Mortgage and Financial News From 2008-5-12 Page 6
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PMI Group swings to hefty 1Q loss on defaults - Forbes
Mortgage insurer PMI Group says it swung to a first-quarter loss, due to hefty payouts on default claims amid the nation's subprime mortgage crisis. Walnut Creek, Calif.-based PMI Group Inc. says losses totaled $274 million, or $3.37 per share ...
2008-05-12 03:29:00 -
The PMI Group, Inc. Affirms 2008 Paid Claims Guidance - Forbes
WALNUT CREEK, Calif., May 12 /PRNewswire-FirstCall/ -- The PMI Group, Inc. (NYSE: PMI) (the "Company") today affirmed its paid claims guidance for 2008: * Paid claims for its U.S. Mortgage Insurance Operations to be between $825 million to $975 ...
2008-05-12 03:00:00 -
UPDATE 2-Radian posts 1st-qtr profit on accounting change - Reuters
NEW YORK, May 12 (Reuters) - Mortgage insurer Radian Group Inc (RDN.N: Quote , Profile , Research ) reported a higher quarterly profit on Monday as derivative gains offset higher loss reserves, sending its shares up nearly 5 percent. Chief Executive ...
2008-05-12 09:05:00 -
Radian sees 72 pct. profit increase after accounting change - Philadelphia Inquirer
PHILADELPHIA - Mortgage insurer Radian Group Inc. on Monday posted a 72 percent increase in first-quarter profits, but only after changing how it valued certain securities, as a difficult U.S. housing market continues to bite into business. The ...
2008-05-12 09:34:00 -
Monday's Winners & Losers: Radyne - Street.Com
Shares of BlackBerry maker Research In Motion RIMM gained $8.11, or 6.1%, to $140.88 after the company unveiled a new stylish, feature packed 3G-phone called BlackBerry Bold. RIM also said it has set up a BlackBerry Partners Fund, a $150 million ...
2008-05-12 01:01:00 -
Surveyors' mood is gloomiest in nearly 30 years as slump deepens - Times Online
A record number of surveyors reported a drop in house prices and property transactions last month, new figures show. The balance of surveyors reporting that house prices had fallen rather than risen increased to 95.1 per cent last month, up from 79.4 ...
2008-05-12 01:01:00 -
Bankruptcy reforms don't mesh with economy - judge - Reuters
NEW YORK, May 12 (Reuters) - The nearly three-year-old U.S. bankruptcy reforms that toughened filing requirements for consumers may not be well suited to handle the fallout from the subprime mortgage crisis, a U.S. bankruptcy judge said on Monday ...
2008-05-12 01:37:00 -
Northern Rock arrears rise but loans still solid - Times Online
Ron Sandler, the chairman of Northern Rock, conceded yesterday that the creditworthiness of his borrower base would get progressively worse as good risks defected to rival lenders. “There will be a degree of adverse selection,” he admitted, as ...
2008-05-12 01:01:00 -
AIG, EnCana among big market movers - Boston Globe
The Wall Street Journal reported the insurer's airplane leasing unit may separate itself after the company's steep first-quarter loss. EnCana Corp. , up $6.77 at $92.70 The Canadian energy company said it will split into two companies that focus on ...
2008-05-12 12:33:00 -
Alesco reviewing impact of IndyMac decision - CNBC
PHILADELPHIA - Real estate investment trust Alesco Financial Inc. said Monday that its reviewing the impact of IndyMac Bancorp's decision to defer making interest payments on its trust preferred securities, including those in Alesco's portfolio ...
2008-05-12 01:16:00 -
Earnings roundup: Venoco, Newcastle Investment - Boston Globe
DENVER (AP) -- Independent oil and gas producer Venoco Inc. said Monday it posted a wider first-quarter loss as higher expenses and derivatives losses offset increased production and selling prices. NEW YORK (AP) -- Finance real estate investment ...
2008-05-12 12:33:00 -
Wachovia Subpoenaed Over Securities Auctions (NYTimes.com via Yahoo! Finance)
The bank said that it was cooperating with inquiries into underwriting and sales of the securities that had been started by the Securities Exchange Commission and several state regulators.
2008-05-12 01:36:51 -
Now It's May, Do We Sell (Gold Shares) and Walk Away? (Kitco.com)
Here we are in May, and everyone asks the question, is it time to sell and walk way? Well that depends what you are holding. This article focuses on timing in regard to the junior resource mining equities, for which we use the S&P/TSX Ventures Composite Index as a proxy.
2008-05-12 01:36:51 -
Yen Weakens on Speculation Worst of Financial Crisis Is Over (Bloomberg.com)
May 12 (Bloomberg) -- The yen and the Swiss franc weakened as a rally in stocks and speculation the worst of the financial crisis is over encouraged investors to buy higher-yielding assets funded in Japan and Switzerland.
2008-05-12 01:37:38 -
Home Capital Q1 net up 19 per cent to $25.2M on solid mortgage and card results (Canadian Business)
Eric Shackleton, The Canadian Press May 12, 2008 - 4:25 p.m.
2008-05-12 01:39:10