Editor’s Note: Related tickers: Bank of America Corp (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Co (NYSE:WFC), Fortress Investment Group LLC (NYSE:FIG), Nationstar Mortgage Holdings Inc (NYSE:NSM), Citigroup Inc (NYSE:C)
Fortress Said to Hire BofA’s Mortgage Chief Nierenberg (Bloomberg)
Fortress Investment Group LLC (NYSE:FIG) hired Michael Nierenberg, Bank of America Corp (NYSE:BAC)’s head of global mortgages and securitized products, as a senior executive in its private-equity business, according to a person with direct knowledge of the matter. Nierenberg is joining New York-based Fortress to focus on residential mortgages, real estate investment trusts and property-related holdings such as Springleaf Finance Corp. and Nationstar Mortgage Holdings Inc (NYSE:NSM), said the person, who asked not to be identified because the hire wasn’t publicly announced. Nierenberg knows Fortress co-founder Wes Edens, who runs the company’s private-equity unit, from when they worked at Lehman Brothers Holdings Inc., the person said.
JPMorgan Chase (JPM) Shares Cross Below Book Value (Forbes)
In trading on Thursday, shares of JPMorgan Chase & Co. (NYSE:JPM) crossed below their last reported book value — defined as common shareholder equity per share — of $52.48, changing hands as low as $52.45 per share. JPMorgan Chase & Co. shares are currently trading off about 1.5% on the day. The chart below shows the one year performance of JPM shares, versus its 50 and 200 day moving averages: …Looking at the chart above, JPM’s low point in its 52 week range is $38.73 per share, with $56.93 as the 52 week high point — that compares with a last trade of $52.46.
Wells Fargo Insurance Expands in Midwest; Announces New Regional Leadership Team (InsuranceJournal)
Wells Fargo Insurance, part of Wells Fargo & Co (NYSE:WFC) announced three new leaders to its Midwest team. Barton Bates, Tony Evans and Stephen Zimmer will join the Midwest insurance team as the company continues to grow its property and casualty, employee benefits and private risk management services in one of the fastest growing regions for Wells Fargo Insurance. Bates will lead the commercial lines service teams in Chicago and provide insurance placement assistance to the Midwest region as the regional placement leader.
BofA’s Roberts Said to Be Named Global Head of Rates Trading (Businessweek)
Bank of America Corp (NYSE:BAC) named Will Roberts as global head of rates and structured-credit trading, according to two people briefed on the matter. Roberts, who joined Bank of America in 2011, reports to David Sobotka, according to the people, who asked not to be identified because the change hasn’t been announced publicly.
J.P. Morgan’s plan to help startups stay private longer (CNN)
That was the message that J.P. Morgan Chase’s (JPM) head of Internet and digital media banking, Noah Wintroub, kept sending James Lee, the bank’s vice chairman who hadn’t visited since before the 2008 financial crisis. He wanted Lee to see that Facebook Inc (NASDAQ:FB) was just the tip of the opportunity iceberg, with dozens of maturing tech startups that could benefit from the bank’s creativity and balance sheet.
Banks hit breaks on mortgage business (CNBC)
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.
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