Items Tagged with 'Newport Beach'


  • Online RE Auctioneer Expands into 'Debt Auctions'

    Want to buy non-performing mortgage notes? Well, first you've got to go where the debt is. One Newport Beach, Calif.-based auctioneer says they have the solution, in the form a new online website designed to manage the auction of debt notes. The LFC Group of Companies, which manages a portfolio of online real estate auction websites, said Thursday that the company has launched as a tool for investors to buy and sell notes secured by real estate.
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  • Downey Raises the Red Flag

    It's been called the "kiss of death" by more than a few auditors and accountants I know, not to mention investors who have spent any amount of time investing in financials. It's the dreaded "going-concern" warning -- no bank ever wants to put such a phrase into its quarterly report, and in fact will rarely ever mention it in the actual earnings release, either. Such dirty details are often relegated to the bowels of a 10-Q, where the hope is that the damage of disclosure will be somehow more limited.
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  • Downey Gets Cease-and-Desist from OTS

    Troubles are continuing to mount at Newport Beach, Calif.-baed Downey Financial Corp. [stock DSL][/stock], with the Office of Thrift Supervision issuing a cease-and-desist order that represents regulators' latest attempt to put the screws to the troubled option ARM specialist.
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  • Two More Banks Head into FDIC Hands

    On Friday evening, the Federal Deposit Insurance Corp. said that two more banks had been deemed a failure; the Office of the Comptroller of the Currency had closed both after saying that each was undercapitalized.
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  • Tech Roundup: Calyx Partners with PPE Provider, Titan Touts MERS Integration

    A new face at DRI: Newport Beach, Calif.-based DRI Management Systems, a well-known default tech provider, said last week that Fred Melgaard -- a Nordic name if we've ever seen one -- joined the company as executive vice president, where he'll lead the charge with existing and new customers at the firm. Melgaard's appointment is noteable not only because of his industry experience, but because he joined DRI from Harland Financial Solutions, an origination tech provider.
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  • Option ARM Specialist Downey Financial Loses $248 Million in Q1

    Option ARM specialist Downey Financial Corp. [stock DSL][/stock] said after market close on Monday that it lost $247.7 million -- $8.89 per share -- during the first quarter of 2008, as the volume of sour loans on its books continued to skyrocket upward. The first quarter loss compares to earnings of $42.9 million, or $1.54 per share, one year earlier. Not surprisingly, Downey said it would suspend future dividend payments as chairman Maurice McAlister said the Newport Beach, Calif.-based lender would look to "preserve capital during this difficult operating environment."
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