Activist investors critique Zillow, Trulia deal

Activist investors critique Zillow, Trulia deal

Valuations skyrocket while earnings expectations have fallen

CoreLogic: Foreclosure inventory tumbles 35%

But don't celebrate just yet

4 factors weighing down housing in the second half of 2014

Will housing collapse?
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Articles by Trey Garrison

Trulia posts 2Q14 net loss of $2.4M on rising revenues of $64.1M

Acquisition target posts dramatic web traffic gains
July 31, 2014
Trulia reported total revenue of $64.1 million, up 116% year-over-year, with a net loss of $17.9 million, compared with a net loss of $2.4 million for the second quarter of 2013.
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Moody’s: HFA single-family bond financing will increase

Bond financing will drive revenue growth
July 31, 2014
As housing finance agencies seek to rebuild their balance sheets amid a favorable bond market, Moody’s Investors Service expects bond financings to become a more significant part of HFAs’ mortgage funding sources, reversing the downward trend since 2011, a note to clients says.
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GAO takes up investigation into discrimination at CFPB

Non-partisan investigation comes at request of House Republicans
July 31, 2014
The Government Accountability Office will look into the CFPB’s organizational culture and management practices in light of allegations that bureau managers are discriminating against employees based on race and gender and retaliating against employees who complain.
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Activist investors critique Zillow, Trulia deal

Valuations skyrocket while earnings expectations have fallen
July 31, 2014
While most mainstream Wall Street analysts are generally positive on the pending $3.5 billion Zillow acquisition of Trulia, skeptics of both the operational and valuation elements of the companies and the deal continue to raise questions.
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Freddie Mac: Mortgage rates still pushing buyers to market

Rates still hover at a low point for 2014
July 31, 2014
Mortgage rates once again showed very little change while remaining near their 2014 lows prior to a better-than-expected second-quarter gross domestic product reading, Freddie Mac reported Thursday morning.
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Stewart 2Q profits plummet to $6.3M down from $26.9M in 1Q

Litigation and acquisition costs weigh on earnings
July 31, 2014
Stewart Information Services on Thursday reported net earnings attributable to Stewart of $6.3 million, or $0.27 per diluted share, for the second quarter 2014, compared to earnings of $26.9 million, or $1.09 per diluted share, for the second quarter 2013.
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Ocwen Financial posts 2Q revenue of $553.1M, up 2% Y/Y

Regulatory, compliance costs drag on $67M net income
July 31, 2014
Ocwen Financial reported net income of $67 million, or $0.48 per share, for the second quarter of 2014, compared to net income of $76.7 million, or $0.53 per share, for the second quarter of 2013.
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House committee says no one is being held accountable for CFPB discrimination

Director Cordray touts diversity officer, listening session efforts
July 30, 2014
CFPB Director Richard Cordray was excoriated by Republicans for not holding any senior management accountable for the history of discrimination, while Democrats said Republicans just want to defang the regulatory bureau.
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Judge orders BofA Countrywide to pay $1.3B for toxic mortgages

Settlement is just over half what feds wanted
July 30, 2014
A federal judge has ordered Bank of America’s Countrywide unit to pay $1.3 billion in penalties for junk mortgages sold to the government sponsored enterprises in the years prior to the 2008 financial crisis.
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Wall Street doesn’t see antitrust hurdles for Zillow’s Trulia acquisition

Deal would increase pricing power for combined entity
July 30, 2014
A survey of analysts, speaking off and on the record, showed that none had serious concerns about antitrust issues with the deal.
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