Option One Mortgage Corp., Irvine, Calif. -- which is on the auction block -- lost $40 million for the three-month period ended Oct. 31, compared with a $48 million profit in the same period last year.The subprime lender's parent company, H&R Block, blamed the losses on continued weakness in the mortgage industry, noting that lenders are facing "reduced originations, reduced gain-on-sale margins, and increased provisions for loan losses." (Option One is part of Block's mortgage services group, which does not include H&R Block Mortgage Corp.) Option One, a wholesaler, funded $6.6 billion in the quarter (the company's second fiscal quarter), a 46% decline from the level of the same period last year. In November Block said it might sell Option One. Potential bidders include two broker-dealers, investment banking sources have told MortgageWire.
-
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.
8h 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.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago