Securities and Exchange Commission Races to Meet Deadlines for Mortgage Fraud Lawsuits

The Securities and Exchange Commission is expected to be filing charges related to the sale of mortgage-linked securities against more Wall Street firms. These should hopefully conclude the various probes arising out of the financial meltdown, at least in the near term.

“It’s fair to say we’re not at the end,” said Kenneth Lench, chief of the structured and new products unit in the SEC enforcement division in a recent interview with the Financial Times. “There will be a handful of additional cases, I believe, over the next several months.”

The news will affect all the banks (NYSEARCA:KBE) involved in the mortgage debacle:

  • Bank of America Corporation (NYSE:BAC): The shares recently traded at $6.73, up $0.01, or 0.15%. Its market capitalization is $68.20 billion. They have traded in a 52-week range of $5.13 to $15.31. Volume today was 119,238,410 shares versus a 3-month average volume of 312,106,000 shares. The company’s trailing earnings are $-0.31 per share. The company pays a dividend of $0.04 per share for a dividend yield of 0.60%. About the company: Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary. Get the most recent company news and stock data here >>
  • Citigroup, Inc. (NYSE:C): The shares recently traded at $30.14, up $0.32, or 1.07%. Its market capitalization is $88.12 billion. They have traded in a 52-week range of $21.40 to $51.50. Volume today was 26,989,851 shares versus a 3-month average volume of 60,221,000 shares. The company’s trailing P/E is 8.04, while trailing earnings are $3.75 per share. The company pays a dividend of $0.04 per share for a dividend yield of 0.10%. About the company: Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers around the world. The Company’s services include investment banking, retail brokerage, corporate banking, and cash management products and services. Get the most recent company news and stock data here >>
  • JPMorgan Chase & Co. (NYSE:JPM): The shares recently traded at $33.74, up $0.1, or 0.3%. Its market capitalization is $130.22 billion. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 16,922,094 shares versus a 3-month average volume of 50,936,000 shares. The company’s trailing P/E is 7.19, while trailing earnings are $4.69 per share. The company pays a dividend of $1.00 per share for a dividend yield of 3.10%. About the company: JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals. Get the most recent company news and stock data here >>
  • Wells Fargo & Company (NYSE:WFC): The shares recently traded at $25.39, up $0.06, or 0.24%. Its market capitalization is $133.86 billion. They have traded in a 52-week range of $22.58 to $34.25. Volume today was 12,624,559 shares versus a 3-month average volume of 47,358,000 shares. The company’s trailing P/E is 9.40, while trailing earnings are $2.70 per share. The company pays a dividend of $0.48 per share for a dividend yield of 1.90%. About the company: Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally. Get the most recent company news and stock data here >>
  • SunTrust Banks, Inc. (NYSE:STI): The shares recently traded at $19.46, down $0.08, or 0.41%. Its market capitalization is $10.35 billion. They have traded in a 52-week range of $16.51 to $33.14. Volume today was 2,737,710 shares versus a 3-month average volume of 8,623,830 shares. The company’s trailing P/E is 18.48, while trailing earnings are $1.05 per share. The company pays a dividend of $0.20 per share for a dividend yield of 1.10%. About the company: SunTrust Banks, Inc. is a super-regional bank holding company. The Company’s subsidiary banks operate in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and the District of Columbia. SunTrust provides a wide range of financial services such as credit cards, mortgage banking, insurance, brokerage and capital markets services. Get the most recent company news and stock data here >>