Capstead Mortgage Corp., Dallas, has reported a net loss from continuing operations of $2.35 million ($0.12 per share) for the first quarter, compared with net income of $2.54 million ($0.13 per share) a year earlier.Capstead attributed the loss to a payment of preferred-share dividends totaling $5.06 million. Earnings improved from those of the fourth quarter, but financing spreads narrowed as a result of higher borrowing rates, the company said. "As a result, first-quarter earnings, while improved, still fell short of quarterly preferred dividend requirements, resulting in a loss per common share," Capstead reported. The company said its mortgage securities portfolio grew by more than $400 million to approximately $4.8 billion in the first quarter, as acquisitions of adjustable-rate mortgage securities totaled $832 million, more than offsetting $403 million of portfolio runoff. Capstead can be found on the Web at http://www.capstead.com.
-
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
11h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
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