| Earnings roundup: Parker Hannifin
CLEVELAND (AP) _ Parker Hannifin Corp., which makes motion-control systems, said Thursday its second-quarter profit rose 9.8 percent on higher industrial sales in North America and internationally. MEMPHIS, Tenn. (AP) _ Regional bank First Horizon National Corp. swung to a loss during the fourth quarter due to rising loan-loss reserves, a reduction in the value of mortgage servicing rights and charges stemming from an earnings enhancement plan. DALLAS (AP) _ Business and consumer banking services provider Comerica Inc. said Thursday its fourth-quarter profit fell 60 percent year-over-year as bad debt more than quadrupled on the continued downturn in Michigan and California real estate development markets. NEW YORK (AP) _ BlackRock Inc.'s fourth-quarter earnings surged as investors shifted money to safer harbors and increasingly sought financial advice amid the ongoing credit crisis, the investment management firm said Thursday.
Baca proposal expands help on mortgages
Inland Rep. Joe Baca is moving to revive a Depression-era program that proponents say could help more than half a million Americans avoid foreclosure on their homes. The plan to replace subprime mortgages with adjustable interest rates with government-backed fixed-rate loans would particularly benefit the Inland area, where a nation-high rate of one in 43 households is facing foreclosure, said Baca, D-Rialto. "We're No. 1 in the country and I'm not proud of that," Baca said. "Those families had the American dream and stability, and you look and see they've lost their homes. They've lost their roots." .
Your Comments : Natives misuse $40m: Ganilau
Thank you for highlighting this very important issue, I believe that we're heading the right direction but we need to inform and educate landowners as recommended. Vinaka about time of United States (69 days and 6 hours ago) yes itz about time the the fijians brethens learn how to manage their money..good on ratu epeli they he brought this in front rather than sitting with it.you give 40 mil to indian and see what they do,,,start biz,send kids to the best education and buy cars and good houses..why cant our fijian brothers do that too..YES YOU CAN DO IT.please for the future generation do it and you will see them prosper,,,god bless Katalina Balawanilotu of The Greater Bay Area, CA (69 days and 6 hours ago) 40 million? Ratu Epeli is lying Rusiate of New Zealand (69 days and 6 hours ago) Yes Ratu Epeli is right ...
Subprime loan crisis sparking action from Olympia
OLYMPIA, Wash. -- Tony Brooks blames a mortgage broker for the loss of his home, and wanted state lawmakers to know his story. Brooks, 48, drove twice to Olympia from Seattle in the span of a week to testify for a crackdown on brokers, even after he was turned away by a Senate committee the first time. "There are predatory lenders out there ripping off people with subprime loans," Brooks said. "By me going down there, they will see somebody that it happened to." Mortgage brokers are in the cross-hairs of some of the measures in the Legislature's response to fears that the subprime loan crisis will soon hit the state hard. As the housing market weakens across the country, the hardest hit have been borrowers of subprime loans, typically people who don't meet the credit standards for a conventional loan.
Huntington Bancshares Shares Fall After Profit Warning
Shares of Huntington Bancshares plunged Thursday after the U.S. Midwest regional bank projected a fourth-quarter loss of $239 million, blaming a troubling brew of mortgage losses, write-downs and a long list of other charges. Charges and write-downs are expected to reduce earnings by $1.00 a share to a loss of 65 cents. They include $275 million, or 75 cents, for losses stemming from its relationship with Franklin Credit Management, a New Jersey mortgage firm specializing in riskier home loans. But the quarter was also marred by losses on loans held for sale, equity investments and hedges against mortgage servicing rights. It also suffered impairment on investment securities and took a loss from its share of a Visa antitrust settlement. In addition, the credit and interest rate environment hurt Huntington, as reflected in the need to boost loss reserves and a shrinking profit margin.
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