For Immediate Release
Chicago, IL – July 14, 2009 – Zacks.com announces the latest Industry Outlook. Today’s outlook from Zacks Equity Research analyst Neena Mishra discusses the U.S. Banks sector. Highlighted stocks include: Ocwen Financial Corp (OCN), Wilmington Trust Corporation (WL), KeyCorp (KEY) and Zions Bancorp (ZION).
Here is the latest on the U.S. Banks sector:
We recently upgraded our recommendation on Ocwen Financial Corp (OCN) to a Buy, as this company could be a major beneficiary of the President’s Home Affordable Modification Plan, which provides incentives for loan modifications to the borrower, the investor, and the servicer. OCN was appointed by a major GRE as one of the servicers for the new pilot initiative launched to identify borrowers who are at a risk of foreclosure. Recently the Treasury extended TALF to include securities backed by servicing advances, which will provide comfort on the liquidity front.
Banks with high exposure to housing and Commercial Real Estate loans, like Wilmington Trust Corporation (WL), KeyCorp (KEY) and Zions Bancorp (ZION) will remain under pressure.
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