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your still expecting this to run, I have been trying to forget about this but I cant.
Time to Run upto a dime.
AHMIQ is 11C now..........
from Propsect news 1/28/2008 DD (distresssed debt) HomeBanc December net loss widens to $396.4 million
its the end, according to me this is now only good to speculate if remains as shell, but every shareholder shall forget any ambitious target.
I'm shocked, I hope it will be trading in 0.01/0.03 area but it's hard, assets are evaporated, liabilities still remain.
Maybe it's possible speculate with preferred, but it's risky, no assurance can be recover something here, good luck
market it's very strange, every scenario is possible
Tech Wise this stock looks like its about to jump large
Need to close above .009
I have only read in http://www.kccllc.net/HomeBanc that the company recently sold a long list of Office equipment as "credenza, chairs, computers, coffee table, printer and other miscellaneous it equipment" for ridicolous amount. Ok they are selling off all the company, no hope for reorganization, new shares or warrants, but share price is good to bet for class action lawsuits effects and cash settlemt or something.
I would be happy anyway if HMBN remain quoted as shell, at these price isn't expensive
It's very difficult to understand, I was a little shocked when I've read yesterday the 8K: company now seems really worthless, without any asset, but according to me there will be some explanation. Did they sell all their assets without file to Delaware Court, is impossible?
we shall read better court document section in http://www.kccllc.net/HomeBanc
Latesr MOR:
HMB Shareholders equity: 365M
Elimination: 393M
elimination? What the heck is this?
Ok but HMBN may remain as a shell after wind-down, we don't know what will happen here, price at 0.0050/0.0070 seems high but market capitalization is ridicolous, less than 300K.
Experience suggests me that nothing is lost, penny stocks show balace sheets without assets and only debt and trade at higher price than HMBN so according to me the best choice is wait and see.
I will be buyer under 0.0050, even if only speculation , yesterday anyway HMBN traded at 0.0080, this one may triple in a day, according to me downside risk is low.
Lawyers Fees are probably eating up a large chunk of the money they had, When I was looking at the fees, a couple months back it looked like if the continued that way there wouldn't be much left
not looking good..like I said, they never cared much for the common shareholders..I was thinking HMBN would at least get the dead cat bounce that the other bankrupt stocks were having..this filing indicates to me that this one is up to no good.you are right about that..
Maybe they transferred the assets to Swiss accounts? Starting to wonder if there even exist any circumstances where this sort of scenario could play out to the benefit of common shareholders...
Cuppy
What will the plan for the Chapter11 if assets are missed and only debt remain? When they sold these assets?
Very strange...
OUT UPDATED FINANCIAL: Missing Assets, shareholders equity negative, what are they doing?
The 8K isn't very good or not?
It seems not the best sign for shareholders :
Find this in http://www.kccllc.net/Docket/SearchResults.asp
I don't remember the court docket
“Since the Petition Date, the Debtors, assisted by counsel and professional advisors, worked diligently to preserve their businesses. Despite the Debtor’s consideration of any number of strategic alternatives, including, without limitation, a corporate reorganization, and/or a transaction with a third party, the Debtors were ultimately forced to completely shut down their businesses and commence a wind-down of all of their operations.”
I'm holding anyway, this chapter11 is very strange, it seems more likely a Chapter7, a simple and pure wind-down.
nice uptick 0.0070/0.0080 with low volume
tiny ask
well it seems there is some profit taking on this one, according to me at these prices we'll see new buyers, 8K with updated financial and asset sales will keep more interesting HMBN. This one traded at 0.0020/0.0030 only a month ago, then rebounded to 0.0080 it seems a normal settlement in area 0.0050.
nothing can be done now since they already filed BK..the preferred shareholders are suing them but I didn't see anything for common shareholders..
Wouldn't it be a function of the legal system here to enforce the common shareholder rights (even if the company itself was indifferent to them)?
Cuppy
NO trades since 1:38 yesterday. Lack of buyers or lack of sellers,
or none of the above?
HMBN doesn't care about the commmon shareholders. Looks like they never did.
Buyout is a possiblity. IMO
Any indication shareholders will receive anything?
I would think that the Fed's interest rate reduction today would significantly increase this company's chances of emerging from bankruptcy. Their loans are in much less peril now.
