Items Tagged with 'Cincinnati'

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  • Cincinnati sues Harbour Portfolio Advisors over predatory foreclosure sales

    Already under CFPB investigation
    Harbour Portfolio Advisors remains in the hot seat as it faces another investigation into its foreclosure sales practices. The city of Cincinnati announced a lawsuit against the company, one of the nation’s largest sellers of foreclosed homes, due to unpaid fines and alleged failure to properly maintain dozens of homes.
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  • Cash for Mortgage "Clunkers"

    It sounds like the next federal incentive program -- instead of offering taxpayer funds for new car purchases in exchange for that old gas guzzler, this one promises cash for those inefficient, outdated and nonperforming mortgage loans. There's only one, small difference: This cash is not from the government. And neither is the program. American Homeowner Preservation (AHP) is coining a phrase from recent federal stimulus efforts with its “Cash for Clunkers Mortgages” promotion.
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  • eLynx Expands Document Services in Portland

    Cincinnati-based digital document services provider eLynx opened a second print/mail center in Beaverton, Ore., outside Portland. The firm, a subsidiary of American Capital [stock ACAS][/stock], began its presence in the region when it acquired SwiftView in 2006. As more lenders move toward electronic document delivery, the demand for eLynx services has increased.
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  • Ohio Law Firm Names Director of Default

    Sally Nolte is appointed the director of default services at the Cincinnati-based Gerner & Kearns (G&K) law firm. Nolte has served the firm as director of its real estate owned (REO) division. Her new role will unite the firm’s REO segment with its foreclosure, loss mitigation, bankruptcy and eviction operations. She has 25 years experience in real estate law and has spent the past decade in the REO segment.
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  • Record Origination Drives Fifth Third Profts

    Cincinnati-based Fifth Third Bancorp [stock FITB][/stock] reported Q209 earnings of $882m, up from a $50m profit in Q109 and a loss of $202m in Q208. The firm’s mortgage banking business drove a net revenue of $147m, up $13m from Q109 and $61m in Q208. Fifth third originated $6.9bn in new mortgage loans, a record for the firm, and up from $4.9bn in Q109. Fifth Third held $475m worth of non-performing residential mortgage assets in the quarter, consistent with Q109, but home equity non-performing assets decreased $10m to $73m.
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  • Credit Woes Slam Regional Banks

    Super-regional banks Fifth Third Bancorp [stock FITB][/stock] and KeyCorp [stock KEY][/stock] swung into the red during the second quarter, as credit costs exacted their pound of flesh from a regional banking sector that's increasingly looking vulnerable to continued deterioration in the mortgage and housing markets.
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  • At Morgan Stanley, Challenges -- And Questions -- Abound

    It's looking awfully good to be Goldman Sachs Group Inc. [stock GS][/stock] these days. With Lehman Brothers Holdings Inc. [stock LEH][/stock] backed into a corner, Morgan Stanley [stock MS][/stock] stumbled out of the gate on Wednesday after announcing that net earnings had fallen to just $1.03 billion in the second quarter, or 95 cents a share, compared to $2.36 billion, or $2.24, a year earlier.
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