industry continues to gradually improve," said Martin J. Gruenberg, the FDIC's acting chairman. Five Star Equities examines the outlook for companies in the Banking Industry and provides equity research on JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Company (NYSE: WFC).
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The Home Affordable Refinance Program (HARP) has provided an unexpected revenue boost to the "Big Banks" this year. HARP provides an opportunity for struggling homeowners to take advantage of record-low mortgage rates by allowing them to refinance homes that are worth less than their mortgages. According to data collected by Nomura Holdings Inc. banks that refinance mortgages under HARP could see as much as $12 billion in revenue this year.
"HARP and refinancing more broadly is providing a meaningful boost to homeowners' cash flow, particularly in the stressed housing states like Florida," said Mark Zandi, chief economist at Moody's Analytics Inc. "This is going to be a big plus for stressed homeowners in very stressed markets with negative equity."
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Central bank supervisors reviewing JPMorgan Chase & Co.'s $2 billion trading loss have yet to find other weakness at the firm according to a recent Bloomberg article. "To date, we have found no evidence that they are, but this work is not yet complete," Scott Alvarez, general counsel for the Board of Governors, said in comments to the Financial Services Committee.
Wells Fargo & Company is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Wells Fargo has recently been named "Best Trade Bank in the USA" by Trade Finance magazine. Recognizing its continued support of financial institutions in trade finance, the company was also voted "Best Financial Institution Trade Servicing Bank."
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Datum: 20.06.2012 - 06:20 Uhr
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