Am I thinking correctly?
Cuppy
Cuppy, only patience: HMBN at these prices is the best present never received in my life...next week we may receive 8K with updated financials, next months will be decisive for chapter11 approval and sale assets.
More risk more reward...
Too much panic, Bush and Bernanke are giving the best aid to us economy and markets plunge. In this moment it seems nobody wants to buy loans mortgage stocks ect ect. of the banks involved in, there is a panic selloff, but when dealers will begin to reason on the ral status of the economy, more likely they will understand it was only an accident and the game will rebegin
The best investments are made when things look bleakest. Apple 7 years ago; RIMM during that patent infringement suit; American Airlines when bankruptcy discussions brought the price down to less than $2.00. Not for nothing are massive infusions from foreign entities coming into our beaten down financial sector stocks.
I don't think Dubai and China have a habit of losing money on their investments.
Cuppy
may be the crisis hit the bottom...
Housing Starts Plunge 14%,
Marking Lowest Level Since 1991
by the wsj
WASHINGTON -- Home construction plunged in December, tumbling to its lowest point in 16 years, while a sign of future groundbreakings also dropped sharply.
Housing starts decreased 14% to a seasonally adjusted 1.006 million annual rate, after falling 7.9% in November to 1.173 million, the Commerce Department said Thursday. Originally, Commerce reported November starts 3.7% lower at 1.187 million.
The big decline surprised Wall Street. The median forecast of economists surveyed by Dow Jones Newswires was a 5.0% drop to a 1.130 million annual rate. The level of 1.006 million was the lowest since 996,000 in May 1991.
Year over year, housing starts during December were 38.2% below the level of construction in December 2006.
The level of starts for all of 2007, in numbers not seasonally adjusted, was 1.354 million, 24.8% below 2006's 1.801 million. The annual drop was the largest since a 26.0% fall in 1980.
Builders have been pulling back because sales for new homes have plunged while the supply of unsold homes hovers high. The latest government report on new-home sales in the U.S., covering November, showed a 9.0% decline to an annual rate of 647,000, down 34.4% from November 2006.
Illustrating how low builders feel, an industry gauge, the National Association of Home Builders' Housing Market Index, sits in a narrow range of pessimism. The index measures the confidence of builders. On Wednesday, the NAHB released the January index; it rose to 19, up just a point from a historic low 18 in December.
"The magnitude of the housing bubble was unprecedented, and the corrective process promises to be a long and painful one," MFR Inc. chief U.S. economist Joshua Shapiro said in reaction to the NAHB report. "Hence, it is hardly surprising that builder sentiment remains as low as it has ever been."
A key indicator in Thursday's data suggested an even lower level of groundbreakings in the future. Building permits decreased 8.1% to a 1.068 million annual rate in December. Economists had expected permits to drop 2.6% to a rate of 1.130 million. November permits fell 0.7% to 1.162 million.
December single-family housing starts decreased 2.9% to 794,000. Construction of housing with two or more units fell 40.3% to 212,000; within that category, groundbreakings of homes with five or more units -- or multi-family -- were 41.1% lower.
Regionally, housing starts fell by 19.6% in the West, 30.8% in the Midwest, 25.8% in the Northeast, and 3.3% in the South.
Nationwide, an estimated 68,800 houses were actually started in December, based on figures not seasonally adjusted. An estimated 73,700 building permits were issued last month, also based on unadjusted figures.
Jobless Claims Decline
The number of U.S. workers filing new claims for unemployment benefits last week unexpectedly fell to its lowest level in nearly four months, an encouraging sign amid growing concerns that the economy is falling into a recession.
Initial claims for jobless benefits fell 21,000 to 301,000 after seasonal adjustments in the week ended Jan. 12, the Labor Department said Thursday. That marked the third straight weekly decline, bringing claims down to their lowest level since the week of Sept. 22, 2007. Wall Street economists had expected an increase of 18,000 from the previous week. There were no special factors, a Labor Department analyst said.
The four-week average of new claims, which economists use to smooth out weekly volatility, also decreased 11,750 to 328,500. The four-week average has been declining since reaching its highest level in over two years in mid-December. Claims for the week ending Jan. 5 were unrevised at 322,000.
