PulteGroup Falls as Putback Concern Overshdows Profit |
| Businessweek - Oct 25, 2012 |
PulteGroup Inc. (PHM), the largest U.S. homebuilder by revenue, fell as much as 5 percent after pending home sales missed economists’ estimates and investors grew concerned that mortgage-repurchase demands will increase.
The builder, based Bloomfield Hills, Michigan, told analysts on its third-quarter earnings conference call that its putback requests, or demands from mortgage investors for lenders to repurchase faulty loans, rose in the period. That overshadowed a third-quarter profit that beat analyst estimates on rising revenue.
“Based on management commentary on the call and the recent trend in putbacks, it appears likely that some type of charge may be forthcoming,” Megan McGrath, an analyst at MKM Partners LLC in Stamford, Connecticut, said in an e-mail. “The uncertainty around the timing and eventual size of that charge may have frustrated investors today.”
Read Full Article from Businessweek
- Posted: 2012-10-25 15:00:23
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