Articles Tagged with ''United States housing bubble''

NAR: Pending Home Sales Off 13.3 Percent

The NAR reported its monthly Pending Home Sales Index this morning, which showed the May index 13.3 percent below year-ago levels and down 3.5 percent from April's reported index numbers. Regular HW readers know I put much more weight on the annual comparisons, so you'll be interested to know the April YOY comparison stood at a 10.3 percent decline -- which means this month's reading is, at least in terms of YOY, worse than April.
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Mozilo Keeps on Selling

Saw this SEC filing earlier this morning -- Angelo Mozilo keeps on selling stock in his own company. Yesterday's sale of another 70,000 shares was worth $2.6 million. But, hey, he's out to show that he's got at least some faith in Countrywide's future: the WSJ reported yesterday that Mozilo is taking a cut in base pay.
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Countrywide CEO Continues to Unload Stock

According to SEC records reviewed by Housing Wire, Countrywide CEO Angelo Mozilo has continued to exercise stock options at a frenetic pace. Mozilo exercised options on and promptly sold 70,000 shares yesterday, according to SEC records, in a transaction that netted over $1.9 million. That sale came on the heels of an April 16 firesale that saw the Countrywide CEO divest an additional 46,000 shares in a transaction worth approximately $1.1 million. Mozilo also sold an additional 116,000 shares on April 11 in two separate transactions, bringing his total net proceeds to roughly $7 million in the most recent insider-selling binge at Countrywide.
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Commentary: HSBC Subprime Plans, NAR Confusion

HSBC rumors: Numerous rumors have surfaced in the past few weeks that HSBC is considering a full-scale exit from subprime lending. Its Decision One origination arm is the European bank's U.S.-based wholesale subprime lender, and has been the focus of intense scrutiny recently -- even before HSBC announced late this past week it will be exiting the correspondent lending channel at the end of May. No word from HSBC sources on its plans for Decision One, which has also been rumored to be up for sale, but the company did blame its correspondent lenders for the lion's share of more than $10 billion in loan impairment charges during 2006 at a Senate hearing this past week, saying that loans originated by "third parties" but on the company's books drove larger-than-expected losses.
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Trouble at Option One: H&R Block Latest to Delay SEC Filing

Tax services provider H&R Block Inc. (NYSE:HRB) said yesterday it will delay filing its annual report with the Securities and Exchange Commission, citing problems in its Option One Mortgage subprime lending operation. The company said that it will report an additional $29 million in pretax loan impairments above what it had indicated in its preliminary earnings call. H&R Block had indicated at that time that it expected to report a $44.7 million loss during the company's fiscal third quarter, which ended January 31, due to poor performance at Option One.
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