BRIEFCASE.Byline: - Staff and Wire Services KB Home has deal with Countrywide Los Angeles-based KB Home said Thursday it has agreed to sell its mortgage financing business to a subsidiary of Countrywide Financial Countrywide Financial Corporation (NYSE: CFC) is a diversified financial marketing and service holding company engaged primarily in residential mortgage banking and related businesses. Corp. and form a joint venture with the residential lender to sell loans to KB Home customers. The financial terms of the deal were not disclosed. Under the agreement, Calabasas-based Countrywide will acquire all of the assets of KB Home Mortgage Co. The joint venture will be split equally between the two companies and offer the same range of financing products as Countrywide, which will manage the business. Homestore.com charges settled PricewaterhouseCoopers agreed to pay $17.5 million to settle allegations that the financial firm failed to uncover ``book cooking'' in audits of Westlake Village-based Homestore.com, the plaintiffs said Thursday. The settlement relates to audits the company did in 2000 and 2001, in which its auditors did not find that the online real estate listings company had been improperly booking existing funds as new revenue by performing so-called ``round-trip'' transactions with an outside firm. The deal would resolve a class-action lawsuit the California State Teachers' Retirement System, or CalSTRS, filed on behalf of investors in November 2002, after federal prosecutors began charging former Homestore executives in connection with the accounting irregularities. Pixar lowers earnings estimate Pixar Animation Studios Animation studio can refer to:
The studio said Thursday it had reviewed sales data and decided to increase its reserves for money it might have to refund retailers who return unsold copies of the movie. That will lower net income in the current quarter by 5 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , or $6 million, the company said. Rumors are CNET (body) CNET - Centre national d'Etudes des Telecommunications. The French national telecommunications research centre at Lannion. looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. buyer SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden - Shares of CNET Networks Inc. surged more than 10 percent Thursday based on a published report that the company is looking for a buyer. The New York Post The New York Post is the 13th-oldest newspaper published in the United States and the oldest to have been published continually as a daily.[3] Since 1976, it has been owned by Australian-born billionaire Rupert Murdoch's News Corporation and is one of the 10 reported that the technology information portal may be ``shopping itself'' to investors, including Viacom Inc. and InterActiveCorp, setting off intense speculation among analysts and shareholders. 30-year mortgage rate lowest in year WASHINGTON - Rates on 30-year mortgages sank this week to their lowest level in more than a year, offering a dose of welcome news to prospective home buyers who still face soaring home prices in many markets. Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. , in its weekly survey, reported that for the week ending June 30, rates on 30-year, fixed-rate mortgages dropped to 5.53 percent, down from 5.57 percent last week. This week's rate was the lowest since early April 2004, when rates on 30-year mortgages averaged 5.52 percent, a spokeswoman for the mortgage giant said. Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing Refinancing An extension and/or increase in amount of existing debt. a home mortgage, also declined this week to 5.12 percent, compared with 5.16 percent last week. Growth in income bogs down in May WASHINGTON - Personal income growth slowed sharply in May and people's spending didn't increase at all, but analysts viewed the weakness as temporary and not a signal of a serious slowdown of the economy. The Commerce Department said that personal incomes rose a slight 0.2 percent that month, far below the 0.6 percent increase in April. It was the weakest showing since an outright decline of 2.5 percent in January. The slowdown was attributed to the weak increase in jobs last month. Consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. , which accounts for two-thirds of total economic activity, was unchanged in May after having risen by 0.6 percent in April. Ebbers to give up nearly all assets NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of - Former WorldCom boss Bernard Ebbers Bernard John "Bernie" Ebbers (born August 27, 1941 in Edmonton, Alberta), is a Canadian-born businessman. He co-founded the telecommunications company WorldCom and is a former chief executive officer of that company. will give up nearly everything he owns - including his Mississippi home and his stake in a golf course - in a settlement with angry investors in the fraud-toppled company. Ebbers, who faces sentencing July 13 for his role in the WorldCom debacle, will pay $5 million up front and place the rest of his assets in a trust that will be sold off for an estimated $25 million to $40 million. |
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