Stewart Announces Third Quarter Earnings
Stewart Information Services Corporation (SISCO) reported net earnings of $6.1 million, or $.41 per diluted share, for the three months ended September 30, 1999 compared to $14.0 million, or $.99 per diluted share for the third quarter of 1998. Revenues in the third quarter of 1999 increased 6 percent to $266 million from the same period last year.
For the first nine months of 1999, net earnings were $27.4 million, or $1.88 per diluted share, compared to $33.9 million, or $2.40 per diluted share, for the same period last year. Revenues year-to-date increased 19 percent to $810 million. "Third quarter earnings slipped primarily due to a combination of rising interest rates and the resulting significant decline in refinance and other loan origination activity.
Interest rates were up almost 100 basis points on average in the third quarter of this year when compared to the same period in 1998," said Stewart Morris, president and co-chief executive officer.
Electronic Financial Services Council Hails Passage By House
The Electronic Financial Services Council, the national financial services trade group which focuses on electronic commerce, praised the strong bi-partisan vote by the House of Representatives on November 9th, to pass H.R. 1714 the "Electronic Signatures and Global and National Commerce Act." By a vote of 356 to 66, the House approved legislation to establish a national framework to ensure the legality of electronic signatures and electronic records used in transactions in interstate commerce. The measure now goes on to the Senate, where similar legislation has been pending to remove legal barriers to electronic commerce.
Cameron King, president of the Electronic Financial Services Council, hailed the House's action, saying "The House of Representatives, under the leadership of Representative Tom Bliley, R-Va., chairman of the Commerce Committee, has produced a bill that is a win-win for businesses and consumers. If enacted into law, H.R. 1714 will provide businesses the legal certainty necessary to innovate and invest in the new technologies that will make electronic commerce possible. Consumers will have the opportunity to initiate and complete transactions online, if they choose to do so, with the knowledge that the protections afforded by federal and state consumer protection laws are fully operable to electronic commerce."
"We also commend Congressman Jay Inslee for his leadership in producing a bi-partisan amendment that clarified and improved the bill to ensure the continuation and enhancement of existing consumer protection laws," said King, who is also senior vice president of E-Loan, a Dublin, Calif.-based Internet lender. The amendment introduced by Inslee, D-Wash., was offered by a coalition of so-called New Democrats, including Reps. Anna Eshoo and Cal Dooley of California, Adam Smith of Washington and Jim Moran of Virginia. Republican Marge Roukema of New Jersey, the chairwoman of the Financial Institutions Subcommittee of the House Banking Committee, also sponsored it.
Catherine Valentine, vice president of the Council, and general counsel of Intuit, Inc., called upon the Senate and the Clinton administration to work with the House to produce legislation this year.
c"We must build on the momentum established by the overwhelming vote of the House in favor of a strong pro-consumer, pro-electronic commerce bill. We urge the Senate and the White House to embrace the bi-partisan approach adopted by the House of Representatives and move quickly to pass H.R. 1714 this session of Congress," said Valentine.
The Electronic Financial Services Council has been actively engaged in promoting legislation, such as H.R. 1714, to remove barriers to electronic commerce that inhibit the ability of consumers to do business online. Members of the Council, led by Intuit Chairman Scott Cook and E-Loan CEO Chris Larsen, recently took their case for passage of the House version of the electronic signatures bill directly to congressional leadership and senior administration officials including Treasury Secretary Lawrence H. Summers.
"This vote is an important first step for Congress to move forward legislation that will promote the growth of electronic commerce and allow consumers to share in the convenience, choice, efficiencies, cost savings promised by online transactions," said King.
"We pledge our continued support for this effort and are willing to work with all parties to enact legislation that facilitates the use of electronic signatures and electronic records while fully safeguarding and enhancing consumer protections in the digital era," he said.
The Electronic Financial Services Council represents a group of financial services and software companies that offer their products and services over the Internet. The Council's mission is to update laws and regulations to facilitate the electronic delivery of financial services. Members include: Countrywide Home Loans, Inc., Intuit Inc., GE Capital Mortgage, Microsoft Corporation, Cendant Mortgage, Chase Manhattan Mortgage, Citigroup Mortgage, Inc., E-Loan, The First American Financial Corporation, Freddie Mac, GMAC Mortgage Corporation, Lender Services, Inc., Lending Tree, The Principal Financial Group, United Guaranty, Wells Fargo/Norwest. For additional information, go to www.efscouncil.org.
-Reprinted from Titleweb.com, Wednesday November 10, 1999
Sanctity of Contract
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Elissa Buonarota, Esq.
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