America's smartest banker

Pekelo

Pekelo

http://www.slate.com/id/2196406/

"Ronald Hermance Jr., CEO of Hudson City Bancorp,

Hudson City in late July reported that second-quarter profits were up 52.3 percent. In the 2008 first half, mortgage originations rose 50 percent from 2007. And yet its balance sheet is pristine. "Only 328 out of 79,929 loans are nonperforming at the end of the second quarter," he said."

"The average Hudson City branch has about $138 million in deposits, almost twice the average for FDIC-insured banks.

Hudson City's stock, is up nearly 50 percent since last July...last year he was paid a total of $8.45 million, and his shares in the bank are worth about $114 million,"
 
Shows the difference between quality vs. growth at any cost. The trickery may work for a while, until the Grim Reaper comes calling

Throughout the boom, it eschewed computer models and required borrowers to make down payments of at least 20 percent. (The typical mortgage in its portfolio has a 39 percent down payment.) Just as on the singles scene, maintaining high standards in lending means turning down a fair number of dates.
 
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