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Tag Archives: Quarterly Earnings

Unemployment Rate 8.1%, Economy Adds 96K Jobs In August

The nation's unemployment rate fell to 8.1 percent in August - the lowest level since April but the economy added just 96,000 jobs, the Bureau of Labor Statistics (BLS) reported Friday. According to BLS, 581,000 people left the labor force in August leading to the drop in the unemployment rate which nonetheless remained above the election-critical 8.0 percent. At the same time, July's job gains - originally reported at 163,000 - were reduced to 141,000 while June's job numbers dropped to 45,000 from 87,000.

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Fannie Mae Forgoes Taxpayer Support in Q2

Following Tuesday's news that Freddie Mac will not require a draw from Treasury this quarter, Fannie Mae announced the same on Wednesday in its second quarter earnings report. This is the second consecutive quarter that the GSE has not required a draw from Treasury. Before this year, Fannie May required a draw from Treasury for the previous 11 consecutive quarters. The GSE reported a net worth of $2.8 billion with comprehensive income in the second quarter reaching $5.4 billion. This is up from $2.9 billion in the first quarter of this year.

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Freddie Mac Won’t Draw from Treasury This Quarter

Things are looking up at Freddie Mac. As of the end of the second quarter, Freddie Mac had a positive net worth and reported it will not require a draw from Treasury this quarter. At the end of June, the GSE had $1.1 billion in net worth. The new net worth is the result of $2.9 billion in comprehensive income during the second quarter. About $1.8 billion was paid to Treasury as dividends on 10 percent preferred stock. Freddie Mac's net income of $3.0 billion in the second quarter is a jump from the $577 million recorded in the first quarter.

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Ally Suffers Q2 Losses After ResCap Bankruptcy

Shaken up by the bankruptcy of Residential Capital (ResCap), Ally Financial Inc. (Ally) reported a net loss of $898 million for the second quarter of 2012. Ally stated its second quarter results were adversely affected by a $1.2 billion charge resulting from Rescap's Chapter 11 bankrupty protection, which was announced May 14.

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BofA Reports $2.5B Net Income in Q2 and Increased Mortgage Loans

After recording a loss in the first quarter of the year, Bank of America announced a net income of $2.5 billion, $0.19 per diluted share in the second quarter of this year, according to a press release Wednesday. The $8.8 billion in net loss in the first quarter was partially due to $18.2 billion charges ""for certain mortgage-related items and other select adjustments, including provisions for representations and warranties and goodwill impairment,"" according to the press release. This trend reversed during the second quarter. While mortgage-related business may have contributed to losses during the first quarter, they contributed to gains in the second quarter.

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Citigroup Reports 12% Decrease in Q2 Earnings

Citigroup reported a net income of $2.9 billion, $0.95 per share, during the second quarter of this year, down 12 percent from the second quarter of last year, according to its earnings report released Monday. The bank's revenues totaled $18.6 billion in the second quarter, a 10 percent decline from last year. According to Citigroup, the decline in earnings is largely the result of the ongoing process of winding down Citi Holdings, a division opened in 2009 to house assets and businesses the bank hopes to unload.

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JPMorgan’s Q2 Earnings Get Help from Mortgage Business

Rallying investors by end of day Friday, JPMorgan Chase posted strong earnings from the second-quarter, with Home Affordable Refinance Program modifications helping boost income for the laggardly mortgage servicing unit year-over-year. For mortgage production and servicing, the financial institution fielded $604 million in net income over the second quarter, a figure that trumps a net loss of $649 million from the past year. Mortgage production rose to $931 million in pretax income for the lender.

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Mortgage Banking Boosts Q2 Profits for Wells Fargo

Improvements in mortgage banking and credit quality helped Wells Fargo see income gains for the second quarter of 2012. On Friday, Wells Fargo reported a net income of $4.6 billion, or $0.82 per share. The reported earnings for the most recent quarter was an 18 percent increase from the same quarter a year ago, when net income was $3.9 billion, or $0.70 per share.

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With $2.7B Profit, Fannie Mae Ends Q1 Without Drawing Taxpayer Funds

Fannie Mae said Wednesday that it brought in $2.7 billion dollars in net income during the first quarter of this year, and for the first time since it was seized by the government in September of 2008, the company does not need a draw of taxpayer funds from Treasury to get out of the red. Fannie Mae says its improving numbers can be traced to lower credit-related expenses as the decline in home prices slowed and the company shed some of its REO holdings.

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