Banking Stocks Updates: Bank of America Corp (BAC), JPMorgan Chase & Co. (JPM)’s Media Banking & Wells Fargo & Co (WFC)’s Mortgage Servicing

Wells Fargo mortgage exec: No shadow inventory of property (BizJournals)
The head of Wells Fargo & Co (NYSE:WFC) mortgage-servicing business says the San Francisco-based bank isn’t holding a “shadow inventory” of foreclosed homes. Michael DeVito, Wells’ executive vice president and head of mortgage servicing, was asked about the issue following his remarks at the N.C. Bankers Association’s American Mortgage Conference in Raleigh. For several years, real estate pros and investors have thought large banks and mortgage servicers have been delaying foreclosure or holding foreclosed properties, creating a shadow inventory of stressed properties still to hit the market.

Bull’s Eye Report: Bank of America (BAC) (InvestorPlace)
At StateoftheMarkets.com, we strive to “own the best and ignore the rest” in our equity portfolios. Toward this end, each day we search our database for a “top stock” (a top rated company in terms of earnings strength as well as company and industry performance) that presents a strong technical “set up” and a good entry point. …Bank of America Corp (NYSE:BAC) is our most compelling buy today due to the fact that it is a top-rated stock (in terms of earnings strength and company/industry performance). While other major banks like JPMorgan Chase & Co. (NYSE:JPM) and Citigroup Inc (NYSE:C) have faltered lately, BAC consolidated beautifully throughout August, using the 50-day moving average as a turning point towards the end of the month.

JPMorgan Chase Reduces Down-Payment Requirements for Florida Mortgages (HomeBuyingInstitute)
Home buyers in Florida may soon find it easier to qualify for a mortgage loan, at least where down payments are concerned. JPMorgan Chase & Co. (NYSE:JPM), the second-largest mortgage lender in the U.S., recently announced it would allow down payments as low as 5% on some Florida home loans. During the housing boom years, most lenders were offering loans with down payments as low as 5%. Some were even peddling zero-down mortgages to select borrowers, in order to capitalize on the incredibly profitable heyday of housing.

Wells Fargo & Co : Wells Fargo Named to CDP 500 Climate Performance Leadership Index (4-Traders)
Wells Fargo & Co (NYSE:WFC) today was recognized by the Carbon Disclosure Project (CDP) for its actions to reduce greenhouse gas emissions, achieving a position on the CDP Global 500 Climate Performance Leadership Index (CPLI). The announcement was made in the CDP Global 500 Climate Change Report 2013, an annual update for institutional investors on greenhouse gas emissions data and climate change strategies at the world’s largest public companies.

Recommended Reading:

American International Group Inc (AIG), Bank of America Corp (BAC): Five Key Investing Quotes From Bruce Berkowtiz

JPMorgan Chase & Co (JPM), Bank of America Corp (BAC)–Understanding Banks: Start With the Basics

Citigroup Inc. (C), Wells Fargo & Co (WFC): Bank of America Corp (BAC)’s Presentation to Analysts