Items Tagged with 'Cincinnati'

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The Federal Home Loan Bank system overall reduced its holdings of mortgage assets in 2011. However, those assets remain the greatest market risk for the 12...

U.S. home values declined again in December, suggesting ongoing pricing pressures from distressed properties, FNC said in its latest residential price index.Home prices year-over-year declined 3.5%,...

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funds for new car purchases in exchange for that old gas guzzler, this one promises cash for those inefficient, outdated and nonperforming mortgage loans.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.

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.

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.

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.

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.

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.