Foreclosures | Mortgages | Financing
It’s been almost a year since securitizations at the Government National Mortgage Association were as slow as they were last month.
February 2017 concluded with $1.7982 trillion in Ginnie Mae mortgage-backed securities outstanding — the most on record.
The Washington-based firm’s book of business expanded from $1.7865 trillion a month earlier and $1.6615 trillion a year earlier.
From:: Financing
A month-over-month decline in the number of people working in real estate finance was the result of a drop in staffing at the nation’s mortgage brokers.
U.S. nonfarm payroll employment increased by 235,000 jobs during February, according to data released Friday by the Bureau of Labor Statistics.
Growth was mostly in line with the upwardly revised 238,000 jobs added the previous month and the downwardly revised 237,000 a year previous.>
From:: Financing
The parent of Nationstar Mortgage LLC is in the middle of negotiating a settlement with the Consumer Financial Protection Bureau.
At issue is the company’s alleged failure to comply with the reporting requirements of the Home Mortgage Disclosure Act.
The Coppell, Texas-based company is currently in negotiations with the bureau regarding the payment of civil monetary penalties.
From:: Financing
Shares of Southwest Airlines Co. slumped almost 3% in early trade Friday, after the company lowered its unit revenue outlook for the first quarter. Dallas-based Southwest said it now expects unit revenue to fall 2% to 3% in the three-month period. Unit revenue measures how much passengers pay per mile flown. The airline had previously guided to a reading of flat to down 1%. Southwest said heavy rainfall in California hurt traffic, while it experienced “unexpected softness” in the second half of February. The company flew 8.7 billion revenue passenger miles in February, up 1.1% from a year ago. Meanwhile, JetBlue Airways Corp. said it expects unit revenue to fall 4% to 5% in the first quarter, hurt by the shift in the timing of the Easter holiday to April from March. Southwest shares have gained 29% in the last 12 months, and JetBlue shares have fallen 2.6%. The S&P 500 is up about 19% in the same period.
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From:: Stock Market News
U.S. stocks opened higher on Friday after the February payroll report showed more jobs added in the month than had been expected, the latest positive read on the labor market. The Dow Jones Industrial Average rose 0.3% to 20,928. The S&P 500 advanced 0.4% to 2,374. The Nasdaq Composite Index climbed 0.5% to 5,866. The jobs number was seen as confirming the view that the Federal Reserve would raise interest rates at its upcoming meeting next week. Bank stocks were among the strongest gainers of the day on Friday; not only does the sector outperform in times of stronger economic growth, but it tends to benefit from an environment with higher interest rates. Goldman Sachs rose 0.4% while J.P. Morgan Chase & Co added 0.4%.
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From:: Stock Market News
February’s employment report came in far above expectations led by a strong gain in construction jobs. This report, which even outpaced January’s strong report, was one of the last economic factors the Fed needed to see before deciding on a March rate hike. …read more
From:: Real Estate Wire
Treasury yields retreated on Friday after official data showed that U.S. employers created more jobs than expected in February, but wage growth remained unexpectedly weak. The yield on the 10-year Treasury note was off nearly three basis points at 2.580% in recent trade, while the 30-year yield was down two points at 3.173%. The yield on the two-year note , considered the most sensitive to interest-rate hike expectations, was down 1.1 basis point at 1.368%. The U.S. economy created 235,000 jobs in February, surpassing expectations for a 221,000 increase, but average hourly wages rose just 0.2%, undershooting expectations for the second month in a row. Wages are considered an important precursor to consumer-price inflation, as companies raise prices on their goods to offset higher labor costs. Thus, the weaker than expected number helped rein in inflation expectations, which have been partly responsible for the jump in yields since the Nov. 8 U.S. election. Typically, when investors expect consumer prices to rise, they demand a higher return on their bond investors to offset that increase.
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From:: Stock Market News
U.S. stock futures added to gains after data showing the economy added 235,000 jobs in February, pushing unemployment rate to 4.7%, both numbers exceeding Wall Street expectations. The government said 238,000 new jobs were created in January instead of 227,000. The final and the most important data point before the Federal Reserve’s policy meeting next week all but confirms a rate increase. The S&P 500 futures rose 10 points, or 0.4%, at 2,376. The Nasdaq-100 futures advanced 21 points, or 0.4% at 5,387. Futures for the Dow Jones Industrial Average gained 91 points or 0.4%, to 20,961.
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From:: Stock Market News
WASHINGTON (MarketWatch) – The U.S. added 235,000 new jobs in February, helped by a big gain in construction, in a sign the economy is still chugging along. Economists polled by MarketWatch had predicted a 221,000 increase in nonfarm jobs. The unemployment rate dipped to 4.7% from 4.8%, the government said Friday. Average wages rose 0.2% to $26.09 an hour. Hourly pay increased 2.8% from February 2016 to February 2017, up from 2.6% in the prior month. Hours worked was unchanged at 34.4 a week. The government said 238,000 new jobs were created in January instead of 227,000. December’s gain was trimmed to 155,000 from 157,000.
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From:: Stock Market News
Genesco Inc. shares rose 4.6% in premarket trade on Friday after the footwear and apparel company reported a fourth-quarter profit above Wall Street’s expectations. Net income for the quarter was $46.8 million, or $2.40 per share, compared to $45.0 million, or $2.07 per share during the same period a year ago. Adjusted earning per share were $2.15, beating FactSet’s consensus of $1.78. Sales in the quarter fell to $883 million from $932 million, and below FactSet’s $901 consensus. Genesco shares have declined 16.7% in the trailing 12-month period, while the S&P 500 index is up 18.9%.
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From:: Stock Market News