The company had its IPO last month. The parent company of mortgage-lending giant Quicken Loans reported earnings of $3.5 billion (compared to a loss of -$54 million in the year-ago period).Adjusted earnings before interest, taxes, depreciation and amortization were $3.8 billion. Quarterly revenue came in at $5 billion. The company’s closed origination volume in the quarter was a record $72.3 billion, a +126% surge year-over-year. Rocket posted net-rate lock volume of $92 billion, up +170% from the year ago period.

Hertz Global Holdings  is reportedly preparing for a potential bankruptcy filing. The vehicle rental company  was unable to make lease payments due to the coronavirus-induced a shutdown, according to  The Wall Street Journal .Citing people familiar with the matter, WSJ reported that Hertz is in talks with lenders on a forbearance agreement to waive a default and to potentially avoid bankruptcy. In a regulatory filing , Hertz mentioned that it had not made certain operating lease payments and it could be materially impacted if the payments are not made by the end of a grace period on May 4, and an adequate  number of creditors don’t agree to waive any default by the end of the grace period.

On Monday, car rental company Avis Budget Group  named Joe Ferraro, the company's Americas president, as interim chief executive. Ferraro is succeeding Larry De Shon.De Shon had announced in May that he will be stepping down by the end of the year.  Having spent 40 years at Avis, Ferraro has been at the forefront of  the company’s Avis, Budget, Payless and Zipcar brands in North and South America, including Latin America and the Caribbean. A committee at Avis is still looking for a candidate for a permanent position for the role.

Shares of MoneyGram International soared on Tuesday, following blockchain startup Ripple’s plans to invest in the company. MoneyGram is a money transfer services company based in the U.S. Ripple has agreed to buy $30 million of MoneyGram's fresh shares at $4.10 a share.  It might also  purchase another $20 million at its discretion at a minimum of $4.10. MoneyGram’s services encompass 200 countries and territories, with around $600 billion processed in the global remittance market. Under the terms of the deal, MoneyGram will use Ripple’s XRP  technology to process cross-border transfers of digital funds for at least two years. With nearly $900 million in total debt, MoneyGram indicated that it is close to a refinancing of a loan and revolving credit facilities following the investment.  For Ripple, the deal could potentially spell a critical opportunity for it to prove the effectiveness of its crypto technology in lowering time and costs associated with fu

Carl Icahn unloaded some shares of car and truck rental behemoth Hertz Holdings. On Monday, the billionaire investor’s firm High River Limited Partnership sold 1 million shares of Hertz, while Icahn Partners LP and Icahn Partners Master Fund LP sold 2.52 million shares and roughly 1.48 million shares respectively, according to a Securities and Exchange Commission filing.Around two years ago, Carl Icahn had more than doubled his investment in Hertz, resulting in his ownership of 35.27% of the company. The selling on Monday follows last week’s release of Hertz’s fourth quarter earnings report, which revealed that the car rental firm incurred an adjusted loss of -$46 million (or -55 cents a share), compared to earnings of $616 million (or $7.42 a share) in the year-ago quarter.

On January 3, Mr. Cooper Group Inc.,  announced the acquisition of certain non-core assets of IBM for $48 billion.Chief of these assets include the purchase of IBM’s Seterus mortgage servicing platform that was primarily designed to help a client manage a portfolio of distressed loans in times of financial crisis, especially during 2008.