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By Patricia Lamiell and Patricia Lamiell,Knight-Ridder Financial News | June 16, 1991
NEW YORK -- Insurance regulations are expected by year-end that will require capital reserves against risky mortgages and real estate investments, state insurance regulators said earlier this month.Having clamped down on risky "junk bond" investments, officials at the National Association of Insurance Commissioners said they now are considering setting similar measures for mortgages and real estate.The association, the official organization of state insurance commissioners, is quizzing about 5,400 life insurance, property and casualty, and reinsurance companies about their real estate and mortgage portfolios, said Robert Klein, the NAIC's director of research.
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BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | July 29, 2011
First Mariner Bancorp's bleeding increased during the second quarter as continued write-downs of real estate and bad loans left the Baltimore company with $11 million in losses. The 1st Mariner Bank parent, locked in a battle for survival, said Friday that its loss during April through June was more than double that of a year earlier. But the almost $4.7 million loss during the second quarter of 2010 would have been higher if not for a $3.8 million tax benefit during that period, the company said.
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BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Staff Writer | March 5, 1992
Baltimore Bancorp added $25 million yesterday to the $69.6 million loss it had reported for last year's fourth quarter, as a review by federal regulators led the bank to write off even more problem real estate loans.The new write-offs brought the fourth-quarter loss at the parent of the Bank of Baltimore to $94.6 million. The restated loss for the year was $126.5 million. Baltimore Bancorp recorded a $9 million profit in 1990.Elisabeth Albert Hayes, a bank analyst for Chapin, Davis in Baltimore, said the bigger loss means more pressure on the bank's capital levels, which in turn means the company's planned restructuring might have to be more extensive than anticipated.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,eileen.ambrose@baltsun.com | March 5, 2009
Two more Baltimore-area banks, including the region's second-largest locally owned institution, have been placed under more intense federal supervision, according to regulatory documents, showing how deeply community banks are hurting from the collapse of the real estate market. The Office of Thrift Supervision issued "cease and desist" orders late last month against Eastern Savings Bank of Hunt Valley and Baltimore's Bradford Bank. Regulators shut down Suburban Federal Savings Bank of Crofton in late January, Maryland's first bank failure in 17 years, and at least a half-dozen other Baltimore-area banks are operating under heightened scrutiny.
BUSINESS
By David Conn and David Conn,Staff Writer | April 21, 1992
A cleansing fourth-quarter real estate write-down by Richmond-based Signet Banking Corp. gave way to a first-quarter profit of $22 million, the company said yesterday.Signet, which owns Signet Bank/Maryland, said its "accelerated real estate asset reduction program" at the end of last year, which translated to a $165 million provision for loan losses, rid the company of enough bad real estate loans to allow for a profitable first quarter this year.The asset reduction program "has enabled Signet to return to more normal earnings by significantly reducing the effects of the real estate problems which have plagued us for the past two years," Signet Chairman and Chief Executive Robert M. Freeman said in a statement.
BUSINESS
By New York Times News Service | September 15, 1992
First Chicago Corp. announced an ambitious plan yesterday to put the problems of bad real estate loans behind it by selling them and covering some of the resulting losses with previously unreported profits from various investments.Although the plan will cause a large loss in the current quarter, First Chicago officials decided that was preferable to accumulating smaller losses for several years.Investors and traders seemed to agree, sending First Chicago stock up $2.375, to $33, on the New York Stock Exchange.
BUSINESS
By Ross Hetrick and Ross Hetrick,Evening Sun Staff | October 25, 1990
The current real estate slump in the Baltimore-Washington area, which has crippled the finances of major banks, will probably last two to three years as banks cut back their lending and supply and demand return to normal levels, according to a panel of bankers and real estate developers.Real estate problems and how banks are reacting to them was the topic of a panel discussion featuring two bankers and two real estate developers at the University of Baltimore last night. The event was sponsored by the Accounting Advisory Board of the University's Merrick School of Business.
BUSINESS
By Richard D. Hylton and Richard D. Hylton,New York Times News Service | July 28, 1991
NEW YORK -- The new Chemical Bank will have one of the largest real estate loan portfolios in the nation and one with some of the biggest problems.Even before the proposed merger with Manufacturers Hanover, Chemical Bank's hefty real estate loans totaled $6.7 billion, with $1 billion of that delinquent and $544 million in foreclosed property.With Manufacturers Hanover now about to kick in its own $3.5 billion in property loans, $385 million of which is delinquent, executives in the real estate department of the new Chemical Banking Corp.
BUSINESS
By New York Times News Service | November 21, 1990
NEW YORK -- Delinquent mortgages at Citicorp, the nation's largest home lender, increased substantially in the quarter that ended Sept. 30, with much of the rise coming from the economically-depressed Northeast.The rise in mortgage loan delinquencies at Citicorp is a reminder, bankers and analysts said, that defaults and losses are likely to increase for most kinds of bank loans as the economy weakens.In the last year, while Citicorp, which operates Citibank, the nation's largest bank, and many other banking companies have been hurt by heavy losses on commercial real estate loans, mortgage loan portfolios have fared much better.
