Knight CEO: Not Likely to Shed Business Lines

Despite a $400 million trading loss that nearly left the company insolvent in early August, Knight Capital Group, parent company of reverse mortgage lender Urban Financial, is unlikely to shed major business lines, the company’s CEO said Friday.  Speaking with reporters attending a Security Traders Association conference Friday, Knight CEO Tom Joyce said the businesses […]

IFG Hires Former Urban AVP, Targets Aggressive Reverse Mortgage Growth

IFG Mortgage Corp. announced today that it has hired former Urban Financial Assistant Vice President of sales Jason Eichmiller to bolster the company’s strategic retail expansion. The Newtown, Pennsylvania-based lender has a small team dedicated to growth in the reverse mortgage space and says the hire will help boost its presence in the market. “We […]

[Update] WSJ: Knight’s Urban Financial, Potential Target for Trimming?

While recent ideas on the value of Urban Financial Group to its parent company Knight Capital Group (NYSE:KCG) have suggested the company provides upside in the wake of near-financial ruin experienced by Knight in early August, a Wall Street Journal report on the company’s current position suggests otherwise. Knight says, however, it remains committed to the […]

Urban Still Provides Value to Knight Capital In Spite of Financial Woes

In spite of a trading software error in early August that cost Knight Capital Group upwards of $400 million and led the company to near-insolvency, the company is likely to hold on to its reverse mortgage business, says Morningstar analyst Michael Wong.  “The reverse mortgage company could be a differential advantage,” Wong told RMD, with […]

Bloomberg on The Knight Debacle: What Really Went Down

While an agreement between several Wall Street players and Knight Capital Group seems to have saved the company from going under this week, there is a lot more to the story, writes Bloomberg News in a play-by-play of the company’s near-demise. Starting with an unprecedented position brought on by a software glitch introduced into Knight’s […]

Urban Financial is Valuable Part of Knight Post-Crisis: Analyst

Urban Financial Group could stand to become one of the most valuable parts of Knight Capital Group’s business as the company reshapes and reforms in light of a software error that sent the company reeling last week.  According to a client note written by J.P. Morgan Chase analyst Ken Worthington this week as reported in […]

Knight’s Reverse Mortgage Business Intact After $440M Trading Loss

In the wake of a $440 million trading loss sustained by Knight Capital Group (NYSE: KCG) this week, the company’s reverse mortgage unit, Urban Financial Group will continue operating and will maintain its presence as a Ginnie Mae HMBS issuer, the company said Thursday. “Knight’s loss related to an equity trading technology issue August 1 did […]

Knight Capital Loses $440 Million In Trading Glitch, Seeks Financial Lifelines

After experiencing a technical glitch with its trading software Wednesday, Knight Capital Group (NYSE: KCG), owner of Urban Financial announced it had lost $440 million due to the errors. The company’s stock price plunged 70% over two days, effectively leading the company toward bordering on insolvency. Company executives told Bloomberg News that Knight is looking […]

Urban Hires Former MetLife Reverse Mortgage Wholesale Account Execs

Urban Financial Group, the largest reverse mortgage lender by volume, today announced it has hired three former MetLife account executives to its wholesale lending channel. Kevin Lee, Don Ragan and Mike Suits, formerly AEs with MetLife, have joined the Urban staff, with a focus on the central region of the U.S.   “They are seasoned […]

Knight Capital Takes Earnings Hit Citing Facebook IPO Losses

Knight Capital Group, parent company to the largest reverse mortgage lender Urban Financial Group, reported earnings of $.04 per diluted share, or $3.3 million citing losses due to the initial public offering that took place during the quarter. Net income reflected pre-tax trading losses of $35.4 million, or $.23 per diluted share, due to the […]