As demand for mortgages continues to drop.
The largest U.S. mortgage lender and servicer announced Wednesday that it's laying off another 323 employees nationwide, including 30 in the Des Moines area.
The positions are being eliminated at Wells Fargo Home Mortgage, which is headquartered in West Des Moines, according to company spokesperson Angela Kaipust.
Much like Cap'n Crunch and Jeff.
WASHINGTON (Reuters) - U.S. housing starts rose less than expected in March and building permits fell, pointing to underlying weakness in the housing market that could persist despite better weather.
The Commerce Department said on Wednesday groundbreaking increased 2.8 percent to a seasonally adjusted annual rate of 946,000.
February's starts were revised to show a 1.9 percent rise rather than the previously reported 0.2 percent fall. Economists polled by Reuters had expected starts to rise to a 973,000-unit rate last month.
While a brutally cold winter weighed on home building in December and January, activity has also been hampered by shortages of building lots and skilled labor as well as rising prices for materials.
A report on Tuesday showed homebuilders in April were still downbeat about the sector's near-term prospects. The housing market is under strain from higher mortgage rates and elevated house prices that are sidelining potential buyers.
Groundbreaking for single-family homes, the largest segment of the market, surged 6.0 percent to a 635,000-unit pace last month. Starts for the volatile multi-family homes segment fell 3.1 percent to a 311,000-unit rate.
That was the lowest level since last October.
Permits to build homes fell 2.4 percent in March to a 990,000-unit pace. Permits for single-family homes rose 0.5 percent but fell 6.4 percent for the multi-family sector.
Not my word.
NEW YORK (Reuters) - U.S. homebuilder sentiment edged up in April but remained mostly dour on lingering concerns about stiff credit conditions for buyers and tight supply of building lots and labour, the National Association of Home Builders said on Tuesday.
The NAHB/Wells Fargo Housing Market index rose to 47 in April from a downwardly revised 46 in March, the group said in a statement. Economists polled by Reuters had predicted the index would rebound to 50 in April.
Readings below 50 mean more builders view market conditions as poor than favourable. The April reading was the index's third in a row to come in below 50.
"Builder confidence has been in a holding pattern the past three months," said NAHB Chairman Kevin Kelly, a builder and developer from Wilmington, Delaware. "Looking ahead, as the spring home buying season gets into full swing and demand increases, builders are expecting sales prospects to improve in the months ahead."
Nope....not making it up.
But what was worst, and naturally will not be discussed at all by the peanut gallery, about Citi's just announced results is that the amount of Citigroup mortgage originations - that key aspect of the trumpeted "housing market recovery" - did what it has done at every other bank. It plunged. Only at Citigroup, it plunged so badly, it just reached a new record low which at $5.2 billion is a 71% drop from a year ago! Long live the housing recovery... in which nobody seems to be participating.
And speaking of loan creation, based on reported data, so far in Q1, three of the four big banks: Citi, Wells and JPM have reported that total loan issuance is negative, something which drastically differs from what the Fed reports in its weekly commercial bank update report.
Have cut 80,000 jobs recently.
Europe's largest banks cut their staff by another 3.5 percent last year and the prospect of a return to pre-crisis employment levels seems far off, despite the region's fledgling economic recovery.
Spurred into action by falling revenue, mounting losses and the need to convince regulators they are no longer "too big to fail", banks across the globe have shrunk radically since the 2008 collapse of U.S. bank Lehman Brothers sparked the financial crisis.
Last year, the tide of bad news began to turn for European banks, which are among the region's largest employers.
Helped by recovering economies and receding fears for the euro zone's future, the benchmark Stoxx Europe 600 Banks index rose 19 percent, outpacing the 17.4 percent increase in multi-sector stocks.
Read More › How many European banks would pass US stress tests?
But despite the improved outlook, Europe's 30 largest banks by market value cut staff by 80,000 in 2013, calculations by Reuters based on their year-end statements showed.
Recruitment consultants warn workers' hopes for a turnaround this year could be misplaced, bad news for countries like Spain where tens of thousands of bank layoffs have helped drive unemployment to 26 percent.
Good information prime, thanks for posting.
A law was recently changed, so now the government can go after people who received loan modifications.
So the amount the loan was reduced will now be counted as income.
How long before we see another spike in defaults?
That's right, its happening right now.
The banks are also getting more aggressive on properties that have been languishing in default for years.
Plenty of inventory coming onto the market, which will pull prices down.
Unable to find a buyer, the company will go out of business.
Tight consumer spending appears to have brought an end to a national women's clothing chain with one store in Wichita Falls.
Coldwater Creek announced Friday it is filing bankruptcy and will close all its 365 stores by early summer, after efforts to find a buyer apparently failed.
Coldwater Creek opened a store in the Quail Creek Center on Lawrence Road in the fall of 2011.
A statement from the company says going out of business sales will be announced later and that stores will accept returns and price adjustments through May 7, and coupons and gift cards will be honored to that date. Effective Friday, the rewards loyalty program is suspended.
Remember BS, you were the one who was comparing share price with dividend yield. If this were the case these stocks would be worthless as they offer no dividend.
As for investment grade, FTR has decided to use their cash to upgrade the network. When interest rates are this low it actually makes a lot of sense.
Do a little research on investment grade companies and you will see that there are very few remaining.
The Captain and Tenille.
No Cap'n $ Tenille (Jeffy), they aren't paying all in cash.
For several quarters, lenders have been reporting low and falling delinquency rates for credit card, mortgage and auto loan borrowers, and that positive trend has opened up credit products to consumers with lower credit scores.
That may be starting to shift.
A greater share of mortgages were 30 to 59 days past due in the fourth quarter of 2013 than at the same time in 2012, and bank risk professionals expect credit card and auto loan delinquencies to follow suit.
We asked this question a quarter ago following the quarterly results by Wells Fargo - America's biggest mortgage lender - but we never got an appropriate answer. So now that the data has been updated for the latest Wells mortgage origination and application numbers, we ask the question again: considering both mortgage originations and applications are crashing to levels not seen since the Lehman crisis, just what is wrong with this "housing recovery" picture?
LinkedIn is trading at $169/share and a P/E of 755, Netflix is trading at $333/share and a P/E of 180, and Facebook is trading at $60/share and a P/E of 98.
Frontier is trading at $5.50/share and a P/E of 50. Oh yes, and FTR pays a high yield dividend on top of it all. None of the others listed here does.
OSHKOSH — Oshkosh Corp. will lay off 700 production employees and 60 office workers in late June as peacetime defense operations reduce orders for the company’s military trucks.
The company laid off 950 workers last year in two rounds. After the latest workforce reduction, the company’s defense segment will employ about 1,850 people in Oshkosh. That number is roughly the same as in 2008, when the company began ramping up production for a Mine-Resistant All-Terrain Vehicle and Family of Medium Tactical Vehicles contracts and added 1,000 workers to its ranks.
if those 3700 +/- employees have to settle for lesser positions somewhere else, where they gonna go?
Yes, I worry about Cap'n Crunch and Jeffy all the time.
After posting lower-than-expected earnings in the second quarter, Family Dollar Stores (FDO
FAMILY DLR STRS
) plans to close 370 stores, cut jobs and slash prices on nearly 1,000 basic items to boost results.