Morning Roundup: Mortgage Mishmash, Earnings Amalgam

  • The U.S. Department of Housing and Urban Development took a look at America’s five biggest mortgage companies to see what all the fuss was about. Some servicers were “significantly worse than others” when it came to keeping their paperwork in order. Thanks for the tip, HUD. [WSJ]
  • Giant asset manager BlackRock reported $551 million in third-quarter profit and, excluding one-time items, beat Wall Street expectations. [Bloomberg]
  • Meanwhile Morgan Stanley, another Wall Street titan, announced a third-quarter loss and, on an operating basis, produced results that disappointed Wall Street forecasters. [NYT]
  • West Coast bank Wells Fargo, which stood pat while other big banks suspended foreclosures, announced a record third-quarter profit stemming from the benefits of its 2008 acquisition of Wachovia. [CNBC]
  • Small banks, hedge funds and other heretofore unscrutinized financial firms are hiring people who cen tell them how, exactly, to register (and interact) with regulators. This of course is all because of Dodd-Frank. [FINS]

mtaylor [at] observer.com | @mbrookstaylor

Morning Roundup: Mortgage Mishmash, Earnings Amalgam