Nonprofit, nonpartisan journalism. Supported by readers.


Wednesday A.M. Report

Wells Fargo to review foreclosures, Twin Cities ranks low in income growth, and Piper will break out private capital biz.

Wells Fargo to review foreclosures: Wells Fargo & Co. will review pending foreclosures in 23 states, but has no plans to place a moratorium on home seizures. Foreclosure proceedings have come under increased scrutiny in recent weeks, with regulators accusing banks of not properly reviewing files before seizing property. Bank of America and GMAC have put moratoriums on foreclosures in the 23 states where foreclosures receive judicial review. But San Francisco-based Wells Fargo, which has major operations in Minneapolis, has said it won’t follow suit. Read full story    

Twin Cities ranks low in income growth: The Twin Cities metro area ranks 65th among the 100 largest metro areas nationwide when it comes to income growth, according to a analysis. Per capita income in the Minneapolis/St. Paul metro area grew 180 percent over the 25-year period ending in 2009, the study found. Per capita income is defined in the report as the average amount of money each person in a geographic area was paid. Per capita income growth in the Twin Cities totaled 9.9 percent for the five-year period ending 2009. Read full story     

Piper will break out private capital biz: Piper Jaffray Cos.’ private capital division, which manages funds of funds, will become an independent company as of Dec. 1, the investment bank announced Tuesday. Funds of funds put investor money into various venture-capital firms, which then back startup companies. Piper’s investments focus on areas stretching from leveraged buyouts to clean technology. The spinoff company will be rebranded North Sky. Read full story