Free Republic

Summary Loan losses revive U.S. bank M&A talks Auto bankruptcies deepen credit market fears Bank boards have been discussing deals as regulatory landscape shifts M&A timeline among regional banks could accelerate NEW YORK, Oct 20 (Reuters) - Jitters around U.S. banks' exposure to loan losses have fueled expectations for more mergers and acquisitions as big buyers may be spurred to look to absorb smaller or weaker rivals, according to four senior industry sources. More than two years after the sudden failure of Silicon Valley Bank that destabilized the industry, auto company collapses and bad loans have hurt bank stocks in...

Regional bank stocks tumbled on Thursday after Zions Bancorp said it would write off fraudulent loans made to two borrowers, adding to investors’ fears about lending standards and stress in credit markets. Zions Bancorp (ZION) on Thursday said it had recently identified “what it believes to be apparent misrepresentations and contractual defaults” by two borrowers. As a result, it plans to write off $50 million of the $60 million outstanding on the affected loans. Shares of Zions dropped 13% on Thursday, leading regional banks lower. The KBW Regional Banking Index fell 6%. The recent bankruptcies of two companies in the...

Subprime auto lender Tricolor Holdings’ bankruptcy is hitting big banks and asset managers. JPMorgan Chase on Tuesday reported a $170 million charge. One question: Did the federal government’s seal of approval for Tricolor cause investors to ignore hazard lights? Tricolor caught creditors off guard when it filed for Chapter 7 bankruptcy last month. The Justice Department is reportedly investigating the lender for double-pledging collateral. But lapses in due diligence may also be to blame. JPMorgan CEO Jamie Dimon admitted Tuesday that Tricolor was “not our finest moment.” He also warned the failure could portend more problems lurking in credit markets....

A Dallas-based auto lender once praised by the U.S. Treasury for “community development” has filed for bankruptcy amid allegations of fraud and financial misconduct, leaving major U.S. banks facing heavy losses. Tricolor Holdings, which specialized in selling used cars and providing loans to illegal immigrants, built its business model on customers who could not qualify for traditional financing, according to Revolver News, which first reported the company’s collapse. The company charged high interest rates and above-market vehicle prices, marketing the program as “social lending.” Subsequent reporting by Barron’s and state regulators confirmed that Tricolor had repeatedly been cited for delayed...

A guy I know just had his truck repossessed. He claims he was current on his payments and because I used to be in the auto remarketing many years ago, he called (texted) me for assistance. He bought the truck and financed it with Tricolor. Here's the AI info...

These guys spend a lot of time way out in the salt marsh, I don't get this close as often as I'd like. The heron was hunting little crabs and shrimp. The spread wings pose is typical, the shade created helps the heron see through the surface glare. It was very cloudy, sea fog starting in. I set the saturation on high, it is easier to desaturate a bit than to replace color not in the image. I'm never as pleased with the result, full sunlight can't be beat. The lake is surrounded by houses, the colors reflect on the...

We used to call these Louisiana Herons, it brought to mind dark, cypress shaded sloughs, spicy crawdads boiling in a pot, and home made, foot stomping, butt kicking music. NOLA ain't all of Louisiana! Now, we are supposed to call them Tricolor Herons.

First section of Tricolor raised The stern, weighing 3,000 tons, is the first section to be raised The first section of a freight ship which sank in the English Channel last year has been raised to the surface.The 190 metre-long Tricolor has been a major obstacle to shipping in the Channel since it sank about 30 miles off Kent in December. The 20,000 ton ship was carrying a cargo of luxury cars when it sank after colliding with the container ship Kariba. Click here to see a graphic showing how the Tricolor will be raised It is being raised in...

  Tricolor is lying on its side SHIP HITS TRICOLOR AGAIN A ship carrying 70,000 tonnes of highly flammable gas oil has crashed into the submerged car transporter which sank in the English Channel. French coastguards are trying to rescue the crew of The Vicky - which is stuck on top of the the submerged Tricolor.The Tricolor was carrying 2,862 BMWs, Volvos and Saabs worth an estimated £30m when it sank off the French port of Dunkirk two weeks ago after colliding with the container ship Kariba in thick fog.The submerged wreck of the Tricolor, which was left lying on its...