The chief operating officer of E-Loan resigned on Thursday, a day in which the company revealed that fourth-quarter earnings plunged 95% and its stock skidded by as much as 20%.E-Loan, based in Pleasanton, Calif., said it accepted the resignation of president and chief operating officer Joe Kennedy "effective immediately," noting that it has already hired a replacement for the COO position. In the fourth quarter, E-Loan posted net earnings of just $200,000, compared with $5 million a year earlier. For the year E-Loan earned $22.6 million, an increase of 113% from its earnings in 2002. At MortgageWire's deadline, E-Loan could not be reached for comment concerning Mr. Kennedy's resignation. In a statement, company chief executive officer Chris Larsen said: "Although we delivered record annual results for the full year 2003, the fourth quarter of 2003 was a challenging transition for us. The difficult conditions the industry experienced in the fourth quarter -- the rapid decline in refinance demand coupled with industry overcapacity leading to intense price competition -- were more severe than we anticipated."
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11