BUSINESS
By Peter H. Frank | December 14, 1991
Thanks to the "credit crunch," about 500 federal bank and thrift examiners will be meeting in Baltimore early next week.Four federal regulatory agencies are holding a two-day conference here to review new guidelines on examining commercial real estate loans and to help ensure that loans are available to creditworthy borrowers.The conference was scheduled early last month after the four regulatory agencies -- the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 18, 1998
Times have been so good for bankers that they are beginning to worry.Profits have sky rocketed, stock prices have soared and the economy has hummed along with barely a bump. Many experts say 1998 could be another banner year for the industry as long as the economy holds up.But, there is growing concern among bankers that some in the industry have lowered their guard, and in these good times have taken greater risks to book loans and win customers."We are seeing a lot of loosening of credit" standards, said H. David Shumpert, president and chief executive of Towson-based Bank of Maryland, the $280 million-asset subsidiary of Mason-Dixon Bancshares Inc. "If we have a hiccup like we did in 1990 and 1991, it could be a bad scene."
BUSINESS
By Kim Clark and Kim Clark,Sun Staff Writer | April 13, 1995
Mercantile Bankshares Corp. reported yesterday that higher interest rates and growing demand for real estate loans helped push first-quarter profits to $24.2 million, an increase of 11 percent compared with the same period last year.It was Mercantile's biggest quarter-over-quarter growth in profits since before the 1990-1991 recession.And it gave further evidence that the banking industry, which suffered from problem real estate loans in the early 1990s, has benefited from that sector's slow recovery.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | November 4, 1994
Commercial real estate, which nearly killed Maryland National Bank and other mid-Atlantic lenders when it collapsed in the late 1980s, is coming back. And while bankers in this area are still shy from being burned on development loans, they find themselves once again attracted to the flame.Signet Banking Corp. is one of those lenders, but this time around the Richmond, Va.-based company is taking an important precaution. The company, whose subsidiary Signet Bank/Maryland is based in Baltimore, has established a new division to make commercial real estate loans, while exposing itself to very little of the risks of default.
BUSINESS
By New York Times News Service | August 14, 1994
Talk about a land rush: seven mutual funds focusing on real estate have sprung up so far in 1994, doubling the group's size.Among them is CGM Realty, the first fund started by G. Kenneth Heebner, one of the industry's top-performing managers. Franklin Investments, Columbia, Crabbe Huson, American Capital, Evergreen and Pioneer also have new funds.All invest in an assortment of real estate investment trusts, or REITs, which are publicly traded companies that manage portfolios of real estate investments and other real estate-related stocks, like home builders.
BUSINESS
By Timothy J. Mullaney XTCSO: Sun Staff Writer | April 6, 1994
Sooner or later in the economic recovery, someone had to write the headline that Salomon Inc. put on its new study of commercial real estate:"Commercial Real Estate: Losing Its Stigma?"Salomon's point is that fewer and fewer real estate developers are deadbeats on their mortgages these days, as the improving economy, interest rates that are the industry's lowest since 1968 and restructured loans help more of them keep up with their payments.Of course, the fact that the worst deals have mostly been foreclosed on by now helps, too.The drop in delinquencies on office building mortgages made by insurance companies is especially striking, analysts Margaret M. Alexandre and Alfred M. Capra write.
BUSINESS
By New York Times News Service | January 20, 1993
Five of the nation's 10 largest banks reported higher tha expected earnings yesterday, leading banking experts to say that the end is in sight for the banking industry's troubles with real estate loans.The billions of dollars of loans, most of them made in the late 1980s for office buildings and other projects,had seemed so shaky just two years ago that government officials, bank executives and industry analysts had issued dire warnings.They said the banking industry might be in danger of a rash of failures similar to those that had earlier plagued savings and loans, forcing a costly federal bailout.
BUSINESS
By Audrey Haar | November 18, 1990
The economy is just going through a temporary adjustment, but housing prices could soar in the 1990s, predicted Mark Tipton, incoming president of the National Association of Home Builders, a Washington-based trade organization."
BUSINESS
By New York Times News Service | January 20, 1993
Five of the nation's 10 largest banks reported higher tha expected earnings yesterday, leading banking experts to say that the end is in sight for the banking industry's troubles with real estate loans.The billions of dollars of loans, most of them made in the late 1980s for office buildings and other projects,had seemed so shaky just two years ago that government officials, bank executives and industry analysts had issued dire warnings.They said the banking industry might be in danger of a rash of failures similar to those that had earlier plagued savings and loans, forcing a costly federal bailout.
NEWS
By David Conn and David Conn,SOURCE: Resolution Trust Corp.Staff Writer Staff Writer Marina Sarris contributed to this article | December 5, 1992
Federal banking regulators seized Second National Federa Savings Bank yesterday as the Eastern Shore's largest thrift succumbed to high levels of failed real estate loans brought on by imprudent and risky lending.Citing Second National's depleted financial condition, the federal Office of Thrift Supervision (OTS) placed the 20-year-old company in receivership.All $1.16 billion in deposits, even those exceeding $100,000 per account, will be guaranteed by federal insurance, according to the Resolution Trust Corp.
BUSINESS
By American Banker | October 10, 1992
WASHINGTON -- In a big victory for banks and thrifts, the Federal Deposit Insurance Corp. has backed down from a proposal to set rigid restrictions on real estate lending.Instead, the agency has agreed to issue general guidelines that will give banks more leeway in deciding when to make realty loans, according to regulatory sources.The change came after arm-twisting by Deputy Treasury Secretary John Robson, who feared the strict underwriting standards proposed in June would worsen the so-called credit crunch.
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