http://www.frontsideresearch.com/ 2005-09-21T16:00:34-08:00 http://www.frontsideresearch.com/archives/2005/09/subprime_mortga.html Executive Summary: Lenders are focused on maintaining or increasing share in an expanding subprime loan market, requiring many to reduce qualifi cation requirements, accept higher loan-to-value ratios and promote new loan products. In addition, some are lowering rates and fees. Consumer demand for subprime loans is accelerating because of attractive interest rates, relaxed qualifications and need for speedy closings.]]> Mortgage Lending Benjamin 2005-09-21T16:00:34-08:00 http://www.frontsideresearch.com/archives/2005/09/business_lendin.html Research Objective: To examine Wells Fargo's commercial lending and real estate business in the 3Q05.
]]> Business Lending Benjamin 2005-09-09T13:00:19-08:00 http://www.frontsideresearch.com/archives/2005/08/credit_card_rep_2.html Research Objective: To determine if American Express Co.'s (NYSE: AXP) contactless credit card system ExpressPay is gaining share and customer interest in early pilot testing with select merchants. Also, to compare and contrast ExpressPay with JPMorgan Chase & Co.'s (NYSE: JPC) recently introduced contactless system Blink.

American Express Co. (AXP: $55.23)
JPMorgan Chase & Co. (JPM: $33.89)]]> Credit Cards Benjamin 2005-08-31T16:00:19-08:00 http://www.frontsideresearch.com/archives/2005/08/sovereign_bank_1.html Executive Summary: The volume of commercial loans at Sovereign Bancorp Inc.'s Sovereign Bank is expected to post a healthy qq increase during 3Q05 — a period when such activity traditionally slows. Sovereign branch lenders are using personal relationships to grow business relationships with customers who are underserved by regional and national institutions. Sources expect commercial loan activity to remain strong regardless of interest rate levels, while mortgage demand is less certain. Sovereign customers are the primary source for mortgage applications, and independent brokers rate Sovereign as a leading provider.]]> Sovereign Bancorp Inc. Benjamin 2005-08-26T13:30:29-08:00 http://www.frontsideresearch.com/archives/2005/08/mortgage_lendin_7.html Research Objective: To determine how National City Mortgage is competing its top five states (California, Texas, Virginia, Illinois and Maryland) that combined have been home to roughly 50% of the unit's current year loan originations.

National City Mortgage (NCC: $35.38) ]]> Mortgage Lending Benjamin 2005-08-26T09:00:00-08:00 http://www.frontsideresearch.com/archives/2005/08/company_report_1.html Research Objective: To determine if Washington Mutual Inc. (NYSE: WM) is improving its service and support to independent mortgage brokers and if the bank is continuing to lose key mortgage employees and top producers. (20 FRONTSIDE sources including senior executives or top brokers with U.S. mortgage brokerage companies)

Negative:
Washington Mutual Inc. (WM: $41.88)]]> Washington Mutual Frontsider 2005-08-17T16:00:00-08:00 http://www.frontsideresearch.com/archives/2005/08/business_lendin_2.html Research Objective: To examine the Central U.S.'s commercial lending market and determine which banks are the region's most active lenders.

Positive:
Wells Fargo & Co. (WFC: $60.31)
Cullen/Frost Bank Inc. (CFR: $49.30)
UMB Financial Corp. (UMBF: $62.88)]]> Business Lending Frontsider 2005-08-10T16:00:00-08:00 http://www.frontsideresearch.com/archives/2005/08/_home_equity_re.html Research Objective: To determine which banks mortgage brokers prefer for home equity loans in highly appreciated housing markets in the western and southwestern U.S.

Positive:
JPMorgan Chase & Co. (JPM: $35.46)
IndyMac Bancorp Inc. (NDE: $45.06)]]> Home Equity Frontsider 2005-08-04T16:00:00-08:00 http://www.frontsideresearch.com/archives/2005/07/mortgage_lendin_8.html Research Objective: To determine if career-based residential real estate speculators are pulling money out of the market and/or changing investment strategies, and which banks are receiving most of their business.

Positive:
Washington Mutual Inc. (WM: $42.48)
Countrywide Financial Corp. (CFC: $36.00)
]]> Mortgage Lending Frontsider 2005-07-29T16:00:00-08:00 http://www.frontsideresearch.com/archives/2005/07/credit_card_rep_1.html Research Objective: To determine if American Express is gaining share of consumer payments and is continuing to maintain its premium discount rate compared with Visa International Service Association and MasterCard Inc.

Positive:
American Express Co. (AXP: $54.33)]]> Credit Cards Frontsider 2005-07-21T16:00:00-08:00 http://www.frontsideresearch.com/archives/2005/07/mortgage_lendin_6.html Research Objective: To assess U.S. Bancorp's (NYSE: USB) mortgage banking business in its key banking regions. Residential mortgages and home equity loans account for around 23% of the bank's total loans outstanding (commercial loans 32%, commercial real estate 22%, credit cards 5%, other 18%).

Negative:
U.S. Bancorp (USB: $30.64)]]> Mortgage Lending Benjamin 2005-07-15T16:00:00-08:00 http://www.frontsideresearch.com/archives/2005/07/mortgage_lendin_5.html Research Objective: To examine the western U.S. market for commercial lending and determine which banks are the region's most active lenders. (23 FRONTSIDE sources including commercial real estate executives or brokers, bank-based commercial lenders and corporate-based finance executives)

Positive:
Bank of America Corp. (BAC: $44.70)

Negative:
U.S. Bancorp (USB: $28.90)
]]> Business Lending Benjamin 2005-07-06T16:00:00-08:00 http://www.frontsideresearch.com/archives/2005/07/mortgage_lendin_4.html Research Objective: To determine which banks are benefiting from Phoenix's real estate and housing speculation market.

Positive:
Countrywide Financial Corp. (CFC: $38.81), leading national bank
IndyMac Bancorp Inc. (NDE: $41.27), leading regional bank

Negative:
Wells Fargo & Co. (WFC: $61.20)]]> Mortgage Lending Benjamin 2005-07-05T16:00:00-08:00 http://www.frontsideresearch.com/archives/2005/06/home_equity_not_1.html Research Objective: To determine which of the top home equity lenders has the best technology to take advantage of the growing market over the next six to nine months.

Positive:
Wachovia Corp. (WB: $49.60)
JPMorgan Chase & Co. (JPM: $ 35.32)
Fifth Third Bancorp (FITB: $ 41.17)
]]> Home Equity Benjamin 2005-06-30T16:00:00-08:00 http://www.frontsideresearch.com/archives/2005/06/mortgage_lendin_3.html Research Objective: To determine which of the top three national mortgage lenders are most actively lending and if these banks are altering their credit standards in highly appreciated real estate markets. (FBN sources: 26 independent prime and subprime mortgage brokers, and 3 bank brokers/lenders.)

Negative:
Wells Fargo & Co. (WFC: $60.72)

Positive:
Countrywide Financial Corp. (CFC: $38.72)]]> Mortgage Lending Benjamin 2005-06-24T16:00:41-08:00