Newly-released federal data on mortgage lending from the Consumer Financial Protection Bureau shows people with low- and moderate-incomes made up only 26.3% of borrowers in 2017, down from 36.6% in 2009.
In part, that's due to federal rules that sought to crack down on the subprime lending tactics that helped bring on the financial crisis. Also, skyrocketing housing costs have locked many people of modest means out of the market.
But the data reveals another profound shift. Big banks are moving away from mortgage lending entirely, while independent mortgage companies — or "non-banks" — pick up the slack.
"Non-bank" is a catchall term for financial institutions that don't take deposits. Non-bank mortgage lenders just do mortgage lending, for example. So in a time of low interest rates and higher regulatory costs, traditional banks have the option of moving into more profitable ventures, like credit cards.
Top Bank Stocks To Own Right Now: First Commonwealth Financial Corporation(FCF)
Advisors' Opinion:- [By Joseph Griffin]
Get a free copy of the Zacks research report on First Commonwealth Financial (FCF)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
- [By Logan Wallace]
Get a free copy of the Zacks research report on First Commonwealth Financial (FCF)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
- [By Ethan Ryder]
Get a free copy of the Zacks research report on First Commonwealth Financial (FCF)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
- [By Ethan Ryder]
First Commonwealth Financial (NYSE:FCF) was upgraded by investment analysts at ValuEngine from a “sell” rating to a “hold” rating in a report released on Monday.
- [By Joseph Griffin]
Barclays PLC increased its holdings in First Commonwealth Financial (NYSE:FCF) by 24.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,717 shares of the bank’s stock after buying an additional 6,593 shares during the period. Barclays PLC’s holdings in First Commonwealth Financial were worth $476,000 as of its most recent SEC filing.
Top Bank Stocks To Own Right Now: Ampco-Pittsburgh Corporation(AP)
Advisors' Opinion:- [By ]
Kraft Heinz disclosed it has received a subpoena from the SEC as part of an investigation into the company's procurement accounting policies. (Photo11: AP)
- [By ]
Cayce, S.C. (AP) -- A crash between an Amtrak passenger train and a CSX freight train in South Carolina has left at least two people dead and more than 50 injured
- [By ]
New York (AP) -- Four more deaths have been linked to a national food poisoning outbreak blamed on tainted lettuce, bringing the total to five.
Health officials have tied the E. coli outbreak to romaine lettuce grown in Yuma, Arizona. The growing season there ended six weeks ago, and it's unlikely any tainted lettuce is still in stores or people's homes, given its short shelf life. But there can be a lag in reporting, and reports of illnesses have continued to come in.
- [By ]
The all-new Hyundai 2018 Kona, a subcompact crossover. (Photo: AP)
When it comes to standard features, the Kona generally outpaces the EcoSport. Most items typically found on rivals are available on both SUVs, but the EcoSport requires that you add them as options or step up to the next trim level. The Kona widens its features lead by offering more advanced safety features (forward collision warning with automatic emergency braking, lane keeping assist and a driver attention monitor), a head-up display and a wireless charging pad. These are not available for any EcoSport.
- [By ]
Las Vegas (AP) -- "Pawn Stars" patriarch, Richard Benjamin Harrison, who was known as "The Old Man," has died at age 77.
Gold & Silver Pawn's Facebook page posted Monday that Harrison was surrounded by "loving family" this past weekend and died peacefully.
- [By ]
This undated photo provided by Ford shows the 2018 Ford Transit Connect, an example of a small cargo van. The Transit Connect's cargo van variant comes in two trims, the basic XL and the XLT, as well as an extended-wheelbase model that has additional space for cargo. And the Transit Connect has a notable advantage: It offers technology features such as Ford's Sync 3 infotainment system, blind-spot monitoring and adaptive fog lights. (Photo: AP)
Top Bank Stocks To Own Right Now: Wells Fargo & Company(WFC)
Advisors' Opinion:- [By Logan Wallace]
Investors bought shares of Wells Fargo & Co (NYSE:WFC) on weakness during trading hours on Friday. $682.51 million flowed into the stock on the tick-up and $448.18 million flowed out of the stock on the tick-down, for a money net flow of $234.33 million into the stock. Of all stocks tracked, Wells Fargo & Co had the 27th highest net in-flow for the day. Wells Fargo & Co traded down ($0.56) for the day and closed at $54.99
- [By ]
U.S. Senator Elizabeth Warren scored a coup in her campaign to improve oversight of the beleaguered bank Wells Fargo & Co. (WFC) , as Federal Reserve Chair Jerome Powell promised to hold a full vote of the regulator's board before lifting sanctions imposed earlier this year.
