Middle Tennessee stocks of all stripes up strongly after Wells Fargo surprise
Apr 9, 2009 1:17 PM
Louisiana-Pacific has signed a deal for a $100 million asset-backed credit line with Bank of America and Royal Bank of Canada. The agreement follows a recent debt issuance and the loosening of certain terms of an existing series of notes. LP shares (Ticker: LPX) are up 6 percent in the first half hour of trading.
"These transactions are an important part of our overall effort to strengthen our financial position and extend the maturities of our debt," said Curt Stevens, LP's chief financial officer. "We believe that this capital availability, along with our previously announced actions to reduce costs and conserve cash, will allow us to get through these poor market conditions and position ourselves to take advantage of the economic rebound as it occurs."
Mar 11, 2009 9:03 AM
Pre-market investors are selling off shares of many of Nashville's biggest banks after news that the government will take a 36 percent stake in Citigroup. Here's a quick roundup as of 7:30 a.m. CST: Regions Financial - down 16 percent to $3.31 Bank of America - down 21.6 percent to $4.17 SunTrust - down 12.4 percent to $11.35 Fifth Third - down 28 percent to $1.65 First Horizon - down 7.8 percent to $8.80
Feb 27, 2009 7:38 AM
The Wall Street Journal passes on a memo from Bank of America CEO Ken Lewis that addressess all this nationalization talk.
We continue to be profitable, our capital and liquidity are strong and we are actively lending in every sector of the marketplace. We need to help keep these facts straight in the public debate as the market appears to be moving in part based on rumor, innuendo and falsehoods propagated by the misinformed.So there.
Feb 24, 2009 11:23 AM
Last spring, Bank of America owned 5.4 percent of Louisiana-Pacific's shares (Ticker: LPX). As of Dec. 31, it owned 5.4 percent less. Collectively, the top four LP owners in last year's proxy have slashed their combined stake from almost 39 percent to barely 5 percent.
Feb 3, 2009 11:07 PM
Via press release:
Tennessee Attorney General Bob Cooper today announced a settlement with Countrywide, the nation’s largest mortgage lender and servicer, to resolve complaints of predatory lending. The Agreed Final Judgment, which Attorney General Cooper filed in court today on behalf of the Tennessee Division of Consumer Affairs, will provide for loan modification eligibility for an estimated 6,900 Tennessee borrowers and an estimated $4 million in other economic relief to troubled Tennessee borrowers. “We are pleased that this agreement can bring relief to eligible Countrywide borrowers who are on the brink of losing their homes or to some who have already lost their homes,” said Attorney General Cooper. “We also hope this case will be a warning to those unscrupulous lenders who would mislead consumers into committing to loans they ultimately could not afford.” Countrywide is currently in the process of identifying and notifying eligible consumers about loan modifications. Countywide consumers can also call Countrywide toll-free at (800) 669-6607 to find out now if they are potentially eligible for a loan modification or other programs.For more information regarding the lawsuit and agreement click this link.
Jan 22, 2009 10:34 AM
But is it enough to heal the wounds from the company's rushed acquisition of Merrill Lynch?
Inside Bank of America, employees were stunned Thursday by the possible need for assistance, having thought their company was among the industry's stronger players. With the bank already in the midst of laying off 42,500 employees and slashing bonuses, even Lewis loyalists were expressing ire about their boss' deal-making ways, insiders said.
Jan 16, 2009 7:36 AM