Le grandi banche Usa ed Europee & il credit crunch - 7

[i98mark]

Continuiamo qui.

Link al volume precedente:

Le grandi banche USA ed Europee & il credit crunch - 6

[researcher]

Mettendo Indymac sul finder di S&P non si trova nulla e nemmenno su Moody's....dove l'hai trovato il rating?

[i98mark]

Originalmente inviato da researcher

Mettendo Indymac sul finder di S&P non si trova nulla e nemmenno su Moody's....dove l'hai trovato il rating?

Ho ripreso una Reuters che lo menzionava... a meno che non abbiano fatto una topica stile Plus e confuso una banca per un'altra...

Vado a dare un'occhiata "in situ" anch'io...

[iuessei1981]

ecco che è saltata la Indy...ed ecco il salvataggio della FDIC.


Le autorità americane sono state costrette a rilevare la IndyMac Bank, una delle principali casse di risparmio americane specializzate in mutui.
Il collasso dell'istituto, consumatosi nella notte, e' uno dei piu' grandi fallimenti bancari nella storia degli Stati Uniti: IndyMac ha asset per 32 miliardi di dollari. L'istituto riaprira' i battenti lunedi' mattina sotto la gestione dell'agenzia federale Federal Deposit Insurance Corp. (Fdic).
Il fallimento costera' alla Fdic, e quindi ai contribuenti, tra i 4 e gli otto miliardi di dollari, prelevati dal suo fondo che assicura i depositi bancari e che oggi dispone di 53 miliardi di dollari. Il collasso piu' grave tra le banche americane e' stato, nel 1984, quello della Continental Illinois National Bank & Trust con asset per 40 miliardi di dollari.
Il fallimento di IndyMac e l'intervento governativo sono diventati il segno piu' evidente del continuo aggravarsi della crisi dei mutui e del credito. Le autorita' temono che il crack nel settore finanziario non sara' l'ultimo. Negli ultimi giorni anche la crisi dei colossi dei mutui Fannie Mae e Freddie Mac ha scatenato voci di possibili e colossali salvataggi pubblici in arrivo.
Nella vicenda di IndyMac una delle agenzie di regolamentazione bancaria, l'Office of Thrift Supervision, ha accusato l'influente senatore democratico Charles Schumer di essere responsabile del fallimento: avrebbe seminato il panico inviando a fine giugno una lettera alle autorita' che metteva in dubbio la solidita' finanziaria della banca. Negli undici giorni successivi i risparmiatori hanno ritirato ben 1,3 miliardi in depositi. Ma Schumer ha risposto che la responsabilita' e' invece tutta dell'inadeguata supervisione: le autorita' federali avrebbero dovuto svolgere il loro compito di controllo, impedendo alla banca di utilizzare irresponsabili pratiche nei prestiti immobiliari.

[i98mark]

Già che ci siamo... e visto che se ne era parlato..

Wachovia Corp. Remains On CreditWatch Negative

NEW YORK (Standard & Poor's) July 10, 2008--Standard & Poor's Ratings Services said today that it is keeping its 'AA-/A-1+' counterparty credit rating on Wachovia Corp. on CreditWatch Negative, where it was placed June 2, 2008.

This action follows today's announcement of an expected $2.6 billion-$2.8
billion after-tax loss for second-quarter 2008. Wachovia announced it expects this loss because of significantly higher credit provisions, mainly from a $4.2 billion pretax addition to the loan-loss reserves.

$3.3 billion of this is dedicated to Wachovia's former Pick-a-Pay loan portfolio concentrated in the weaker California housing markets. Also contributing to the quarterly loss are higher legal costs and the previously announced $855 million after-tax, noncash charge for SILO accounting change.

Wachovia also announced its new CEO: Robert Steel, the former U.S. Undersecretary of the Treasury for Domestic Finance. Our June 2 placement of Wachovia on CreditWatch was due to the departure of Wachovia's CEO and our concern about any associated uncertainty regarding potential substantive changes to Wachovia's core businesses' operating projections and key strategies.

"Wachovia's expected $2.6 billion-$2.8 billion after-tax loss for the quarter is outsize of our previous expectations for second-quarter operating results. Our rating on Wachovia will remain on CreditWatch Negative and will be resolved with the finalization of second-quarter results and interim meetings with management," said Standard & Poor's credit analyst Victoria Wagner.

The expected range of outcomes remains the same--either to lower the rating one notch or affirm all ratings with a negative outlook.

Before the CreditWatch listing, our negative outlook was in line with those on other major financial institutions whose investment banking businesses are
experiencing declines in profitability and whose mortgage portfolios are
stressed with higher losses and are located in the weakest residential housing
markets.

Our review will focus on the expected costs to fully resolve the pick-a-pay mortgage portfolios, operating profitability for the remainder of the year, critical capital metrics, and the key strategies to be undertaken by the new CEO.

