8/23/2011 1:01 PM ET
Just 3 years after the bailouts, the biggest US banks are seeing their stocks dive anew. Are they still sick, or are they good buys in a struggling market?
Even if you can barely stand to watch the market these days, you've probably noticed that Bank of America (BAC, news) has been getting pounded like it's 2008 again. Rival giants Citigroup (C, news) and JPMorgan Chase (JPM, news) are falling as well, along with a lot of other financial-sector stocks.
Among the reasons for this rout: fear that European bank woes will spread to U.S. banks, lawsuits from investors holding mortgage-backed securities that blew up, and the threat of a new global recession.
It's been three years since taxpayers bailed out the banks after the credit meltdown, and it seems the Big Three U.S. banks aren't out of the woods yet. They never regained the stock value they lost in the financial meltdown. And they're melting down again.
The question facing investors now is this: Have the latest losses given us another chance to buy the stocks of these financial giants at bargain prices -- or are these banks so troubled they can't be fixed?
I'm in the 'bargain' camp. Here's why.
Has B of A repaid its bailout funds?
Let's start with the key takeaway: As hard as the market has been on financial companies, taking them down much further than stocks as a whole, this isn't 2008. Banks, for the most part, are far stronger than they were going into the credit meltdown in 2007. And in fact, if you go through investor fears one by one, you can make the case that most of them are overblown.
I'm focusing this column on B of A because it's the biggest U.S. bank and the loss leader, down 57% since January highs of $15.31. It's lost 35% in just the past month. But Citigroup is down 48% from its highs this year, and JPMorgan Chase is off 30%. So they should be asked the same questions.
Michael Brush
The two latter banks do have some advantages. Counting the bailout and other efforts, both got more government support than Bank of America during the credit meltdown. JPMorgan Chase in particular limited its exposure to the mortgage problem at the heart of that crisis.
Bank of America, on the other hand, took on added exposure during the crisis when it purchased Countrywide Financial and Merrill Lynch. Countrywide was a large mortgage originator, and Merrill Lynch was one of the biggest vendors of mortgage-backed securities. So B of A remains very exposed to risky home mortgages and a weak real-estate market.
But B of A's stock has also been beaten up the most of late, suggesting that it might offer the most potential for investors. Investing sometimes works that way.
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I'm not the only one who thinks that these stocks look interesting. I talked with several financial sector money managers recently, and many believe the current selling has gone too far. "We think they are attractively valued today," says Ryan Lentell, senior research officer at Manulife Asset Management. "We think they are cheap for long-term investors." Manulife Asset Management manages the John Hancock Financial Industries Fund (FIDAX).
Veteran banking sector expert William Isaac is also bullish on bank stocks overall. "If you believe that our political leaders are going to get their act together and fix the fiscal crisis, and your time horizon is three or four years, I would think that banks are about as good a buy as you can get right now," he says. Isaac was director of the Federal Deposit Insurance Corp. in the early 1980s, another tumultuous time for the banking sector. He's now senior managing director of FTI Consulting, a financial services sector consulting firm.
Here's a look at the problems these banks face -- and why the worries may be overblown.
Catching the Euro-fluOne of the major fears about the large U.S. banks is that they'll get dragged into the mess in Europe. Among the big risks: They might be exposed via lending to and contracts with troubled European banks or by holding shaky European government debt. Another major risk is that capital markets might freeze up again if big European banks go under.
Several top-rated money managers I talked to discount these risks.
First, the so-called counterparty risk resulting from business with European banks seems small. "We don't know for sure, but it does not look like it is significant," says Michael Yoshikami, the CEO and founder of YCMNET Advisors, ranked among the top 100 independent financial advisers by Baron's.
Second, says Lentell, at Manulife Asset Management, the exposure of the Big Three U.S. banks to European debt "is small compared to size of their balance sheets."
Meanwhile, U.S. banks have strengthened their balance sheets and lowered their exposure to short-term funding problems since the crisis, suggesting they can weather a temporary freeze in the capital markets.
Fending off the lawyersBank of America is being sued regularly by investors, racking up big losses on mortgage-related investments built on home loans originated by Countrywide Financial and repackaged by Merrill Lynch. "Obviously, there aren't many days that I get up and think positively about the Countrywide transaction in 2008," Bank of America CEO Brian Moynihan said in a recent conference call with investors.
On top of this, attorneys general across the country are suing Bank of America for questionable foreclosure practices.
These kinds of suits grab headlines and scare investors. They may continue to cost Bank of America billions, and they're a big reason the bank's stock has stayed down.
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This is the very reason why we cannot count on them to create jobs.
