Insurance industry commissions under microscope

Calling secret insurance broker commissions a "serious problem that betrays the public's trust," California Insurance Commissioner John Garamendi announced new regulations Wednesday to require agents and brokers to disclose any financial incentive they would receive for selling certain insurance products and steering business to specific companies.

Targeting a practice in the insurance industry that has sparked a national controversy and criminal charges against industry executives, Commissioner Garamendi said his proposal would help clarify and strengthen the laws prohibiting these  more...

Million-dollar home sales ease in California

Sales of million-dollar homes in California eased back a notch during the third quarter, the result of a cyclical shift in market mix, real estate information service DataQuick reported today.

A total of 8,985 homes sold for $1 million or more during the July-to-September period, down 11.4 percent from 10,145 for the second quarter, and up 53.4 percent from 5,266 for the same period a year ago. The second-quarter sales count was the highest ever. Last quarter was the second highest.  more...

Fair Housing charges escalate

In its seventh action since September, the U.S. Department of Housing and Urban Development today charged the owners, operators and a resident manager of Urbana Estates, a mobile home park in Urbana, Ohio, with fair housing violations.

HUD's investigation showed that in April 2002, Urbana MHP, LLC, purchased the mobile-home park and appointed Randy and Mary Daniels as resident managers.  more...

Mortgage rates slip to 6-month lows

Long-term mortgage rates eased this week, according to surveys released by Freddie Mac and Bankrate.

The 30-year fixed-rate mortgage averaged 5.69 percent, with an average 0.7 points, for the week ended today, down from last week when it averaged 5.74 percent. The average for the 15-year fixed-rate mortgage this week fell to 5.07 percent, with an average 0.6 points, down from 5.14 percent. Rates on one-year adjustable-rate mortgages averaged 4.02 percent this week, with an average 0.7 point, up slightly from last week when it averaged 4.01 percent.  more...

WaMu earnings drop by almost a third

Washington Mutual yesterday reported third quarter 2004 earnings of $674 million, or $0.76 per diluted share, a 30 percent drop on a per share basis from the same period a year ago.

WaMu's performance this quarter, however, was up 38 percent on a per share basis from the second quarter's $489 million, or $0.55 per diluted share.

The company said in a statement that the decrease in year-over-year net income was due primarily to reduced mortgage refinancing activity this year and higher gains from the sale of securities in the third quarter of 2003.  more...

IndyMac lowers outlook for third-quarter earnings

IndyMac Bancorp, the holding company for IndyMac Bank F.S.B., today announced that it expects earnings per share for the third quarter of 2004 will be approximately 78 cents per share, below its previously forecasted range of 85-95 cents per share and a decrease of 10 percent compared to the third quarter of 2003.

IndyMac's earnings release and conference call is scheduled to take place on Oct. 28, 2004.

The change in outlook is due principally to three items:  more...

Next-day real estate title service debuts

Lenders First Choice, a national provider of settlement services and title insurance, now offers next day title service for most properties in the United States, allowing lenders to make faster underwriting decisions and to close transactions sooner.

The service uses integrations with title plants, cooperation with the company's large national abstractor network, and 24-hour data entry services.  more...

Fidelity's third quarter earnings drop

Fidelity National Financial today reported net earnings of $193.8 million, or $1.09 per diluted share, for the third quarter of 2004.

That's a drop from the company's net earnings of $277.3 million, or $1.81 per diluted share, in the third quarter of 2003. For the first nine months of 2004, net earnings were $566.1 million, or $3.23 per diluted share.  more...

Overnight mortgage rates slip

Long-term mortgage interest rates were slightly lower Wednesday, and the benchmark 10-year Treasury bond yield dipped to 3.98 percent.

The 30-year fixed-rate average slipped to 5.27 percent, and the 15-year fixed-rate fell to 4.68 percent. The 1-year adjustable was unchanged at 3.21 percent.

The 30-year Treasury bond yield slipped to 4.77 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...