On Tuesday, BankTalk slammed the recent surge in Pacific Capital shares (see “Is there a Bubble at Pacific Capital?). Pacific Capital has soared from less than $1 to over $4 this year. On Wednesday, Pacific Capital shares closed at $4.07. On Thursday morning, they opened at $1.98, and today they are trading at about $1.85. The game-changing news: Pacific Capital accepted a massive stock-diluting investment from Texas financier Gerald Ford. Ford will now own 91 percent of PCBC, providing that shareholders (including the Treasury Department) approve the sale.
North Carolina slam-dunked the initial round of Census 2010 turnout. Census reports that 74 percent of North Carolina households returned their form. By the way, the Old North State is in a race with New Jersey to claim a Congressional seat. Jersey didn’t get out the count, with just 72 percent of households mailing back before the deadline.
I am shocked at the loan volumes in the new HMDA data. The banks might have been trying to say otherwise, but they really didn’t make a lot of loans in 2009. Case in point, Bank of America made 3,683 conventional home purchase loans for single-family houses (owner-occupants, first lien) in its hometown in 2008. In 2009, they made 1072 in Charlotte. Same town, different bank: Wells/Wachovia made 3,064 such loans in 2008, but just 1,047 in 2009. Pinch me and tell me the data is wrong!
I’m wondering about how wise it was for Arizona to decide to be so draconian right now. (I’m also wondering how wise it is, ever.) If your state stands to win or lose hundreds of millions of dollars depending upon how well it can get out a count of its residents, don’t you think you’d want to put off plans to deport them until after Census 2010? Yes, the bill will not go into effect until 90 days after the end of the current legislative session. Even so, I would imagine that its threat will be felt right away. How receptive are immigrants going to be when a government worker knocks on their door, asking to record who lives at this address?