- [By Shane Hupp]
Wells Fargo & Co (NYSE:WFC) saw a large increase in short interest during the month of May. As of May 15th, there was short interest totalling 35,553,938 shares, an increase of 14.0% from the April 30th total of 31,180,217 shares. Based on an average daily volume of 16,584,785 shares, the short-interest ratio is presently 2.1 days. Currently, 0.7% of the shares of the company are sold short.
- [By Dan Caplinger]
Berkshire has a huge position in banking giant Wells Fargo (NYSE:WFC), and at first glance, it's surprising to see the stock on the list of companies in which Buffett trimmed Berkshire's holdings. After all, Buffett has been quite vocal in his defense of the beleaguered banking giant, arguing that the scandals involving falsified customer accounts, unnecessary insurance products, and mortgage overcharges stem primarily from a lack of smart management that has since been remedied by replacing much of the bank's former executive team. Buffett is convinced not only that Wells Fargo will be a strong investment in an improving business climate for banking generally, but also that it will outperform its peers in the industry.
Top Bank Stocks To Own Right Now: HSBC Holdings PLC (HSBA)
Advisors' Opinion:- [By Max Byerly]
Credit Suisse Group set a GBX 720 ($9.32) price target on HSBC (LON:HSBA) in a research report sent to investors on Tuesday morning. The firm currently has a neutral rating on the financial services provider’s stock.
- [By Ethan Ryder]
HSBC (LON:HSBA) had its price target dropped by equities research analysts at Citigroup from GBX 810 ($10.78) to GBX 800 ($10.65) in a report released on Tuesday. The brokerage currently has a “buy” rating on the financial services provider’s stock. Citigroup’s price target points to a potential upside of 9.59% from the stock’s previous close.
- [By Max Byerly]
HSBC Holdings plc (LON:HSBA) has received an average recommendation of “Hold” from the sixteen analysts that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is GBX 768.33 ($9.80).
- [By Joseph Griffin]
HSBC (LON:HSBA) had its target price lowered by equities research analysts at Shore Capital from GBX 721 ($9.60) to GBX 625 ($8.32) in a report issued on Tuesday. The brokerage presently has a “sell” rating on the financial services provider’s stock. Shore Capital’s price objective indicates a potential downside of 14.71% from the company’s previous close.
- [By Max Byerly]
HSBC (LON:HSBA) was upgraded by equities research analysts at Credit Suisse Group to a “neutral” rating in a research report issued to clients and investors on Thursday. The firm presently has a GBX 720 ($9.38) target price on the financial services provider’s stock, up from their previous target price of GBX 680 ($8.86). Credit Suisse Group’s price target suggests a potential upside of 5.82% from the company’s previous close.
- [By Stephan Byrd]
Morgan Stanley set a GBX 855 ($10.91) price target on HSBC (LON:HSBA) in a research note issued to investors on Tuesday. The brokerage currently has a buy rating on the financial services provider’s stock.
Top Bank Stocks To Own Right Now: Canadian Imperial Bank of Commerce(CM)
Advisors' Opinion:- [By Lisa Levin] Companies Reporting Before The Bell Target Corporation (NYSE: TGT) is estimated to report quarterly earnings at $1.38 per share on revenue of $16.50 billion. Ralph Lauren Corporation (NYSE: RL) is expected to report quarterly earnings at $0.83 per share on revenue of $1.48 billion. Lowe's Companies, Inc. (NYSE: LOW) is projected to report quarterly earnings at $1.25 per share on revenue of $17.63 billion. Tiffany & Co. (NYSE: TIF) is estimated to report quarterly earnings at $0.83 per share on revenue of $957.49 million. Canadian Imperial Bank of Commerce (NYSE: CM) is expected to report quarterly earnings at $2.23 per share on revenue of $3.40 billion. Citi Trends, Inc. (NASDAQ: CTRN) is projected to report quarterly earnings at $0.9 per share on revenue of $210.70 million. Qiwi plc (NASDAQ: QIWI) is expected to report quarterly earnings at $0.25 per share on revenue of $60.19 million. iClick Interactive Asia Group Limited (NASDAQ: ICLK) is projected to report quarterly loss at $0.06 per share on revenue of $34.87 million.
- [By Logan Wallace]
Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) – Analysts at Desjardins reduced their Q2 2018 earnings per share estimates for Canadian Imperial Bank of Commerce in a research report issued to clients and investors on Wednesday, May 2nd. Desjardins analyst D. Young now forecasts that the company will post earnings of $2.85 per share for the quarter, down from their prior estimate of $2.86.
- [By Stephan Byrd]
Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) declared a quarterly dividend on Wednesday, May 23rd, Zacks reports. Stockholders of record on Thursday, June 28th will be paid a dividend of 1.036 per share by the bank on Friday, July 27th. This represents a $4.14 dividend on an annualized basis and a dividend yield of 4.63%. The ex-dividend date is Wednesday, June 27th.
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