| PNC patents the environment - community blog from Paul Penrose
Watch out banking eco-warriors, PNC Financial Services in the US has patented the term 'Green Branch', with reference to its network of 40 environmentally-friendly bank branches across six states. The Pittsburgh-based bank claims to have more certified, environmentally-friendly buildings than any other company on earth. "Consumers want to do business with socially responsible companies and PNC is leading the way in the banking industry," trumpets Neil Hall, head of retail distribution, PNC Bank, in a press release celebrating the patent. According to PNC, a main reason for the Federal Patent Office's approval of the bank's trademark application is that financial services are not generally associated with environmentally friendly or ecologically efficient characteristics.
Rising auto loan default rate concerns analysts
Rising delinquency rates on car and truck loans have some industry analysts concerned that subprime mortgage troubles could spill into the automotive finance business. In a note to investors Monday, Lehman Brothers analyst Brian Johnson said his analysis of auto loan-backed securities sold by Ford Motor Credit Co. and GMAC Financial Services showed some higher delinquency rates for October and September compared with recent years. "As unemployment remains low, this deterioration in the auto ABS credit conditions may be evidence of a likely spill over of the mortgage woes onto the auto credit world," Johnson wrote. Spokeswomen for Ford Motor Credit and GMAC said they experienced slight increases in delinquencies in the third quarter, but those were unrelated to the subprime mortgage problems.
Auto loans may be next problem
DETROIT � Rising delinquency rates on car and truck loans have some industry analysts concerned that subprime mortgage troubles could spill into the automotive finance business. In a note to investors Monday, Lehman Brothers analyst Brian Johnson said his analysis of auto loan-backed securities sold by Ford Motor Credit Co. and GMAC Financial Services showed some higher delinquency rates for October and September compared with recent years. .
AT&T Teams with Wachovia, Sun Trust for Mobile Banking
SAN ANTONIO — AT&T is teaming up with Wachovia and Sun trust to offer mobile banking services.The offering allows AT&T wireless customers at the two banks to view account balances, transfer funds and pay bills from their mobile handsets.AT&T worked with mobile banking services provider Firethorn Holdings as well as CheckFree Corp. to create the service. "The ability to perform banking functions using a wireless handset is attractive for people who need to make financial decisions on the go — business travelers, college students and anyone who desires the flexibility that wireless delivers," said Mark Collins, vice president of consumer data for AT&T wireless. "Value-added services such as mobile banking and payments to the mobile device are part of our ongoing strategy to enrich the customer experience." The application to enable the service will be preloaded on AT&T handsets later this year.
Gloom at credit-check firm after banks and retailers curb lending
Experian added to fears of a slowdown when the credit-checking agency's chief executive said he viewed today's economic climate as the worst for 20 years. "I've been in this business a long time, and this is as big a market challenge as I've seen in the last couple of decades," Don Robert said yesterday. Within minutes of his comments being reported, shares in Experian fell almost 20%; the firm carries out credit checks on consumers for banks and major retailers. It expects its sales to slow considerably over the next few months as customers cut lending to consumers amid the downturn in credit markets. "The market environment in the US and the UK is tough, and is likely to get tougher," he said. "Our financial services clients have deferred their spending for capital projects and for marketing to new customers.
Easy Credit Terms Comes Back To Haunt GM In A Big Way
The auto maker, in the midst of a restructuring aimed at restoring profitability, has been stung in recent months by the weak performance at GMAC Financial Services, which has struggled due to losses at its residential-mortgage business even as auto loans continue to be profitable.
Adding fuel to the fire for GM investors, Lehman Brothers analyst Brian Johnson said in a research note Monday that GMAC is experiencing a "sharp" increase in delinquency rates among its auto-loan customers since July.
Auto-loan delinquencies could further expose GM to a falling credit market and could further disrupt the auto maker's restructuring efforts. GM surprised the automotive industry when it reported a third-quarter net loss of $38.96 billion earlier this month. The majority of the loss was attributed to tax-asset valuation, though GM booked a $757 million loss associated with its 49 percent stake in GMAC.
Analysts worry that mortgage troubles could spread to auto loans
DETROIT (AP) Rising delinquency rates on car and truck loans have some industry analysts concerned that subprime mortgage troubles could spill into the automotive finance business. In a note to investors Monday, Lehman Brothers analyst Brian Johnson said his analysis of auto loan-backed securities sold by Ford Motor Credit Co. and GMAC Financial Services showed some higher delinquency rates for October and September compared with recent years. "As unemployment remains low, this deterioration in the auto ABS credit conditions may be evidence of a likely spill over of the mortgage woes onto the auto credit world," Johnson wrote. Spokeswomen for both Ford Motor Credit and GMAC said they experienced slight increases in delinquencies in the third quarter, but those were unrelated to the subprime mortgage problems.
Analysts fear mortgage crisis could affect auto loan business
Detroit- Rising delinquency rates on car and truck loans have some industry analysts concerned that subprime mortgage troubles could spill into the automotive finance business. In a note to investors on Monday, Lehman Brothers analyst Brian Johnson said his analysis of auto loan-backed securities sold by Ford Motor Credit Co. and GMAC Financial Services showed some higher delinquency rates for October and September compared with recent years. "As unemployment remains low, this deterioration in the auto . . . credit conditions may be evidence of a likely spillover of the mortgage woes onto the auto credit world," Johnson wrote. Spokeswomen for both Ford Motor Credit and GMAC said that they experienced slight increases in delinquencies in the third quarter but that those were unrelated to the subprime mortgage problems.
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