By Seth Barkett:Financial markets are inefficient. To prove my point, take a look at Investors Title Company (Nasdaq: ITIC). Investors Title Company offers title insurance coverage to both owners and mortgagees of real estate. It also provides tax-deferred real property exchange services, investment management and trust services as well as management services to title insurance agencies.
Ex-Leaders at Countrywide Start Firm to Buy Bad Loans
PennyMac, whose full legal name is the Private National Mortgage Acceptance Company, also received backing from BlackRock and Highfields Capital, a hedge fund based in Boston. It makes its money by buying loans from struggling or failed financial institutions at such a huge discount that it stands to profit enormously even if it offers to slash interest rates or make other loan modifications to entice borrowers into resuming payments.
A year after Hurricane Sandy knocked out power to millions in the Tri-State area, including all of downtown Manhattan, a dispute over ConEd's request to raise electric rates has created uncertainty about whether the utility has adequate resources to prepare for another megastorm.
Jonathan Booth submits:As we all know, the mortgage crisis and recent recession has resulted in a significant downturn in the housing market that still does not seem to be firmly on the path to recovery. Naturally, the industries most closely related to the housing market have also seen their results suffer and stock prices drop as a result.