Capital One Financial Corp., McLean, Va., has lowered its estimate of 2007 earnings, citing among other factors costs associated with GreenPoint Mortgage, which the company has shut down. Capital One said it now expects to post earnings of about $3.97 per share for the full year, down from a previous estimate of "about $5.00." Capital One said its fourth-quarter provision for credit losses was $1.9 billion, consisting of $1.3 billion of chargeoffs and an allowance for future loan losses of $650 million. The company said the increase in loss provisioning was necessitated by "continued deterioration" in its $700 million portfolio of home equity lines of credit originated by GreenPoint and expectations for a weaker U.S. economy in 2008.
-
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
1h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
2h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
2h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
3h ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
5h ago -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
6h ago