Tag Archives: 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.

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.

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.

The Goldman Sachs Group, Inc. reported a third quarter net revenue of $8.39 billion and net earnings of $2.24 billion, according to the company's Q3 earnings statement released on Thursday.

Bank of America reported on Wednesday its earnings for the third quarter, revealing that profits tanked under the weight of a massive legal charge stemming from a recent mortgage settlement with the Justice Department. Factoring in the settlement, BofA's mortgage unit was the only one of its five businesses that didn't see income grow over the last year.

Citigroup reported an increase of 7 percent in its net income from $3.2 billion up to $3.4 billion year-over-year in the third quarter. Overall, Citigroup's revenues increased by 9 percent year-over-year in Q3, up to $19.6 billion.

Third-quarter profits improved annually at two of the nation's biggest megabanks, though mortgage banking results were mixed. For the latest completed quarter, JPMorgan Chase reported net income of $5.6 billion compared to a loss of $380 million a year ago. On the other side of the country, Wells Fargo posted profits of $5.7 billion for the quarter, up from $5.6 billion in Q3 2013 and flat from Q2 2014.

Despite seeing a decline in average gross return on investment (ROI) and average gross profit on flipped homes, California still ranked fourth among the 50 states and the District of Columbia in flipped homes as a percentage of total sales in Q2, according to RealtyTrac.

Profits at independent mortgage banks nationwide jumped from the first quarter to the second as loan production spiked, according to a trend report from business advisory firm Richey May & Co. "Independent mortgage bankers' unit volume, expenses and margins were very close to those they experienced in the third quarter of 2013," said Keith May, managing director of advisory services at Richey May.

A report released Thursday by FDIC showed that federally insured institutions earned $40.2 billion and increased loan and lease balances by $178.5 billion (to $8.1 trillion) in the second quarter. The boost in lending was the largest quarterly increase since the fourth quarter of 2007.