Posts Tagged ‘bank profits up’

US Bancorp Q3 profits way up

Wednesday, October 17th, 2012

On the heels of Wells Fargo and JP Morgan announcing record profits and a turning of the corner in the real estate market, US Bancorp is joining the ranks of big banks profits soaring thanks to mortgage lending citing a 16% increase in profits for Q3 thanks to growth within their mortgage lending business. Also, other banks like M&T are seeing similar results up to 60% in profit increases.

I more than know there are a lot of folks out there that do not like seeing big corporations “profiting” (for whatever reasons) but seeing the banks that were on the brink of collapse just a few short years ago doing so well now specifically from mortgage lending is yet another good sign that the current housing market recovery is moving forward; i.e. home owners that are in a home now they bought for $400,000 a few years ago that are now only worth $300,000; you are well on their way to being a good investment to buy rather than a loss. Sure, it will take a few years for home values to get completely back on track, but we’re well on our way and that’s great news!

~Scott McDonald