Blue Lion says HomeStreet's 'piecemeal' cuts don't go far enough [Seeking Alpha]
KeyCorp (KEY)
Last keycorp earnings: 4/16 06:30 am
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Source: Seeking Alpha
HomeStreet ( HMST )shareholder Blue Lion Capital says the bank's recent announcements to streamline its mortgage banking operations aren't aggressive enough and are taking too long. HMST should close all mortgage origination offices that aren't able to earn the company's cost of capital on a fully allocated basis, Blue Lion said. Blue Lion also urges HMST to sell its single family mortgage servicing rights operation and use the proceeds to buy back stock. The servicing operation is sub-scale and is located in the very expensive Seattle, WA market, says the Blue Lion statement. On Wednesday, HomeStreet said it would close, consolidate, or reduce the size of 19 single family home lending centers. Blue Lion also wants HMST to cut costs at its commercial bank by $25M. Blue Lion and its affiliates own 6.1% of HMST stock. Source: Press Release Previously: HomeStreet to streamline mortgage banking operations (June 14) Click to subscribe to real-time analyti
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KEY
Earnings
- 4/18/24 - Miss
KEY
Sec Filings
- 4/18/24 - Form 8-K
- 4/2/24 - Form 4
- 4/2/24 - Form 4
- KEY's page on the SEC website