Recent signs of a softening jobs market, which had been one of the last pillars of support for the U.S. economy, have fueled fears of a recession. An unexpected jump in the unemployment rate in December, to 5% from 4.7%, initially triggered speculation that the Federal Reserve would conduct an inter-meeting rate cut. The Fed is still widely expected to aggressively lower benchmark fed funds rate by a half percentage point when it meets at the end of the month.
Last week, Fed Chairman Ben Bernanke said policy makers are ready to make "substantive" rate cuts if necessary, citing the "disappointing" December jobs report as one sign of downside risks to the economy.
According to the Labor Department report Thursday, the number of workers drawing unemployment benefits for more than one week rebounded 66,000 to 2,751,000 in the week ended Jan. 5, reversing a drop the previous week.
The four-week average of those continuing claims rose for the 12th straight week to its highest level since November 2005, indicating that it is taking longer for unemployed people to find work.
The unemployment rate for workers with unemployment insurance edged up to 2.1% in the Jan. 5 week from 2.0% the prior week.
There were 25 states and territories reporting an increase in initial jobless claims for the Jan. 5 week, while 28 reported a decrease.
On an unadjusted basis, New York reported the biggest increase in new claims the week of Jan. 5, 30,314, due to layoffs in the construction, service and transportation industries. Michigan reported the sharpest decrease, 22,130, due to fewer layoffs in the auto industry.
--Tom Barkley contributed to this article.
Write to Jeff Bater at jeff.bater@dowjones.com
Well, I hope that the 0.01 wall breakout will happen at the most next week. Bush Administrations is planning fiscal measures to help economy to avoid slump, FED will cut interest rate until at least 3%, mortgage and house markets perhaps have hit the bottom of the crisis, I'm waiting for a rebound.
Too much panic, Bush and Bernanke are giving the best aid to us economy and markets plunge. In this moment it seems nobody wants to buy loans mortgage stocks ect ect. of the banks involved in, there is a panic selloff, but when dealers will begin to reason on the ral status of the economy, more likely they will understand it was only an accident and the game will rebegin
it's more completed than yahoo finance about HMBN but you shall look for daily news in http://www.kccllc.net/HomeBanc
documents section almost every day you may read interesting news about chapter11 progress.
Thank you. I had not used Google's finance section before.
Cuppy
One thing is sure: I will not surprised if HMBN will emerge from bancruptcy...huge upside here
finance.google.com hmbn
Can you provide the link to this? It doesn't show on the links under HMBN's stock quote ("news for Homebanc")
thanks,
Cuppy
HOMEBANC DEBT EXAMINED BY FITCH IS RATED AAA or AA+ or BBB-, very good ratings, not C and D that mean default. This company may be solvent on its debt, this company is worth more than 0.0070...
FITCH RATINGS
AAA= 100% SOLVENCY
AA, AA- AA+= ALMOST SURE SOLVENCY
A, A-, A+= MEDIUM HIGH QUALITY OF DEBT
BBB, BBB-, BBB+= ADEQUATE ABILITY OF REAY DEBT
BB, BB- BB+= medium uncertain in ability of repay debt
B, B-, B+= medium high uncertain in ability of repay debt
CCC, CCC-, CCC+= risk
CC, CC-, CC+= risk
C, C-, C+= risk
DDD, DD, D= DEFAULT
January 15, 2008 11:12 AM Eastern Time
Fitch Affirms 9 Classes from Homebanc Mortgage Trust 2005-2
NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed the following classes of mortgage pass-through certificates for Homebanc Mortgage Trust series 2005-2:
--Class A-1 affirmed at 'AAA';
--Class M-1 affirmed at 'AA+';
--Class M-2 affirmed at 'AA';
--Class M-3 affirmed at 'A+';
--Class M-4 affirmed at 'A';
--Class B-1 affirmed at 'A-';
--Class B-2 affirmed at 'BBB+';
--Class B-3 affirmed at 'BBB-';
--Class B-4 affirmed at 'BBB-'.
The collateral pool consists primarily of conventional, closed-end second lien, adjustable rate, residential mortgage loans. The loans are primarily concentrated in the states of Georgia, Florida, and North Carolina. All certificates have the benefit of excess interest and overcollateralization (OC).
