Tag Archives: Investors

Wells Fargo has a new leader for its consumer-lending business in Avid Modjtabai, and additionally, Wells confirmed that Mike Heid will take over as president of its mortgage unit. Modjtabai was formerly the head of Wells├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó technology and operations, and his new role will encompass mortgages, home-equity, and student loans under the Wells Fargo Consumer Lending division.

Better credit and revenue health seem to be the influencing factors behind strong quarterly earnings reports from BOK Financial Corporation. The company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós net interest revenue rose by nearly $4 million between the first and second quarters of this year, while revenue from fees and commissions also increased by over $4 million.

A Standard & Poor's/Case-Shiller Home Price Index released Tuesday revealed slight bumps in home prices across composites collected for some 20 cities, with the nation's Capitol leading the way with an upward arc, even as existing-home sales flat-lined in June and single-family starts showed nominal signs of life. According to the index, 10- and 20-city composites jumped May over April by 1.1 percent and 1.0 percent, respectively, with only three in 20 assessments showing declines and Phoenix staying unchanged.

CoreLogic├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós international operations are making news in India, with the announcement that Cognizant will buy CoreLogic Global Services Pvt. Ltd. for a reported $50 million. The acquisition of CoreLogic Global, better known as CoreLogic India, will likely make Cognizant the third largest information technology services entity in the country, ousting Wipro Ltd. Lenders using the new program will benefit from a high level of customization, including the ability to tailor the alert system.

As splintering debt-ceiling negotiations unnerved analysts and ratings agencies, Treasury yields and mortgage rates remained relatively stable over the weekend, reflecting a widespread consensus among investors and market watchers that partisan divisions would soon give way to a grand bargain between policymakers. CNN reported Sunday that House Speaker John Boehner (R-Ohio) refused to agree to a set of conditions at the White House, ending dramatic four-month-long negotiations.

With recent reports signaling a throwback for public officials involved in debt-ceiling negotiations, housing analysts and market watchers worry about the possible fallout for government-backed mortgages in a default scenario come August. If the federal government defaults on its debt, analysts say, still-brittle mortgage markets will splinter as mortgage rates follow spikes in Treasury yields. Concerns continue to grow after a series of breakdowns between Congress and the White House.

Despite today├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós report in the Wall Street Journal of continued layoffs in multiple professional sectors, not everyone is fearing for their job. Especially Michael D. Greenwood of PNC Mortgage who has just been promoted to senior executive of the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Miamisburg, Ohio branch of operations.

On Thursday news reports confirmed that mortgage giant JPMorgan plans to scale back a $154 billion mortgage portfolio to a bare minimum on its balance sheets, even as it battles through continuing mortgage losses, multiple suits and settlements over past loan-servicing practices.

Fueling fears about a federal default scenario, fragile debt-ceiling negotiations continued to splinter and stagnate this week, with Republicans refusing to budge on proposed tax increases and Democrats fighting to keep entitlements off the chopping block. If trends continue and the federal government defaults on its national debt, housing economists and mortgage rate analysts predict spikes in interest and mortgage rates, with steep and potentially catastrophic declines in homes sales.

A monthly update from Capital Economics holds that small upticks in home prices and sales reflect anomalous behavior in the market, thanks in part to a generous seasonal uplift. The report predicts continued falls in home sales.