[i98mark]

Il commento alla rating action... però, caro Researcher, hai ragione a dire che con la funzione ricerca non viene fuori nulla, almeno su S&P...

Indymac Bancorp Downgraded To 'CCC' From 'B'; Still On CreditWatch Negative

NEW YORK (Standard & Poor's) July 9, 2008--Standard & Poor's Ratings Services lowered its rating on Indymac Bancorp and its subsidiaries, including lowering the counterparty credit rating on Indymac to 'CCC/C' from 'B/C'. The
counterparty credit ratings on both the bank and the holding company remain on CreditWatch with negative implications.

"We took this action because we believe that Indymac's weakened financial profile and exposure to deteriorating housing markets leaves its creditworthiness severely impaired," said Standard & Poor's credit analyst
Robert B. Hoban, Jr.

Indymac's nonperforming assets (NPAs) have grown to very high levels and
its continued credit-related losses have eroded capital to the point that the
bank no longer meets the regulatory "well-capitalized" standard. This has
resulted in increased regulatory scrutiny including Indymac no longer being
able to accept brokered deposits.

Because brokered deposits represent a material, albeit decreased, component of its funding base, this is likely to lead to the run off of a sizable portion of Indymac's funding base, which will greatly pressure liquidity.

Management has also decided to cease originating new loans in an effort to conserve capital and liquidity and reduce operating costs.

Although this may achieve management's near-term goals, it also greatly
reduces Indymac's franchise, eliminates a source of operating revenue, and
will result in further extraordinary charges to reduce staffing levels.

These drastic steps denote the high level of stress to Indymac's creditworthiness.

Although Indymac's funding profile will benefit somewhat from not having to
fund loans held for sale, we expect Indymac's liquidity profile to be strained.

As of March 31, 2008, NPAs had already risen to $2.1 billion, only slightly less than the company's adjusted total equity plus reserves at that time. Given Indymac's large portion of loans (and NPAs) that are in higher-risk product types, vintages, and/or geographies, we expect Indymac to
experience continued credit performance deterioration and ultimately
higher-than-peer loss severity.

We are concerned that the size and pace of credit deterioration and increasingly high charge-off levels have greatly impaired the thrift's ability to overcome its still-mounting asset-quality problems.

The ratings remain on CreditWatch Negative as an indication of the level
of continued downward pressure on the ratings.

Changes in Indymac's near-term financial position or our outlook for the housing and mortgage finance markets, and any regulatory actions, will be the determining factors in our ratings on Indymac.

Given these concerns, there is little upward momentum to the ratings at this time. Nevertheless, if credit-loss levels abate to the point where the company returns to even a modest level of profitability while maintaining adequate capitalization and liquidity levels, the outlook could return to stable.

[researcher]

Originalmente inviato da i98mark

Il commento alla rating action... però, caro Researcher, hai ragione a dire che con la funzione ricerca non viene fuori nulla, almeno su S&P...

Indymac Bancorp Downgraded To 'CCC' From 'B'; Still On CreditWatch Negative

NEW YORK (Standard & Poor's) July 9, 2008--Standard & Poor's Ratings Services lowered its rating on Indymac Bancorp and its subsidiaries, including lowering the counterparty credit rating on Indymac to 'CCC/C' from 'B/C'. The
counterparty credit ratings on both the bank and the holding company remain on CreditWatch with negative implications.

"We took this action because we believe that Indymac's weakened financial profile and exposure to deteriorating housing markets leaves its creditworthiness severely impaired," said Standard & Poor's credit analyst
Robert B. Hoban, Jr.

Indymac's nonperforming assets (NPAs) have grown to very high levels and
its continued credit-related losses have eroded capital to the point that the
bank no longer meets the regulatory "well-capitalized" standard. This has
resulted in increased regulatory scrutiny including Indymac no longer being
able to accept brokered deposits.

Because brokered deposits represent a material, albeit decreased, component of its funding base, this is likely to lead to the run off of a sizable portion of Indymac's funding base, which will greatly pressure liquidity.

Management has also decided to cease originating new loans in an effort to conserve capital and liquidity and reduce operating costs.

Although this may achieve management's near-term goals, it also greatly
reduces Indymac's franchise, eliminates a source of operating revenue, and
will result in further extraordinary charges to reduce staffing levels.

These drastic steps denote the high level of stress to Indymac's creditworthiness.

Although Indymac's funding profile will benefit somewhat from not having to
fund loans held for sale, we expect Indymac's liquidity profile to be strained.

As of March 31, 2008, NPAs had already risen to $2.1 billion, only slightly less than the company's adjusted total equity plus reserves at that time. Given Indymac's large portion of loans (and NPAs) that are in higher-risk product types, vintages, and/or geographies, we expect Indymac to
experience continued credit performance deterioration and ultimately
higher-than-peer loss severity.

We are concerned that the size and pace of credit deterioration and increasingly high charge-off levels have greatly impaired the thrift's ability to overcome its still-mounting asset-quality problems.