2 0ReportSpamturkhum56 minutes agoIf all of BOA's employees are like the one I just delt with, then they are all idiots! I suspect that is the case....... 1 0ReportSpamAtroponic3 hours agoBofA too big to fail? Not this time, one less $blood sucking leech on the taxpayer's dime that needs to be culled from the herd. No more welfare.
Too big for their own good as well as a few other $vampires like Citi, Chase and Goldman Sucks.
Bailout from The Fed
BofA $99 bilion in 2009
Citi $95 billion in 2009
Goldman Sucks over $80 billion in 2008Chase over $70 billion in 2008
3 2ReportSpamsilenceporfavor5 hours ago
No sympathy from me. we bailed out the sob fat cats and now they can sink on their own. They have no sympathy facing problems of paying mortgages and they gladly foreclose rather than modify loans. They created this mostly underwater loan problem in my opinion. No I didn't research it but them sucking us in by overvaluing homes definitely wasn't the publics doing.
It is time the ceos and upper mgt realize they don't deserve the salaries they get and should be taking care of these companies to keep getting a paycheck that would still be better than most.
11 2ReportSpamIntotheknown6 hours agoBank of AilmentsBank of not-enough-AssetsBad for AmericaBand of A$$h%%%%Beg for AmnestyBailouts of America 10 2ReportSpambirdman6 hours agoDuring the last depression now correct me if I'm wrong but don't think so. Didn't the president close the banks for three days ask the auditors to go in and see which of the major banks were in the least trouble and bailed out one or two of them and let the rest fail.
Government will not let all the banks fail like in the past they will save one or two major banks. But it may not be the BOA that they choose to save.
History does repeat it's self. Yes were in for some long food lines. But there will always be a bank,
3 0ReportSpamIntotheknown6 hours agoBank of Ailments probably won't be in business a whole heck of a lot longer -- unless, of course, they get another multi-billion dollar bailout paid for by unborn Americans of future generations. Housing prices will sink further and Bank of Ailments won't be able to survive without taxpayer money. They've plundered the American people and shareholders long enough. There should be a moritoreum on bonuses for sure for at least five years, if they're even in business that long. More bailouts would just be more plundering. 6 1ReportSpamnelson and sons6 hours agoHottie84181 banks are not evil ,Duh, people can be and particularly those running this one, Duh. Their greed has only been exceeded by their bonuses and pocketbooks. It is an affront to the average American's sense of fair play, the aforementioned practices. They have no contribution to our communities worthy of tolerating the dishonest ways they have abused their assets and customers. Let them jump from their skyscrapers when they realize that the avarice they practiced is the undoing of the ongoing gravy train. Grieve now because your end will come rat bastards. 7 1ReportSpamHottie841816 hours agoWow, people never cease to amaze me. I wonder if some of you know anything about banks, economy and what is going on around you.. People, Banks are business, they need to make money.. They can't give money away just because you need it.. Remember that's what got us here in the first place. Banks aren't bad, no they are not evil, they are what keeps the economy running. I know right now it seems rough but we NEED banks in order to get the economy back to normal. Someone said that BOA foreclosed the wrong home, Yes and.. BOA didn't foreclose it was someone who made a mistake in the mortgage department.. that someone is like me and you, human who can make mistakes.. its very easy.. we have all made plenty of mistakes.. Someone else said something about Credit Unions, well let me give you some info since you don't seem to have any.. Credit unions borrow money from big banks and in order for them to continue offering low rates on loans they have to be able to borrow money from their banks. However i do agree with those who mentioned the large bonuses, those are completely unnecessary and should be eliminated until the banks are doing better. 8 17ReportSpamnelson and sons6 hours agoBoA your customers who took care to do business honestly were your biggest asset and then you screwed us relentlessly. Won't miss you when you are gone and it couldn't be soon enough. 14 2ReportSpamnelson and sons6 hours agoThey did nothing but raise interest rates and minimum payments In spite of a clean payment history in the revolving lines for me. It is this kind of practice that earns them their place to rot in hell. They raped customers fast and furiously while customers had to do with less as this rotten economy turned down more and more. And then they get a bailout and turned the screws even tighter. Well I hope they get all they deserve and loose what is most important to them $$$$$$$$$$$$$, all of it you filthy thieving take, take, takers. We can do without them it would be best. Let the markets adjust them out of our country and bury them once and for all. It is about time Americans shop with their wallets and do without before selling everything downriver for want of comfort, convenience and impulse. 15 3ReportSpamfishtank7 hours agoI say, let BoA to sink ship, enough is enough. This bank is a public charge bank and it has hurt many people and is not helping the economy. Let it sink rock bottom. 17 5ReportSpamIn Search of - dunnunder7 hours agohahahaha great question for headline..................UUUUUUUUUUUUUUUUUUH ask the people posting on these sites and i'm sure you'll find the answer......how bout that one couple who had their home foreclosed on by B of A except they had paid off their mortgage and never had nothing to do with this bank.......the couple sued and foreclosed on the bank for not paying damages owed that foreclosed on them and had sheriff show up to confiscate items from bank......not a tale; it's fact!!! 17 2ReportSpamANTIKOOLAID7 hours agoSaid it before.. I'll say it again.
