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Mortgage Executive and Board Changes

A couple of big mortgage players have made changes to their boards of directors. Meanwhile, several regional manager appointments were among recent executive changes.

Walter Investment Management Corp. disclosed Tuesday that Mark J. O’Brien, James L. Pappas and Shannon E. Smith have resigned from its board of directors as of Jan. 19.

Joining Tampa, Florida-based Walter’s board were its chief executive officer and president, Anthony N. Renzi, along with Neal P. Goldman and Michael M. Bhaskaran.

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From:: Financing

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Stocks end lower on GDP data and earnings, but post positive week

U.S. stocks ended mostly lower on Friday, pressured by a disappointing read on economic growth, as well as key corporate results that came in below expectations. However, the market’s recent upward bias was viewed as intact, and major indexes ended higher for the week, with the Dow and S&P 500 posting their first positive week of the past three. The Dow Jones Industrial Average fell 8.8 points to 20,092.6, a decline of less than 0.1%. The S&P 500 fell 2.1 points, or 0.1%, to 2,295. The Nasdaq Composite Index rose 5.6 points to 5,660.8, a rise of 0.1%. For the week, the Dow rose 1.3%, the S&P added 1% and the Nasdaq climbed 1.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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SEC charges two with Ponzi scheme over alleged Hamilton ticket fund

The Securities and Exchange Commission charged two New York City men with allegedly running a Ponzi scheme that raised more than $81 million from at least 125 investors in 13 states to fund ticket scalping for popular shows such as the Broadway musical Hamilton. The SEC alleged Joseph Meli and Matthew Harriton, via their businesses Advance Entertainment, Advance Entertainment II, 875 Holdings, and 127 Holdings misled investors to expect high returns for their funds from the purchase of large blocks of tickets for resale at a profit. Instead, almost $2 million of the investors’ funds were allegedly diverted by Meli and Harriton for such personal expenses as jewelry purchases, private school and camp tuition, and casino payments. Meli and Harriton allegedly made Ponzi payments to prior investors using money from new investors. According to the SEC, the accused also told investors an agreement was in place with the producer of Hamilton to purchase 35,000 tickets to the musical. The SEC alleges no such agreement or purchase ever happened. The U.S. Attorney’s Office for the Southern District of New York today filed parallel criminal charges against Meli on Friday. Meli’s wife and another company are also named as relief defendants in the complaint for the purposes of recovering investor funds allegedly in their possession.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Oil futures end with a slight loss for the week

Oil futures fell on Friday, pulling back from the nearly three-week high it settled at a day earlier, as concerns over further growth in U.S. production helped prices erase a gain for the week. March West Texas Intermediate crude fell 61 cents, or 1.1%, to settle at $53.17 a barrel. The contract settled just a nickel below the $53.22 level it ended at last Friday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Peso rallies to session highs after Trump comments

The Mexican peso jumped in afternoon trading on Friday, climbing to its highs of the session after President Donald Trump said he had spoken with Mexican President Enrique Peña Nieto and that they would work on a new and “fair” relationship. Trump added that the U.S. would “renegotiate our trade deals, and renegotiate other aspects of our relationship” with Mexico. The comments come a day after Nieto canceled a planned visit with Trump, who has been increasing pressure on Mexico to pay for a wall he want built on the border between the two countries — one of the real estate mogul’s key campaign promises. The peso rose 1.6% against the dollar, trading at 20.87 from 21.22 late Thursday. Despite the rise on the day, the peso is down by about 11% over the past three months, with much of the weakness stemming from Trump’s election.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Gold futures edge down for the day to finish 1.4% lower for the week

Gold futures settled lower on Friday as strength in the U.S. dollar and a recent rally in major U.S. stock market indexes to all-time highs helped prices tally a weekly loss of about 1.4% for the week. February gold lost $1.40, or 0.1%, to settle at $1,188.40 an ounce. April gold , which has higher open interest, also fell $1.40, or 0.1%, to finish at $1,191.10 an ounce.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Home Point Making Major Mortgage Acquisition

Home Point Financial Corp., which has already recently made multiple mortgage investments, has agreed to acquire a publicly traded lender.

In 2015, the Ann Arbor, Michigan-based mortgage banker purchased Maverick Funding Corp. in a transaction that was negotiated in 2014.

Last year, Home Point made a new investment in Longbridge Financial LLC and acquired the originations and operations of Emery Financial.

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From:: Financing

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HAMP Modification Volume Increases

The government’s program for modifying home loans saw a month-over-month rise as well as a year-over-year increase in volume.

Residential servicers were successful in completing 29,226 mortgage modifications during the month of November 2016.

The total reflects loans modified through servicers’ own proprietary programs and through the Home Affordable Modification Program.

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Baker Hughes data show second straight weekly rise in U.S. oil-rig count

Data from Baker Hughes Friday revealed that the number of active U.S. rigs drilling for oil rose by 15 to 566 rigs this week. The total active U.S. rig count, which includes oil and natural-gas rigs, also rose by 18 to 712, according to Baker Hughes. March West Texas Intermediate crude was down 96 cents, or 1.6%, at $52.82 a barrel on the New York Mercantile Exchange from Thursday’s settlement. It traded at $52.85 before the rig data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News