The ratings remain on CreditWatch Negative as an indication of the level
of continued downward pressure on the ratings.

Changes in Indymac's near-term financial position or our outlook for the housing and mortgage finance markets, and any regulatory actions, will be the determining factors in our ratings on Indymac.

Given these concerns, there is little upward momentum to the ratings at this time. Nevertheless, if credit-loss levels abate to the point where the company returns to even a modest level of profitability while maintaining adequate capitalization and liquidity levels, the outlook could return to stable.

FITCH!!!

IndyMac Bancorp, Inc.



Issuer Summary
Market Sector(s): Banks, Mortgage Companies, Consumer Finance Companies, Financial Services
Country: United States
State: California
Analyst(s): Arscott, Vincent (Primary)
Wolfe, Christopher D

Identifier(s): DOW JONES TICKER: IMB
SIC CODE: 6162
ICB: 8355
GICS: 40102010

Credit Ratings
Long Term Issuer Default Rating: CC 08-JUL-2008 Downgrade Outlook: Negative
Short Term Issuer Default Rating: C 08-JUL-2008 Affirmed Outlook: Rating Watch Off
Support Rating Floor: NF 08-JUL-2008 Affirmed

[i98mark]

Originalmente inviato da researcher

FITCH!!!

IndyMac Bancorp, Inc.



Issuer Summary
Market Sector(s): Banks, Mortgage Companies, Consumer Finance Companies, Financial Services
Country: United States
State: California
Analyst(s): Arscott, Vincent (Primary)
Wolfe, Christopher D

Identifier(s): DOW JONES TICKER: IMB
SIC CODE: 6162
ICB: 8355
GICS: 40102010

Credit Ratings
Long Term Issuer Default Rating: CC 08-JUL-2008 Downgrade Outlook: Negative
Short Term Issuer Default Rating: C 08-JUL-2008 Affirmed Outlook: Rating Watch Off
Support Rating Floor: NF 08-JUL-2008 Affirmed

Vabbé, questa banca è andata...

[i98mark]

Avevo perso d'occhio la vicenda, e dopo 7 giorni i commenti alle rating actions non sono più disponibili sui siti delle agenzie.

Noto tuttavia anche qui che BAC pare essersi riservata la facoltà di ristrutturare il debito non della banca del gruppo Countrywide, bensì della finanziaria che ha erogato i mutui... buon per BAC, occhio invece per i bondholders, peraltro già precedentemente allertati sul punto da qualche catastrofista, che almeno in questo si è tuttavia rivelato utile...

Moody's upgrades Countrywide Financial's ratings

Moody's upgrades Countrywide Financial's ratings to match Bank of America's ratingsJuly 01, 2008: 03:03 PM EST

NEW YORK (Associated Press) - Credit ratings agency Moody's Investors Service said Tuesday it upgraded the ratings of Countrywide Financial Corp. to match those of Bank of America Corp.

Bank of America completed its acquisition of the mortgage lender earlier Tuesday.

Countrywide now carries a "Aa2" senior debt rating from Moody's. Countrywide Bank's deposit and other senior credit ratings were raise to "Aaa" to match Bank of America's ratings.

Moody's said Countrywide creditors would benefit from the mortgage lender becoming an indirect subsidiary of Bank of America, but noted that any future organizational restructuring that results in uncertainty about support for Countrywide's nonbank creditors could lead to a downgrade.

Bank of America agreed in January to purchase the California-based mortgage lender in an all-stock deal valued at roughly $4 billion. The deal is now worth around $2.5 billion, reflecting a decline in Bank of America's stock price over the last six months.

Earlier Tuesday, Standard & Poor's raised Countrywide's ratings to match those of Bank of America. Fitch Ratings left Countrywide's ratings unchanged, saying it was waiting for further details from Bank of America about how it will realign the corporate structure of the mortgage lender now that the deal has closed.

Shares of Bank of America fell 36 cents to $23.51 in afternoon trading.

[Jessica.]

.......non credo di sbagliare se dico che sia per MER che per LEH ed anche MS la percentuale dei famigerati "LEVEL3" non superi il 10% sugli asset complessivi.....

-ora seppure stiamo parlando di 40 miliardi ed oltre per singolo istituto, come si puo' parlare di fallimento.!!!!!!

Si parlera' di dismissioni , di liquidazioni di asset ma che c'entra il fallimento.
Il problema sono i media ed i terroristi dell'informazione che alimentando la paura nelle famiglie, le "invitano" a ritirare i propri risparmi dalla banca ...........

..in questo modo si innesca un meccanismo di autodistruzione..considerando che qualsiasi istituto di credito lavora in leva....

Il grosso problema e' solo questo .........avere centinaia di migliaia di clienti allo sportello che rivogliono i loro soldi..

....Ho ragione??
Lo so che ho ragione.
ciao
Jessica.