No outrage from dems on wells fargo 3b qtr
- Thread starter Topspin
- Start date
SmarterthanYou
rebel
its artificial profit people. it's all smoke and mirrors.
SmarterthanYou
rebel
THIS!!!!!!
SmarterthanYou
rebel
how is 37 billion vanishing in to thin air, working?
evince
Truthmatters
http://www.mailtribune.com/apps/pbcs.dll/article?AID=/20090410/BIZ/904100327
San Francisco-based Wells Fargo, which has received $25 billion in funds as part of the government's bank-bailout plan, anticipates earnings after preferred dividends of about 55 cents per share.
Revenue for the period ended March 31 is expected to climb 16 percent to $20 billion.
Analysts polled by Thomson Reuters forecast profit of 23 cents per share on revenue of $19 billion. Analysts' estimates typically exclude one-time items.
Wells Fargo earned $2 billion during the first quarter last year.
The bank's chief financial officer, however, did caution that the economy hasn't necessarily recovered yet.
"It's premature to conclude the economy has turned," said Howard Atkins, Wells Fargo's CFO. "All I can tell you is we're seeing a lot of business."
Revenue at Wells Fargo, which has been one of the strongest banks during the ongoing credit crisis and recession, was bolstered by strong mortgage banking and capital markets business, Atkins told The Associated Press. During the first quarter, Wells Fargo received about $190 billion in mortgage applications, a 64 percent jump from the previous quarter. More than 40 percent of that volume came in March.
Most of that business was refinance applications, but about 25 percent came from customers looking to purchase homes, Atkins said, noting the recent quarter's mortgage activity has been among the strongest quarters since the housing market began to collapse in 2007.
San Francisco-based Wells Fargo, which has received $25 billion in funds as part of the government's bank-bailout plan, anticipates earnings after preferred dividends of about 55 cents per share.
Revenue for the period ended March 31 is expected to climb 16 percent to $20 billion.
Analysts polled by Thomson Reuters forecast profit of 23 cents per share on revenue of $19 billion. Analysts' estimates typically exclude one-time items.
Wells Fargo earned $2 billion during the first quarter last year.
The bank's chief financial officer, however, did caution that the economy hasn't necessarily recovered yet.
"It's premature to conclude the economy has turned," said Howard Atkins, Wells Fargo's CFO. "All I can tell you is we're seeing a lot of business."
Revenue at Wells Fargo, which has been one of the strongest banks during the ongoing credit crisis and recession, was bolstered by strong mortgage banking and capital markets business, Atkins told The Associated Press. During the first quarter, Wells Fargo received about $190 billion in mortgage applications, a 64 percent jump from the previous quarter. More than 40 percent of that volume came in March.
Most of that business was refinance applications, but about 25 percent came from customers looking to purchase homes, Atkins said, noting the recent quarter's mortgage activity has been among the strongest quarters since the housing market began to collapse in 2007.
That's oversimplifying the economics of the situation.
By the reports I read, much of the profit was the result of the Wachovia acquisition.
The CFO also said today that they expect to be able to pay back all of the TARP funds they received. Isn't that kind of what we want?
SmarterthanYou
rebel
:lmao:
how is refinancing a group of people who couldn't pay their mortgage then, OR NOW, going to spur the economy?? these people are not working yet, more jobs are being lost, which means more of these loans are going to default.
totally warped view of economics.
It is.
I'm not one of the doomers that say that stimulus won't work. I'm just saying if I am handed 40 Billion dollars, and all I have to show for it is 3 afterwards it is not all that great.
That being said, they are the first to show a good solid return on the investment.
I think betting on doom is worthless and doesn't recognize much of the past where cycles are very real. I didn't make the point because I think stimulus will fail, I made the point because we need to remember that all 3 Billion of that was made possible by the infusion of 40 Billion dollars from us, yes us, the taxpayer.
That's silly.
I can afford my mortgage, and i'm going to refinance. So are millions of others who can afford their motgages.
SmarterthanYou
rebel
millions can afford to refinance.......millions others cannot, but they will take advantage of it and lead to more failures....how is this a good thing economically?