Fox-Pitt Kelton analyst Chris Buonafede has issued a daily research note on MGIC Investment Corp., Milwaukee, raising Fox-Pitt's earnings-per-share estimate for the mortgage insurer in 2004.The new estimate is $5.00 per share, up from $4.40 per share. The analyst said the action was based on the belief that growth in MGIC's reserves will slow in the first half of this year compared with that of the second half of 2003. In addition, delinquency trends were better in the fourth quarter than MGIC's management had originally forecast. The note also commented that delinquencies in the first half of a year tend to rise (or fall) at a slower pace than in the last six months of a year.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24