Capital One Closes San Diego Office
Capital One Financial said it is closing its Internet car-loan operation in San Diego by the end of March, cutting about 290 jobs there, in a move to consolidate its direct-to-consumer auto-lending business. The McLean company will combine the San Diego operations with its Plano, Tex., office and create about 200 positions in Plano.
Coalition Warns of Fraudulent Appraisals
Fannie Mae and Freddie Mac face possible losses from a rising number of fraudulent property appraisals that have provoked foreclosures in some regions, said a coalition of more than 500 advocacy groups for poor U.S. neighborhoods. The National Community Reinvestment Coalition said appraisers are increasingly inflating property values to satisfy client lenders and brokers, who benefit from the larger commissions.
Fannie Mae and Freddie Mac, the largest sources of money for U.S. home mortgages, have both pledged to help combat predatory lending.
SteelCloud Profits on Server Product Sales
SteelCloud of Herndon, which provides computer security equipment and services, earned $368,000 (3 cents a share) in its second quarter ended April 30, up from a loss of $316,000 (2 cents) in the comparable period a year earlier. Revenue increased 67 percent, to $9.7 million from $5.8 million. The company credited strong server product sales. For the six-month period, the company reported a profit of $783,000 (5 cents) on $18.7 million in revenue, compared with a loss of $1.9 million (14 cents) on revenue of $10 million a year earlier. The company also announced the promotion of Brian Hajost to president from chief operating officer.
Compiled from staff and news service reports.