Foreclosures | Mortgages | Financing
By jgaffney@housingwire.com Speaking at the Institute of International Bankers Annual Washington Conference, FDIC Vice Chairman Thomas Hoenig said that while Dodd-Frank is well intended, the regulations are too burdensome for all banks, “especially smaller banks.” So here’s what the FDIC wants to do, instead. …read more
From:: Real Estate Wire
In a move with worldwide implications in the finance services industry, Vista Equity Partners announced Monday that it is acquiring D+H, a Toronto-based provider of technology solutions to financial institutions, in a $3.6 billion deal. D+H is a winner of HousingWire Magazine’s 2017 HW Tech100 as one of the top tech companies in housing finance. …read more
From:: Real Estate Wire
Home prices are increasing as inventory hits new lows. And yet, home buyers continue to flood the market. Under these conditions, sellers are at an advantage. SmartAsset produced a list that shows the top 10 best cities to sell a home. …read more
From:: Real Estate Wire
A watchdog report indicates that the Government National Mortgage Association’s resources are being strained by the increase in non-bank issuers.
Ginnie Mae previously reported $472 billion in issuance of mortgage-backed securities that were secured by residential loans in fiscal-year 2016.
During that same year, non-bank entities were responsible for 73 percent of the Washington-based organization’s single-family MBS issuance.
From:: Financing
Oil prices settled with a modest loss Monday, but registered a sixth consecutive session decline. In a monthly report Monday, the Energy Information Administration forecast a rise of 109,000 barrels a day in April shale oil production, from a month earlier, feeding concerns that rising U.S. crude output will offset OPEC-led efforts to rebalance the global market. April West Texas Intermediate crude lost 9 cents, or 0.2%, to settle $48.40 a barrel on the New York Mercantile Exchange.
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From:: Stock Market News
Freddie Mac announced its first whole loan securities deal of the year and its fifth since it began offering this risk sharing method in 2015. But this WLS, expected to close later this month, will be the company’s largest offering since the program’s inception. …read more
From:: Real Estate Wire
The Federal Reserve Bank of Atlanta announced Monday it selected Raphael Bostic to serve as its new president and chief executive officer. Bostic brings significant housing experience to this position. From 2009 to 2012, Bostic served as assistant secretary for policy development and research at the Department of Housing and Urban Development. …read more
From:: Real Estate Wire
J.C. Penney Co. Inc. said Monday that it is launching J.C. Penney Home Services this month in order to capitalize on the housing market. The retailer is partnering with companies like Samsung Electronics Co. and Trane to test six programs in about 100 stores, including heating and cooling systems and bathroom remodeling. Services and marketing will vary by location. Consumers are spending $300 billion on home upgrades, according to a statement from Chief Executive Marvin Ellison. He also cited data showing that two-thirds of homes in the U.S. are over 30 years old. “There’s a tremendous opportunity to capture additional revenue and minimize our dependence on apparel by catering our services to female homeowners who represent over 70% of our loyal customer base, and make the primary decisions regarding any home renovations,” he said. J.C. Penney shares are down nearly 5% in Monday trading, and down 46% for the last year. The S&P 500 index is up 17.2% for the last 12 months.
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From:: Stock Market News
The British pound strengthened temporarily Monday after a spokesman for U.K. Prime Minister Theresa May indicated that the formal process to begin the country’s exit out of the European Union won’t be triggered this week. The spokesman said the so-called Article 50 process wound’t be initiated until next week at the earliest, the Independent newspaper reported. May had been expected to invoke Article 50 as early as Tuesday. “We have been clear. The prime minister will trigger Article 50 by the end of March,” the spokesman said, according to the report. The pound traded as high as $1.224 versus the dollar in the wake of the report. But it pulled back to around $1.2229 in recent action, near where it traded ahead of the report but still up from $1.2168 in late New York trade on Friday. The euro traded at 87.23 pence, down 0.6%.
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From:: Stock Market News
Shares of Vista Outdoor Inc. slumped 2.4% in midday trade Monday, after the guns and ammunition maker was booted from the S&P MidCap 400 index following the recent sharp decline in market capitalization. S&P Dow Jones Indices said late Friday that it had increased the market cap guidelines for its U.S. indices to better reflect the stock market’s rally so far this year. The range for the MidCap 400 increased to $1.6 billion to $6.8 billion from $1.4 billion to $5.9 billion. Vista was moved into the S&P SmallCap 600 , which saw its market cap guideline range rise to $450 million to $2.1 billion from $400 million to $1.8 million. With Vista’s stock down 47% over the past three months, the market cap has fallen to $1.15 billion, according to FactSet. In comparison, the MidCap 400 has gained 1.7% over the past three months, while the SmallCap 600 has lost 1.8% and the S&P 500 has tacked on 4.3%.
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From:: Stock Market News