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Jul 18, 2008 -- Fortress Financial Group, Inc. (PINKSHEETS: FFGO) confirms that the Company has purchased the Companies as announced on previous Announcements.
The Company is continuing to purchase Corporations in the Mortgage Banking, Mortgage Brokerage, Consumer Finance Lending, Credit Enhancement & Repair, Title and Escrow Companies in the Consumer Financial Services Sector at a very rapid rate. The Company is pursuing its new policy of issuing Convertible Loan Notes, convertible into shares of the Company's stock over time, based upon the profit performance of each and every acquisition. These conversions into shares of the Company's Common Stock will be priced upon the Company's stock price at the time of these conversions into stock over the next few years. This is designed to continue the Company's policy of drastically reducing its number of outstanding shares of Common Stock, and not to follow its previous policy of issuing huge amounts of shares of the Company's Common Stock. The Company will be announcing full details of all its acquisitions, the new Management and Board appointments in due course. The Company will be filing very detailed Form 8-K's with the SEC in respect of each of these acquisitions and appointments. The delay in announcing these acquisitions is considered by our Company's Management to be a sound and sensible practice given the very drastic reorganization of the businesses acquired, and to finalize the new Management structure of the Group.
Jul 18, 2008 -- Freddie Mac (NYSE: FRE | Quote | Chart | News | PowerRating) announced today that it has become a registrant with the United States Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934. In connection with the registration process, Freddie Mac filed a Form 10 registration statement with the SEC that includes unaudited financial statements for the quarter ended March 31, 2008, and audited financial statements for the full years 2007, 2006 and 2005. "With this accomplishment, we conclude what was a difficult chapter in Freddie Mac's history and join the ranks of other large, public financial institutions as an SEC registrant," said Buddy Piszel, executive vice president and chief financial officer. "Along the path to SEC registration, we've upgraded our internal controls and financial reporting to strengthen our business, resulting in a return to timely quarterly financial reporting." Separately, the company reiterated that it has committed to its regulator, the Office of Federal Housing Enterprise Oversight (OFHEO), to raise $5.5 billion of new core capital through one or more offerings, which will include both common and preferred securities. The timing, amount and mix of securities to be offered will depend on a variety of factors, including prevailing market conditions, and is subject to approval by Freddie Mac's board of directors. Preliminary indications of Freddie Mac's expected financial performance for the second quarter, while reflecting the challenges that face the industry, will leave the company expecting to be capitalized at a level greater than the 20% mandatory target surplus established by OFHEO. As indicated in its Form 10 registration statement, Freddie Mac continues to review and consider this and other alternatives for managing its capital and maintaining regulatory compliance.
As an SEC registrant, Freddie Mac will file periodic financial disclosures with the SEC under the Securities Exchange Act of 1934, and the company's annual, quarterly and current financial reports will be available on the SEC's EDGAR public access system. Similarly, Freddie Mac's executive officers and directors will file reports on their purchase, sale and ownership of company stock, and the company's proxy statements will be filed with the SEC.
Jul 18, 2008 -- Wilmington Trust Corp. (NYSE: WL | Quote | Chart | News | PowerRating) said Friday it fell to a second-quarter loss as the value of major investments declined, leading the regional bank to record hefty charges. For the three months ended June 30, Wilmington Trust said it lost $19.5 million, or 29 cents per share, compared with a profit of $48.9 million, or 70 cents per share, in the year-ago period. The current quarter's results included a previously announced charge of $43.5 million, or 64 cents per share, related to a reduction in the value of its investment in affiliate money manager, Roxbury Capital Management, and an $8 million, or 12-cent-per-share charge to reflect the sharp decline in the value of the bank's preferred stock holdings in mortgage lenders Fannie Mae and Freddie Mac. "These charges were a function of extraordinarily unsettled equity markets," said Ted T. Cecala, Wilmington Trust chairman and chief executive. He said the charges overshadow positive aspects of the bank's second-quarter results, including strong commercial and consumer loan growth and higher revenue from its corporate client and wealth advisory services. The bank said it plans to keep its holdings in Fannie Mae and Freddie Mac because they pay dividends, the companies still have investment-grade credit ratings and the stock values are expected to "normalize."
Jul 18, 2008 -- MGIC Investment Corporation (NYSE: MTG | Quote | Chart | News | PowerRating) today reported a net loss for the quarter ended June 30, 2008 of $97.9 million, compared with net income of $76.7 million for the same quarter a year ago. Diluted loss per share was $0.79 for the quarter ending June 30, 2008, compared to diluted earnings per share of $0.93 for the same quarter a year ago. The net loss for the first six months of 2008 was $132.3 million, compared with net income of $169.1 million for the same period last year. For the first six months of 2008, diluted loss per share was $1.27 compared with diluted earnings per share of $2.05 for the same period last year. Curt S. Culver, chairman and chief executive officer of MGIC Investment Corporation and Mortgage Guaranty Insurance Corporation (MGIC), said that delinquencies and foreclosures remain at elevated levels resulting from lower home values and a softening economy and as a result continue to impact the company's financial results. He also noted that during the quarter the company announced additional underwriting changes, increased premiums on all insurance products, amended the revolving credit facility, and entered into a reinsurance agreement for new writings.
Market Wrap for July 18th, 2008
Wall Street did not do much on Friday, other than see a drop in the tech sector, which was exactly what optimistic investors hoped for. But even that was an improvement over past, recent history. The rally-killing sell-offs that have marked nearly every rebound over the past several months never materialized, as the Dow finished the day up 50 points, or 0.4%, to 11,497, locking in a 3.6% five-day gain. With an unchanged day that ended at 1,261 Friday the S&P 500 gained 1.8% for the week, while the Nasdaq picked up 2.0%, even after falling 30 points, or 1.3%, to 2,283 on the session. A furious rally in the sector marked the week's trading, coming off a five-day span when it seemed like the market was far from a bottom. Now investors may wonder if they missed their opportunity to get in on the ground floor, after Citigroup gained 19.5% and JPMorgan Chase picked up 20.7% for the week. Looking ahead, investors are bracing for reports from more regional banks, with Wachovia among the headliners. The North Carolina-based bank could become the latest to announce it's raising capital or slashing its dividend, two types of announcement this week blissfully avoided. Shares of the company fell 47 cents, or 3.5%, to $12.97 Friday, but still showed a 12.4% gain for the week. Market watchers will also keep an eye on oil prices, after a precipitous drop. Crude fell $1.30 to $128.88 a barrel Friday, after settling Monday at $145.18. The rapid decline is most likely to the first signs of legitimate demand destruction in the U.S., as consumers are more frugal with driving habits due to the struggling economy. United States Oil Fund, an exchange-traded vehicle that invests in crude and other products, lost 1.0% Friday and fell 11.0% for the week.
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