Zacks says that the Berkshire-Hathaway first quarter 2011 operating earnings report shows a 49 percent drop from Q1 2010. Although total revenue gained 5.3 percent year-over-year, net income was .61 cents per share, dropping 59 percent from the same quarter last year. The loss was attributable primarily to insurance expenses …
Net Income for Berkshire-Hathaway Drops in Q1 2011 Read More
Business Wire says that Newcastle Investment Corporation (NYSE:NCT) of New York reported first quarter 2011 income applicable to common stockholders of $108 million, or $1.73 per diluted share, as opposed to Q1 2010 of $180 million that had diluted share value of $3.36. With a $4.2 billion investment portfolio, manufactured …
HousingWire reports mortgage rates fell to a five-month low last week amid news of more unemployment claims filed, and as higher gasoline prices ate up more consumer spending, according to Bankrate. Freddie Mac says the 30-year fixed rate mortgage (FRM) dropped to 4.71 percent, well below the five percent rate …
Mortgage Rates Fall Again Reflecting Investors Fears Read More
Bloomberg reports that Lewis Ranieri says banks should offer debt-for-equity trades with homeowners facing foreclosure, or who owe more than their property is worth. The head of investment group Ranieri Partners LLC, he said many people of modest means were coached into putting down less than 10 percent on a …
Mortgage Broker Offers Solution to Avoid Foreclosure Read More
American Market & Business News reports Drew Industries, manufacturer of components for the manufactured housing and RV Industries, announced their quarterly revenue gained 15.80 percent for the first quarter 2011 over the same period 2010. The company said earnings for 2010 were .30 cents per share, as opposed to .42 …
Drew Industries Registers Gains Quarter Over Quarter Read More
Housing Wire reports that Fannie Mae and Freddie Mac have been ordered by the Federal Housing Finance Agency (FHFA) to synchronize their methods of dealing with delinquent mortgages, requiring the mortgage servicer to begin engaging the borrower as soon as they become delinquent. The foreclosure process cannot begin if both …
New Guidelines to Direct Fannie and Freddie Servicers Read More
Speaking at the Manufactured Housing Institute’s (MHI) annual Congress & Expo in Las Vegas, Dr. Mark T. Dotzour, of Texas A & M’s Real Estate Center in College Station, said the federal government is swinging by a long rope that is near the bottom of its arc. The government is …
According to the Department of Housing and Urban Development (HUD), and with backing by the Federal Housing Administration (FHA), HUD had chosen 18 lenders from across the country to participate in an energy upgrade program for qualified borrowers. Power Saver low-cost loans can offer up to $25,000 to credit-worthy homeowners …
CNNMoney.com/Fortune report that while deposits increased at three of the four largest banks, loan balances dropped in what the banks called recovery from the housing crisis. Loans declined seven percent over the last year, while deposits at the four largest increased five percent. Citibank’s (NYSE:C) loans are down 13 percent …
Banks Swimming in Cash, Few Borrowers Getting a Drink Read More
CNNMoney says although existing home sales increased 3.7 percent in March over February, sales were down 6.3 percent from March 2010. Compared to a year ago, the median home price fell 5.9 percent. New home construction permits increased slightly in March, but according to the National Association of Realtors (NAR), …
HousingWire reports Citigroup decreased its troubled-mortgage portfolio by 45 percent over the first quarter a year ago, to $7.8 billion. Of the $5.3 billion converted to modification loans, 75 percent were through the Home Affordable Modification Program (HAMP). The redefault rate of the HAMP loans is 10 percent lower than …
Citigroup Shedding Delinquent Loans, but Losses Still Mount Read More
The Muskogee Phoenix says borrowers in Muskogee County, Oklahoma, may have a harder time finding financing for a manufactured home than in nearby Wagoner County where the annual median income is higher by $20,000. Chris Condley of First National Bank in Muskogee says for every ten lenders available for traditional-built …
Getting MH Financing Remains Tough, Even for Quality Construction Read More
HousingWire says according to Standard & Poor’s, the new risk retention rule will produce more stable mortgages in the long run, but the immediate effect will continue to suppress the housing market. Federal regulators are proposing banks maintain a five percent risk in all loans that do not meet the …
New Risk Retention Rule Could Prolong Housing Agony Read More
Reuters reports that RealtyTrac says foreclosure filings in the first quarter fell to their lowest level since the first quarter of 2208, down 26.9 percent. Filings rose in March over February 6.5 percent, but were down from March 2010 34.7 percent. Lenders seized 6 percent fewer homes than in the …
HousingWire says the U.S. Senate Permanent Subcommittee on Investigations released a report about the recent financial crisis targeting the Office of Thrift Supervision (OTS) for regulatory failures, conflicts of interest and lack of oversight regarding risky financial products. Senators Carl Levin (D-Mich.) and Tom Coburn (R-Okla.) released the report, which …
HousingWire says according to numbers released by the Bureau of Labor Statistics (BLS) and the Mortgage Bankers Association (MBA), the mortgage industry lost 257,000 jobs between Feb. 2006 and Feb. 2011, a 51 percent decline. Feb. 2010 to Feb. 2011, the decline in mortgage employment was 5.9 percent. The first …
CNNMoney reports that new rules proposed by federal regulators last week are intended to discourage risky investments, but will likely make credit even tighter. On home loans where banks receive less than 20 percent down payment, they will be required to keep five percent of the loans instead of selling …
HousingWire says that Fannie Mae is trying to draw buyers to its HomePath properties by offering a 3.5 percent credit towards closing costs. These homes were obtained through foreclosure or forfeiture and are sold mostly “as is.” It must be a primary residence for the new owner, as these are …
GSE Offers Incentive to Purchase Distressed Properties Read More
HousingWire reports that a settlement between the Federal Trade Commission (FTC) and two companies and three individuals yielded $2.2 million that will be refunded to homeowners allegedly swindled in a mortgage relief scam. The defendants falsely posed as having the authority to modify loans, and received fees up front from …
Yahoo!Finance reports an Associated Press story from Los Angeles that a homeowner who applied for a loan modification under the Home Affordable Modification Program (HAMP) is suing Saxon Mortgage Services, Inc. for breach of contract and deceptive debt collection. The homeowner alleges she complied with all the requirements of this …
Homeowner Sues Mortgage Servicer over HAMP Loan Denial Read More
