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6 of 19 Tested Banks Need to Raise Capital

By Implode-Explode Heavy Industries

"According to a report late last night from Bloomberg, six of the nineteen banks that were stress tested by the Fed will need to raise additional capital. Two of the six are known: Citi and BofA.* Both are appealing the ruling. The other four banks aren?t known, but SunTrust, KeyCorp and Regions Financial are believed to be among them according to a Morgan Stanley report cited in the article. Given its poor tangible common equity ratio, and high exposure to option ARMs, HELOCs and California in general, Wells Fargo should certainly be included."

Full post as published by Mortgage Lender Implode-o-Meter on April 29, 2009 (boomark / email).