4.4 BILLION dollars in just BONUSES paid to the top PIGS at BOA in 2010. Not salaries, dividends... BONUSES.
Average of $440,000 per employee who received a bonus.
And they have to let 3500 people go? Why? They are not cash starved if they can pay out 4.4 BILLION dollars in bonuses last year.
Do you realize that 4.4 BILLION dollars would provide JOBS for 10,000 people at $44,000 a year for 10 YEARS. And they paid that in BONUSES to their top PIGS last year.
I left BOA. I got tired of getting $.03 in interest each month on an account with $3500 in it while they gave all of their money (that they won't LEND to ANYONE) to their FAT PIGS. Credit Union is paying me $.82 per month on the SAME MONEY. Yes, don't look at the "WHOA, a whopping 79 cents per month." Look at the 2700% MORE in interest they pay.
FAIL BOA. FAIL BOA. FAIL BOA.
If I file bankruptcy, I lose my assets (house). If BOA files bankruptcy, do they lose THEIR assets (mortgage holdings?)
22 2ReportSpamShadobe8 hours agoUnbelievable... no one is more corrupt than B of A, many are AS corrupt, like Wells Fargo, most Mortgage lenders,
almost all Insurance companies, and all are in bed with the politicians that bail them out... I read that if the bailout
last time was issued to homeowners, all mortgages in America could have been paid!!! And after their bailout, when
they promised to helped the struggling, hard working Americans that support their corrupt, self-serving, avaricious
lifestyles,...the rates of foreclosures actually got worse. What this country needs is a Civil Revolution, and I will be the
first to help, start or join in a revolution to burn and pillage the wealthy that are parasitically feeding on the security of
the masses. WAKE UP AMERICA... NOW THAT SO MANY OF YOU ARE UNEMPLOYEDC... THERE IS CERTAINLY
ENJOUGH IN NUMBERS TO INITIATE AND SUCCESSFULLY OVERTHROW THE CORRUPT BANKS, MORTGAGE
LENDERS, INSURANCE AND POLITICIAN..... THIS WAS THE LAND OF THE FREE WHEN IT WAS STARTED... YOU
ARE ALL SLAVES TO BIG BROTHER.... ONLY ANSWER TO CORRUPTION AT THIS LEVEL IS....
REVOLT, REVOLT... REVOLT... COME ON ALL YOU UNEMPLOYED AND STRUGGLING HARD WORKING CIVILIANS,
GET UP OFF YOUR COUCHES....TURN OFF THE IDIOT BOX TV ...THATS WHERE THEY WANT YOU TO STAY...
THE TIME IS LONG PAST DUE.... REVOLT REVOLT REVOLT.... GOD BLESS AMERICANS THAT STAND UP FOR
HIS FALLING NATION.....
22 6ReportSpamcrashmama8 hours agoI used to work there. They are too big for their britches!!!! They don't respect the little guys any more. And some of the ex- fat guys are finding that out! I worked at an in-store for over three years and knew almost all of my customers. I was also by myself much of the time. and nearly everybody was patient when there was a line. If I made a mistake I would catch it and have it fixed by the next morning. They closed the in-stores and the big branches aren't allowed to have much of a personality that isn't on script. Most people do not care for the fake scripted greetings. I can see their downfall. I didn't try to cross sell unless the person seemed interested. I would not push and would get into trouble when I didn't meet a quota every day. They wanted to push people into things they would wind up having to pay big for if they screwed up. 21 1ReportSpamdkg628 hours agoThis is a predator bank. It deserves to be driven out of business. 37 5ReportSpambigdawggie8 hours agoThey deserve everything ill that happens to them. Even today they still hold on to large reserves and refuse to loosen credit in spite of the monies afforded these greedy mongrels. They'll probably have the audacity to ask for another bailout.
Sooner than later American greedyations will realize that downsizing to regain profits and working their employees to death is done. You can't squeeze water from a rock, or blood
from a dollar.
It's time to produce, and to produce goods and services that the WORLD really needs.
It's time to end NAFTA and bring American manufacturing jobs home. Period!
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