Capital One Financial Corp., McLean, Va., has reported a net loss of $81.6 million ($0.21 per share) for the third quarter that stemmed from an $898 million loss from discontinued operations related to the shutdown of GreenPoint Mortgage.Capital One said earnings totaled $2.09 per share for the quarter excluding the loss from discontinued operations. The company's net income a year earlier totaled $587.8 million ($1.89 per share). The shutdown of GreenPoint, announced in August, is now "largely complete," Capital One said. The company can be found on the Web at http://www.capitalone.com.
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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.
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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.
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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.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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