Banks perform well This last quarter

From DS News


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> Moody's: Citi, GMAC, Ocwen Perform Well


Amid a challenging environment for servicers, CitiMortgage, GMAC, and Ocwen
have outperformed major competitors with regards to loss mitigation and
foreclosure timelines, according to a recent report from Moody's Investors
Service. The company's Servicer Dashboard rates major servicers on their
performance from June 2010 to June 2011. Moody's notes that Bank of
America's and Chase's performance assessments were affected by large
servicing acquisitions and foreclosure moratoria.
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> Wells Fargo's 'Record' Q3 Earnings Fall Short of
Analysts' Expectations


Wells Fargo reported net income of $4.1 billion over the July-to-September
period. The company called it a "record" quarter, but even with profits up
21 percent from the prior year, the numbers were overshadowed by the fact
that Q3 results missed market expectations. It's the first time in more than
two years that Wells Fargo didn't meet analysts' forecasts. A decline in
loan charge-offs and nonperforming assets, as well as an $800 million
reduction in loan loss reserves helped to counter declining revenue.
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> Citi's Credit Adjustment Yields 74% Increase in
Q3 Earnings


Citigroup reported Monday that it brought in net income of $3.8 billion
during the third quarter of this year. That's up 74 percent from a year
earlier. Third quarter revenues increased, thanks to a $1.9 billion
accounting adjustment that allowed Citi to record a gain based on the risk
associated with its credit holdings. The company said in its earnings
presentation to investors that it remains highly focused on risk management,
particularly as it relates to U.S. mortgage exposure.
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- sunil


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