Tag Archives: Earnings Statements

The good news for Ocwen is that the company ended Q3 with more than $731 million in available liquidity, including $459 million of cash on hand, and brought the amount of reduced corporate debt by 47 percent, or $812 million, year-to-date in 2015 by the end of the third quarter.

The increase in net income during Q3 made it a positive quarter for the bank despite a lawsuit filed by the FDIC in August accusing the bank of breaching its duties as a bond trustee for $2 billion in residential mortgage-backed securities and despite having their own lawsuit against JPMorgan Chase over toxic RMBS dismissed.

The quarter-over-quarter increase in net income for Q2 2015 was largely driven by fair value gains, offset by credit-related expense that was negatively affected by an increase in interest rates. Fannie Mae's net fair value gains in Q2 totaled $2.6 billion, compared with losses of $1.9 billion in Q1.

Also for Q2, Freddie Mac reported $3.9 billion in comprehensive income, a five-fold increase from Q1's total of $746 million. With the inclusion of September 2015's Dividend Obligation of $3.9 billion, Freddie Mac will have returned $96.5 billion to taxpayers. Dividend payments do not include the $71.3 billion bailout Freddie Mac received from Treasury in 2008.

Nationstar Mortgage Holdings rebounded from a $48 million net loss in the first quarter this year to post a net income of $75 million ($0.69 per share) for the second quarter in the company's Q2 2015 earnings statement released Thursday.

The Q2 2015 net income for SunTrust was $0.89 per average common diluted share compared to $0.78 per share earned in the last quarter, and includes a $0.03 favorable impact by a per share from a discreet income tax benefit.

The net income high at Goldman Sachs is mostly credited to the record first half results in Investment Banking and Investment Management. Net revenues for investment banking reached $2.02 billion for Q2, a 13 percent increase from Q2 2014 and 6 percent higher than Q1 2015.

Bank of America's number of 60-plus days delinquent first mortgage loans serviced by Legacy Assets and Servicing fell to 132,000 in Q2, a year-over-year decline of 50 percent, while adjusted net charge-offs also declined year-over-year by 26 percent down to $929 million

The net revenue for Chase in Q2, $24.5 billion, was down by 3 percent year-over-year, largely due to a drop in mortgage banking revenue and lower CIB Markets revenue related to business simplification. Chase's mortgage banking net income declined by 20 percent in Q2, down to $584 million.

Fannie Mae's comprehensive income for Q1 was reported at $1.8 billion, up from $1.3 billion in Q4. The Enterprise reported a net worth of $3.6 billion as of the end of Q1, which will result in a payment of $1.8 billion to the Department of Treasury in June per the terms of a 2012 amendment to the 2008 bailout agreement. Following the forthcoming June payment, Fannie Mae will have paid $138.2 billion in dividends to Treasury – about $22.1 billion more than the $116.1 billion bailout Fannie Mae received from taxpayers in 2008 to continue operations.