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I'm posting a news story but in light of the present mood I feel it is important to us here in East Hawaii.
Title: 5 banks safe from the storm
URL:
http://articles.moneycentral.msn.com/Inv...Storm.aspx
Tiny URL:
http://tinyurl.com/663fob
Date: 9/8/2008
Excerpt: "In summary, there may be a lot of banks facing the executioner for their mortal sins, and you should steer clear of them -- not just as investments but with your cash."
But others are holding their own and then some, and it's probably worth the trouble to move your funds there just to be safe.
Bank of Hawaii, based in Honolulu, sports a return on equity of 26% and is a full standard deviation above its peers in funding its loans. With just a 0.46% charge-off rate and high average maturity of its loans, Whalen thinks it has done a beautiful job in a tough environment.
My Comment: There are 5 banks that the article focuses on as the most stable banks in the US which include: Northern Trust, US Bancorp, Washington Federal, Charles Schwab Bank, Bank of Hawaii
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Thank you,Andrew!
Great news!
There is hope for people to get a mortgage or loan in Hawaii.
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quote:
Originally posted by StillHope
Thank you,Andrew!
Great news!
There is hope for people to get a mortgage or loan in Hawaii.
we'll see. our offer was presented today to the seller who has until the 2nd of october to accept or reject. in the meantime, a prequalification letter from our mortgage broker was submitted along with the proposal. the loan has not been secured and the interest rate hasn't been locked in.
"chaos reigns within.
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order shall return."
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Damon,
Stock price has very little to do with a company's strength.
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The reason I posted this article wasn't so much for those trying for a mortgage but for those of us who may have money deposited in a Hawaiian bank. The point of the article is that the Bank of Hawaii has a very good chance of surviving this downturn and has less of a chance of crashing than some other banks in the nation. I for one took a measure of comfort that my money is reasonably safe there.
If you are trying for a mortgage I would think it would be very hard to do but of course I am no expert here. I would think that you would need at least a 20% down payment, excellent credit history, a strong source of income and proof of other cash resources. Again I am not an expert maybe those that are could chime in.
Andrew
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Actually now would be a pretty good time to buy Bank of Hawaii stock. As much as this whole downturn really sucks it also provides buying opportunities for those with cash and a good eye for which companies will weather the storm. One of my Mutual fund managers predicted big parts of this whole mess last June in one of his quarterly reports and the financial institutions he has my/our money invested in have all so far done pretty well during this upheaval.
On the other hand we are trying to close a short sale that has been twisting in the wind since early July and all this uncertainty isn't helping my blood pressure. Like Kani-Lehua we are also prequalified, but not locked in until the seller's lender OKs the deal. Interest rates have been bouncing up and down since we made our offer and I am getting fed up with having my life on hold while we wait for these incompetents to sign off on the deal. They lost the sellers paperwork several times, and can't seem to grasp the fact that they have a chance to get rid of this property before it goes into foreclosure. AAARRRGH! (Sorry, just venting.)
Andrew and I cross posted so I am editing this to add that we fit all of the criteria he mentioned and still are having trouble closing a deal, even in this "buyers real estate market". You'd think a lender with a property on the verge of foreclosure would be happy to get this house off their books, but that isn't how they operate. I think they are hoping the government will save their butts.
Carol
Carol
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If you are buying stock, get Hawaiian Electric instead of Bank of Hawaii. They pay better dividends and their stock price keeps going up. BOH stock looks like it is manipulated somehow. There's been several odd big spikes, dunno why. Actually, my personal favorite of local stocks is Hoku Solar, ticker symbol HOKU. They have Hilo boys on their team and they are doing really well. They are setting up a manufacturing plant in Pocatello, Idaho of all places to manufacture solar panels.
For keeping your money, I would suspect a credit union would be safer than a bank. Some of them have free checking, too. Bank of Hawaii has tiny little fees for all sorts of things.
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