The affirmations reflect a satisfactory relationship between credit enhancement and future loss expectations, and affect approximately $45.4 million in outstanding certificates. The OC amount has remained at or near target since issuance.
As of the December 2007 distribution date, the transaction is 33 months seasoned and has a pool factor (current collateral balance as a percentage of the initial) of 56%. The master servicer for the transaction is Wells Fargo N.A., which is rated 'RMS1' by Fitch. All the mortgage loans were either originated or acquired by Homebanc Corporation.
For additional information on the transaction please visit the Fitch Ratings web site at www.fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Contacts
Fitch Ratings, New York
Vincent Barberio, +1-212-908-0779
Michele Patterson, +1-212-908-0779
Sandro Scenga, +1-212-908-0278 (Media Relations)
Someone sold more than 300K shares, bid remains strong and unchanged.My only simple logical explanation for these sales is that someone bought two weeks ago at 0.0030 and wants to realize an easy double selling 0.5/1% of the company...But why to sell now when this company may worth some cents, many cents????
Bid remains strong, for someone is selling many others are buying...
0.0070/0.0080 uptick, no sales, this is going to destroy 0.01. it's only the beginning of the rise
I hope that all class action lawsuits against HMBN will force management variuos committees and court to reserve new shares of reorganized HMBN to old shareholders or warrants, or a cash settlement if there will be a wind down
READ this: "HomeBanc had made a number of big moves to get itself back to profitability. Executives have said they will consider all options, including an outright sale of the company to get out of its slump."
According to me this company may receive some interesting bids for its assets, recently BOA bought COUNTRYWIDE.
It's not not the same thing but very similar
HomeBanc shutters mortgage business
By PERALTE C. PAUL
The Atlanta Journal-Constitution
Published on: 08/07/07
HomeBanc Corp., the Atlanta-based lender that has been hit hard by the housing downturn, said Tuesday it is closing its mortgage loan business and selling some of the assets to Countrywide Financial Corp.
COMMENT
HomeBanc will continue to service existing loans and the change should have little or no affect on HomeBanc's more than 42,000 mortgage holders.
Still, with the scale-back, HomeBanc becomes another domino in a cascade of failures and cutbacks in the teetering mortgage industry. The impact has roiled the economy, upset stock markets and made buying or selling a house a lot harder.
As lenders nationwide fight off the impact of easy credit policies of recent years, deliquency rates and foreclosures have soared. Georgia's delinquency rate is eighth in the nation.
The announcement comes a day after American Home Mortgage, once one of the nation's biggest lenders, filed for Chapter 11 bankruptcy protection. Also on Monday, two other large mortgage firms in Houston and Cleveland said they were suspending new loan applications.
HomeBanc lent about $5 billion for home purchases in 2006, primarily in Georgia and Florida.
The company's share price has tumbled nearly 93 percent since Jan. 1. Its market capitalization, which was $424.4 million last August, had been whittled down to $51.4 million as of Friday, when the Nasdaq Stock Market suspended trading of HomeBanc shares.
HomeBanc, in a statement on its Web site, said it is unable to borrow on its credit facilities and was unable to meet its mortgage loan funding obligations as of Monday.
"Accordingly, the company does not anticipate funding any future mortgage loans and is no longer accepting any mortgage loan applications or funding any mortgage loans previously originated but not yet funded," HomeBanc said.
"The company is seeking the most appropriate course of action to preserve the value of its remaining assets."
HomeBanc is keeping its investment portfolio, which is valued at $4.5 billion. It also is retaining its mortgage servicing rights portfolio, which is worth $8.6 billion. Mortgage servicing rights entitle a company to collect payments and provide other customer service on loans for the life of the loans. Servicing generates fee income.
A HomeBanc spokesman said Tuesday the company will have no comment beyond its news release.
Countrywide, based in Calabasas, Calif., said it will hire a "significant" number of HomeBanc's retail loan orginators and acquire offices in Georgia, Florida and North Carolina.
HomeBanc has about 1,100 employees but it is unclear how many of them are loan oriniatiors. A Countrywide spokeswoman said the company had no further comment beyond what it said in a news release.
Mortgage loan applications currently in process will be reviewed by the Countrywide's underwriters, HomeBanc spokesman Mark Scott said.
