Hammond

The Hammond Co., the Newport Beach mortgage banking firm concerned about a possible takeover, said Monday that Fidelity National Financial Inc. has agreed not to buy any more of its stock until Oct. 12. Hammond also said it has asked to talk with Fidelity, an Irvine title insurance company that operates in 30 states, about entering into a standstill agreement, which would prohibit Fidelity from purchasing more shares of Hammond's stock. The temporary agreement, which began Sept.

The Hammond Co. reported net income of $849,235 for its second fiscal quarter ended Sept. 30, up 510% from $139,158. Second-quarter revenues for the Newport Beach mortgage banking company's fiscal 1987 were $8.78 million, up 59% from $5.5 million. For the first six months, Hammond reported net income of $325,562, up 25% from $251,591. Revenue for the six months was $14.1 million, up 38% from $10.2 million.

The Hammond Co. said net income dropped 56% in its fiscal 1988 second quarter to $351,700 from $799,964 for last year's comparable quarter. Revenues for the period ended Sept. 30 fell 24%, to $6.7 million from $8.8 million a year earlier. For the first six months, the Newport Beach-based mortgage banking firm posted net income of $465,698, a 105% increase from the $227,562 reported for the same period last year. Revenues of $13.

The Hammond Co., a publicly held, Newport Beach-based mortgage banking firm, said it has applied to the Security Exchange Commission to register $6 million worth of convertible subordinated debentures to be sold in $1,000 denominations. The interest rate and conversion price of the debentures will be determined at a later date. Donaldson, Lufkin & Jenrette Securities Corp. will be the sole underwriter.

Hammond Co. reported a net loss of $532,673 for its fiscal first quarter ended June 30, contrasted with net income of $112,433 for the comparable period a year earlier. The Newport Beach-based mortgage banker attributed the downturn to its decision to retain servicing rights on all the loans made in the quarter. By servicing a loan--collecting monthly payments and passing them on to the mortgage holder--a mortgage banker collects a small monthly fee.

Michael P. Hammond, just one week into his new job as chairman of the National Endowment for the Arts, was found dead Tuesday at his temporary residence in Washington, D.C. He was 69. The cause of death remained undetermined at press time, but NEA spokesman Mark Weinberg said it was apparently natural causes. Weinberg, who called Hammond's sudden death a "tragic loss," said the White House is expected to name an acting chairman for the federal arts agency shortly.

John Hammond knows how hard it is to keep good help. In the early 1960s, near the start of his career as a traveling blues singer and guitar player, Hammond toured Canada and happened upon a band called Levon & the Hawks. He liked them as players and got along with them as friends. In 1964 he brought them to his hometown, New York City, to back him on an album. Plans were laid for the Hawks to become Hammond's regular touring band.

The Hammond Co., Newport Beach, is offering 30-year loans up to $500,000 at a fixed interest rate of 11 7/8%, which it believes makes it the first company to break the "12% barrier" for residential mortgages. Thomas T. Hammond, president, said the total loan origination costs equate to 6 1/2 points and a 10% down payment is required on loans up to $200,000, 20% down on loans from $200,000 to $500,000. Loans over $114,000 will require 100% private mortgage insurance.

With an expanding market for new loans, the mortgage banking firm of Hammond Co. in Newport Beach reported net second-quarter earnings of $139,158, compared with a year-earlier loss of $209,950. Revenues for the fiscal 1986 period ended Sept. 30 were $5.5 million, more than triple the $1.8 million revenues reported for the same period last year. For the first six months of its fiscal 1986, Hammond had a net income of $251,591, more than twice the $111,987 reported a year ago.

Some years ago, the legendary talent scout John Hammond went to Chicago to take part in a public television special staged in his honor. He was surrounded by many of the artists in whose careers he had played a seminal role; he talked with them and about them.