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Tag Archives: Profits

Ocwen Anticipates Losses Ahead of Earnings Report

In a note to stakeholders released Thursday, Faris reviewed a handful of the regulatory hurdles Ocwen has had to deal with in the past year, including a long-running investigation from New York's top financial regulator that eventually resulted in a $150 million settlement.

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FHFA Chief Discusses GSE Profits, Other Issues with Reporters

In a meeting with reporters on Wednesday, Mel Watt, former U.S. representative and chief of the Federal Housing Finance Agency (FHFA) since December 2013, discussed a number of key issues facing the GSEs and the agency, touching on topics ranging from recently introduced low down payment programs to the often debated subject of principal reduction for struggling homeowners.

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Fourth-Quarter Earnings Down at Goldman Sachs

New York-based investment bank Goldman Sachs reported a slight year-over-year decline in Q4 2014 net earnings, but for the whole year of 2014 the firm reported a slight uptick from 2013, according to the firm's Q4 and year-end earnings statement released on Friday.

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BofA, Citi Disappoint on Earnings

Both institutions had a rough year in 2014 on the regulatory side of things. In July, Citigroup settled with the Department of Justice for $7 billion over the sale of toxic mortgage-backed securities. A month later, Bank of America settled with the DOJ for a record $16.65 billion over similar matters. The money paid out in penalties and consumer relief in 2014 took a toll on year-end net incomes for both institutions.

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Community Lending Group Criticizes Government Sweep of GSE Profits

In a recent letter addressed to Treasury Secretary Jack Lew and Mel Watt, director of the Federal Housing Finance Agency (FHFA), the Community Mortgage Lenders of America (CMLA) urged the government to "take immediate action to cure the under-capitalization" of the GSEs by re-amending the payment terms established when they were forced to take a bailout after the crash.

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Mortgage Bank Profits Down Despite Increased Production

Home lenders took in an average profit of $897 on each loan they originated over Q3, the Mortgage Bankers Association (MBA) said Thursday. That average was down from $954 in the second quarter but still a vast improvement from an average per-loan loss of $194 in the first quarter.

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Fannie, Freddie Report Moderate Growth in Profits

Fannie Mae and Freddie Mac are set to send another $6.8 billion to the U.S. Treasury after posting a mild increase in profits for the third quarter. By the end of this year, the two GSEs, which have been in conservatorship since 2008, will have returned a combined $225.5 billion to taxpayers.

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Pershing Square CEO Drops One of His GSE Suits

Pershing Square Capital Management filed a voluntary notice of dismissal in the U.S. District Court for one of its lawsuits against the federal government over the sweeping of GSE profits into the U.S. Department of the Treasury.

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Profits Jump 87% at Morgan Stanley

Morgan Stanley's third quarter 2014 net revenues of $8.9 billion marked an increase from $8.0 billion from the same period a year ago, the investment bank reported in its Q3 2014 earnings statement released on Friday. Morgan Stanley's net income for Q3 2014, including discontinued operations, was reported at $1.7 billion.

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