The deal is expected to close by Aug. 10.
That HomeBanc decided to exit the mortgage origination business is no surprise.
The company, which originates prime mortgage loans that are sold to investors through mortgage-backed securities, has been struggling for a few years.
Like other firms with similar problems, including SouthStar Funding, an Atlanta-based mortgage lender that shut down earlier this year, HomeBanc was socked on two fronts. There's intense competition for customers, and lenders are more more hawkish with underwriting and are making it harder for originators to get capital to fund loans.
Another issue for HomeBanc is that it isn't a bank or a thrift and doesn't offer the other products such as credit cards or business and auto loans that financial institutions have. It's wholly dependant on home mortgages.
That explains why Countrywide isn't paying a premium to acquire HomeBanc's assets.
HomeBanc had made a number of big moves to get itself back to profitability. Executives have said they will consider all options, including an outright sale of the company to get out of its slump.
It underwent a reorganization that included layoffs and the replacement in January of CEO and founder Patrick S. Flood with Kevin D. Race.
The company also announced plans to stop operating as a real estate investment trust at the end of this year which would free it from having to pay dividends.
Well, it seems that all big investors have sold off their holdings: last month HMBN closed 2/3 sessions with 4/5 millions of exchanged shares, or the 10% of OS, who sold off for tax purpose as GEORGE or who have sold for short selling, now I think that many traders have realized that this stock is a bargain, many short sellers have covered, while other speculative investors, as me, have bought because they realized there is some value in this stock. Shareholders equity is still positive at the end of november, it will for sure at the end of the year, now HMBN will continue to sell its assets and some interesting bids could come...I remember to message board that other oversold mortgage players as AHMIQ and NEWCQ have realized incredible performances in the last weeks, while their shares were declared worthless.
Almost no action today after several million share sessions... any ideas?
Cuppy
HMBN was added 1/9/2007 in naked shor list, but from 1/9/2007 until 1/11/2007 has jumped from 0.0050 to 0.0070, so what's the problem, is BUYINS'NET the Holy BIBLE?
knulp, I am not sure at this point about the pps target. The stock is added to buyins.net which is not a good sign for short term.
However, I tend to think HMBN has potential to see $1 by the end of the year. A dime is a reasonable price that can be achieved by Apr '08. IMO
Really? Ok, what's your target price for the sale?
One time it will above 0.01 I'm going to buy another 500K, because I think this will touch easily at least 0.03, but the goal is 0.10.
This week is a key week, we'll see if and how HMBN will broke 0.01 wall, the next we'll receive the 8K, with financial updated.
Even if anybody has agreed to count the shares owned by this message board, as I proposed many times, it appears to me this group owns at least the 7.5% of the o/s.
The 7,5% ownes by us more another big stake owned by other groups...well I don't think the float is so much, this could be a 10X easily.
I bought back all my 500K shares
hey george are you alive? Did you buy your 500K stake?
I hope next week HMBN will double, it's very important broke 0.01 wall, according to me this company could avoid chapter11 with an infusion capital in august but...Countrywide and Washington Mutual will not need to appeal to bancruptcy protection, but AHMIQ NEWCQ HMBN were unlucky, so we must hope for some generous bids and for some value for shareholders.
Read in Bloomberg website:
"HomeBanc Corp. was authorized on Jan. 8 to make settlements with homeowners on 108 construction loans where it was originally obligated to lend $37 million. The settlement allows the homeowners to buy back the loans at a discount. HomeBanc was a mortgage lender that filed under Chapter 11 in August. HomeBanc sold the loan-servicing business for $61 million to a unit of Bear Stearns Cos. The loan-origination business was sold in August to Countrywide Financial Corp. under an agreement announced two days before the Chapter 11 filing. Atlanta-based HomeBanc listed assets of $5.1 billion and debt of $4.9 billion. The case is In re HomeBanc Corp., 07-11079, U.S. Bankruptcy Court, District of Delaware (Wilmington)."
volume up bid/ask 0.0070/0.0080 uptick uptick toward 0.01/0.03
+40% but small volume: the most important is the direction.
The next week we'll receive the 8K with updated financial at 12/31, then we'll understand better the potential for HMBN
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