NEW YORK (
) -- Foreclosure woes continued to haunt banks this week as
Bank of America
disclosed that it had found some "errors" in its documentation process.
, which had professed that it would not halt foreclosures, also found similar documentation issues.
Foreclosure Crisis: Loss Reserves Back Up?
Earnings continued this week with financial firms including
showing mixed results for the quarter.
were hit particularly hard this week, falling 11%. The Birmingham, Ala.-based bank said its third-quarter loss was improved from the prior year's third quarter, but the numbers were weaker than Wall Street was expecting, particularly after rival
posted positive earnings for the quarter.
filed on Friday with the
Securities and Exchange Commission
for an initial public offering in which it plans to raise up to $300 million of common stock. The shares would trade on the
New York Stock Exchange
under the ticker "BKU."
The IPO is significant since it would it be the first bank IPO by private investors since the financial crisis. Former
CEO John Kanas is now heading up the restructured bank, and acquisitions are sure to follow. North Fork was bought by
"When you look back five years later after the crisis, the big deals that really stand out are going to be
going to Wells Fargo, not
, "but the sweetheart deal will be BankUnited," says Ken Thomas, a Miami based banking consultant and economist.
Of the $900 million invested by
"already made about a third of that," Thomas says. "None of the other private equity deals even came close to that."
Thomas continued: "One thing we know about Kanas and his group -- they're very focused and they're very careful. They will not overpay on a deal."
Other happenings this week:
and former CFO Howard Smith liable for damages on a fraudulent reinsurance transaction.
Of course with Halloween on Sunday,
thought it would be amusing to come up with
--Written by Laurie Kulikowski in New York.
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