Foreclosures | Mortgages | Financing
The results have arrived for the ranking of the country’s 10 largest originators of commercial real estate loans during all of last year.
Wells Fargo & Co. originated 6,928 commercial mortgages during 2016 that had an aggregate principal balance of $65.394 billion.
The level of activity at the San Francisco-based company landed it in the No. 1 position among the nation’s largest CRE loan originators.
From:: Financing
Citing the need for additional time for testing and development to ensure a “smooth transition,” the Federal Housing Finance Agency announced Thursday that the implementation of the single security, the joint initiative from Fannie Mae and Freddie Mac to develop a single mortgage-backed security that will be issued by the government-sponsored enterprises, is being delayed until the second quarter of 2019. …read more
From:: Real Estate Wire
Following the successful implementation of the first phase of a common mortgage-backed security, the government-sponsored enterprises are moving on to phase 2.
Back in December, McLean, Virginia-based Freddie Mac implemented the common securitization platform on some of its single-family fixed-rate MBS.
The move, which was dubbed Release 1, paved the way for the implementation of a combined to-be-announced MBS for Freddie and cousin Fannie Mae.
From:: Financing
Freddie Mac expanded homeownership opportunities to Americans who do not have credit scores. Lenders will soon be able to use automated assessments, enabling them to serve potential homebuyers more efficiently and with greater certainty that the loan will be purchased by Freddie Mac. …read more
From:: Real Estate Wire
As new home sales picked up last month, the inventory of new houses for sale increased to the highest level in more than seven years.
The number of privately owned new single-family residential properties that were sold during February 2017 came to 49,000 units.
Volume jumped from 41,000 the prior month to the highest volume since July 2016, when there were downwardly revised 54,000 sales.
From:: Financing
Shares of Credit Suisse Group AG fell 2% in Zurich on Thursday after media reports the Swiss banking giant is considering a share sale to boost its capital buffers. Bloomberg said the company may issues shares representing 10% of its outstanding stock, equivalent to about 3.1 billion francs ($3.12 billion). The rights issue would happen instead of a separate listing of Credit Suisse’s Swiss banking division, according to the reports. A representative from Credit Suisse wasn’t immediately available to comment.
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From:: Stock Market News
American voters disapprove the Republican health-care bill 56% to 17%, with 26% undecided, according to a Quinnipiac University national poll released Thursday. The bill may be voted on as early as Thursday as a group of conservatives negotiate with Speaker Paul Ryan and others. The bill is unpopular enough that 46% of voters say they will be less likely to vote for a senator or representative that votes for the bill. One out of every seven Americans, 14%, think they will lose their health insurance under the Republican plan, the poll finds.
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From:: Stock Market News
The Metropolitan Police in London have identified the suspect of the deadly Wednesday attack in London as 52-year-old Khalid Masood. The suspected assailant was not the subject of any current investigations and “there was no prior intelligence about his intent to mount a terrorist attack,” Scotland Yard said. However, he was known to police before and has a range of previous convictions for assault, possession of offensive weapons and public order offenses. Masood, also known by a number of aliases, was born in Kent in the southeast of England, but detectives believe he was most recently living in the West Midlands.
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From:: Stock Market News
Whole Foods Market Inc. was initiated on Thursday at sell at UBS with a $25 stock price target, with analysts saying the company faces intensifying competition after being a pioneer in the organic food space. “While Whole Foods has done so much to inspire, create, and revolutionize the market for natural and organic, we now see it being the victim of its own success,” analysts wrote in a note. “Whole Foods’ nine-point plan is a good strategy to confront the challenges it is facing. But, we don’t think it will fully address the fact that the distribution of natural/organic continues to widen.” Analysts suggest that the company needs to move from a “growth phase to an efficiency phase.” Cost savings of $300 million “is a start”, but growth must be “process-oriented.” Whole Foods shares are down 0.8% in Thursday trading, and down 7.6% for the past year. The S&P 500 index is up 15.8% for the last 12 months.
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From:: Stock Market News
Shares of Chesapeake Energy Corp. climbed 1.4% in morning trade Thursday, after Stifel Nicolaus published a bullish research note that implied the stock could possibly double in a year. Analyst Karl Chalabala started coverage of Chesapeake with a buy rating, which for Stifel means the stock is expected to provide investors with a total return of greater than 10% over the next 12 months. But Chalabala said the stock price target was $10.00, which is exactly double Wednesday’s closing price of $5.00. “Following a wave of asset divestitures, debt repayments and midstream obligation renegotiations, we believe Chesapeake is well positioned to succeed in the North American shale low-price commodity environment,” Chalabala wrote in a note to clients. The stock has plunged 28% year to date, while the SPDR Energy Select Sector ETF has lost 8.2% and the S&P 500 has gained 5.3%.
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From:: Stock Market News