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Tag Archives: Shares

B of A Reports $2.5B Net Income in Second Quarter

After recording a loss in the first quarter of the year, Bank of America announced a net income of $2.5 billion, $0.19 per diluted share in the second quarter of this year, according to a press release. The $8.8 billion in net loss in the first quarter was partially due to $18.2 billion charges ├â┬ó├óÔÇÜ┬¼├àÔÇ£for certain mortgage-related items and other select adjustments, including provisions for representations and warranties and goodwill impairment,├â┬ó├óÔÇÜ┬¼├é┬Ø according to the press release. This trend reversed during the second quarter. Bank of America lent out about $107 billion.

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Refinance Surge Adds to Chase’s Strong Q2 Finish

Rallying investors by end of day Friday, JPMorgan Chase posted strong earnings from the second-quarter, with Home Affordable Refinance Program modifications helping boost income for the laggardly mortgage servicing unit year-over-year. For mortgage production and servicing, the financial institution fielded $604 million in net income over the second quarter, a figure that trumps a net loss of $649 million from the past year. Mortgage production rose to $931 million in pretax income for the lender.

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More Downgrades as Moody’s Goes After Several Banks

Count another major downgrade against the global financial community. On Thursday Moody├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Investors Service slashed credit ratings for 15 major financial institutions, including Bank of America, Citigroup, JPMorgan Chase, and Morgan Stanley, among others. The reason for Moody├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós actions: The biggest banks face too much risk from debt-saddled Europe, earnings volatility, and still-faulty mortgages stateside. The ratings agency grouped the downgraded institutions into three groups. Stocks slid for many of the banks.

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Bank Shares Fall as Greek Turmoil Undermines Confidence

A fresh round of concerns that Greece may leave the euro zone sent U.S. stock markets into a dizzying tumble Monday. After some lift in recent weeks, the Dow Jones Industrial Average fell 125.25 points to close by end of day at 12,695, along with shares for the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós four largest lenders. The deal reportedly involves a Syriza, a leftwing bloc opposed to further austerity measures that may parlay slashes to Greek social services for $170 billion in bailout funds under a package jointly agreed-to by the European Union and International Monetary Fund.

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Stocks Swell for Big Four as Construction Spending Rises

Shares swelled for the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós four largest lenders Tuesday, with analysts crediting a rise in construction spending over March for a climb by the stock market to levels not seen in four years. The Dow Jones Industrial Average cleared an important psychological hurdle by rising 65 points to 13,279, the highest in four years. Media outlets and analysts attributed the boon to a leap ahead in confidence for the Chinese and U.S. economies, with a slight rise in construction spending over March responsible for the latter. Construction spending arrived at $171.2 billion.

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MetLife Exits Reverse Originations, Selling Portfolio to Nationstar

Life insurer MetLife announced Thursday that it will exit the reverse mortgage origination business, with plans to sell the division responsible for these loans to Nationstar Mortgage LLC. It was not immediately clear how much Nationstar paid to buy the reverse mortgage portfolio from MetLife. The life insurer also said that it would cease receiving any new reverse mortgage loan applications and registrations. MetLife said that retail banking, including reverse mortgages, accounted for less than 2 percent of operating earnings for the company last year.

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MGIC Sees $19.6M in First-Quarter Net Losses

Milwaukee-based MGIC Investment Corp. reported net losses of $19.6 million for the first quarter, down from $33.7 million year-over-year. The mortgage insurer said that total first-quarter revenues hovered at $379.7 million, up from $353.1 million in revenues from last year. MGIC wrote $255 million in net premiums, down from $274.5 million from the same period last year. New insurance written by MGIC amounted to $4.2 billion, an increase from $3 billion in the first quarter last year.

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Big Three Banks See Shares, Stock Rise With Dow Jones

The Dow Jones Industrial Average finished by end of day Friday at a clip just below 13,000 points, lifting stocks and shares for all but one of the four major financial institutions. The jump reportedly marks the highest for the Dow Jones since 2008, just before the worst of the financial crisis, as investors got bullish on another round of bailout votes for debt-saddled Greece. The index closed on a .35-percent hike Friday, up 45.79 points, giving Wells Fargo a 2.37-percent boost to wrap up stocks at $31.09 per share.

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Housing Plays Small Part as Economy Adds 243K Jobs

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A still-brittle economic recovery picked up steam in January as the private sector added 243,000 jobs, driving unemployment figures to lows not seen in three years. The Labor Department said that the national unemployment rate fell to 8.3 percent, also signaling a fifth straight month for declines in the number of jobless Americans. Construction added 21,000 jobs from December, with gains for nonresidential construction and specialty trade contractors. Financial services lost some 5,000 jobs from last month by comparison.

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