Articles Tagged with ''Chairman and CEO''

Irwin Warns, Expects Loss in First Quarter of 2007

Irwin Financial Corporation (NYSE:IFC) said early Friday that it expects to report a loss from operations for the first quarter of 2007 due largely to the effects of conditions in the consumer mortgage market. "We have had two disappointments during the first quarter. While this is not a pleasant way to start the year, we believe both issues are essentially one-time events. In aggregate, the other aspects of the business are running close to our 2007 plans," said Will Miller, chairman and CEO of Irwin Financial.
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Accredited Hires New Outside Auditor

Accredited Home Lenders Holding Co. (NASDAQ:LEND) said Tuesday that it has engaged Squar, Milner, Peterson, Miranda & Williamson, LLP as its independent public accountant. Accredited's prior auditor, Grant Thornton LLP, resigned abruptly early last week amid reports that it had prepared a "going concern" opinion on the troubled San Diego-based subprime lender. Squar Milner will begin work immediately to complete the audit of Accredited's financial statements for the year ended December 31, 2006, the lender said in a press statement.
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Market Woes Move to Alt-A: American Home Lowers Earnings Forecast

American Home Mortgage Investment Corp. (NYSE: AHM), a large Alt-A mortgage lender, said Friday afternoon that it expects lower income in the first quarter and full year 2007 than previously forecasted, due to conditions in the secondary mortgage and mortgage-backed securities markets. The announcement comes ahead of the company's first quarter results, which are set to be released April 30. “During March, conditions in the secondary mortgage and mortgage securities markets changed sharply," said Michael Strauss, American Home's chairman and CEO.
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Impac Goes After Scratch-and-Dent Business

In response to deterioration in the subprime mortgage market, Impac Mortgage Holdings Inc. (MYSE:IMH) said early Friday that the company has formed Arch Bay Group LLC for the purpose of acquiring, restructuring and remarketing non-performing mortgage loans and real estate property. "With the dramatic increase in the number of mortgage defaults and the pressure warehouse lenders are giving their clients to sell mortgage loans, we believe there is an attractive opportunity to be a buyer of these non-performing loans," commented Joseph Tomkinson, chairman and CEO.
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Company Launches Subprime Collections Tool

Debt Resolve, Inc., a collections services company, said Wednesday that it has launched DR–Default, an online tool for collecting defaulted mortgage and automobile loans. According to the company, DR–Default was created in response to the rising default rate in subprime loans, and is easily integrated into clients' collection systems. In addition, clients may authorize collection agents to use this product, or place their accounts with Debt Resolve's wholly-owned collection agency, First Performance Corp. First Performance is a collection agency that, among other collection activities, collects defaulted mortgage and subprime debt.
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eGistics Touts Online Lending Process Management Solution

eGistics, Inc., said Monday that it has launched a hosted solution that image-enables the lending process from end-to-end. The solution streamlines the lending process from loan application to resale by using on-demand images, routing and workflow to significantly reduce the friction, time and cost of paper-constrained processes, the company said in a press statement. “Today's launch marks a significant milestone for the lending industry as we help drive the transformation from paper to electronic processing, just as we have done in the payments arena,� said eGistics chairman and CEO Bob Lund. “By combining our hosted, component-based architecture with advanced workflow and process automation technologies, we're changing the way companies manage the lending process, end-to-end.�
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LandAm Feels Housing Pinch: 2006 Net Income Drops 40 Percent

LandAmerica, one of the nation's largest real estate title insurance conglomerates, blamed slowing real estate markets in key markets nationwide for a 40 percent drop in the company's annual earnings. Net income fell to $98.8 million in 2006 from $165.6 million in 2005, while fourth quarter earnings fell 42 percent to $34.3 million.
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Opteum Loses $33.9 Million in Fourth Quarter; Trouble Brewing Outside of Subprime?

Opteum Inc. reported late yesterday that it lost $33.9 million in the fourth quarter of 2006, driving a $49.5 million consolidated net loss for the full year. The REIT is the latest lender to report negative operating results, but unlike many other lenders reporting losses, the company is not heavily invested in the subprime mortgage market. "There is nothing we dislike more than reporting negative operating results," said Jeffrey Zimmer, chairman and CEO. "The company had one of the best records of earnings and dividends among our New York Stock Exchange-traded peer group during 2004 and 2005, but in 2006 we underperformed much of the peer group, which was understandably reflected in our stock price. Challenging business and operating conditions during 2006 resulted in inferior financial performance in both of our business units."
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Accredited Posts $37.8M Fourth Quarter Loss; Delinquencies Triple

Accredited Home Lenders Holding Co., a mortgage company specializing in subprime residential mortgage loans, said today that it lost $37.8 million during the fourth quarter of 2006; as a result, the company's net income for the full year fell nearly 64 percent from one year ago, tumbling to $57.7 million from $155.4 million in 2005. The company also said it had increased loan reserves by $42 million during the fourth quarter, citing increasing delinquency trends and repurchase activity, while originations dropped 18 percent. “For the full year, Accredited achieved positive net income when a number of non-prime mortgage companies either posted losses or exited the business," said chairman and CEO James Konrath. "Results for the fourth quarter were dissatisfying; however, during the quarter we absorbed the bulk of the impact of the Aames merger and continued responding to the current difficult credit environment."
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Sale of First Franklin Drives Q4 Profit at National City

National City Corporation reported Tuesday net income of $842 million for the fourth quarter 2006, up from $398 million one year ago; full year 2006 net income was reported at $2.3 billion, up slightly from $2.0 billion in 2005. Profit during the fourth quarter was driven largely by the sale of National City's First Franklin subprime mortgage franchise, which the company said led to a $622 million after-tax gain on sale. The gain was partially offset by after-tax charges of $172 million for credit losses on the First Franklin run-off portfolio, realized losses on sales of former First Franklin portfolio loans and fair-value writedowns on loans held for sale.
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