Foreclosures | Mortgages | Financing
Borrowers who had a mortgage serviced by Wells Fargo between May 6, 2005 and July 1, 2010 could soon receive their share of a $50 million settlement, which stemmed from charges that Wells Fargo overcharged borrowers for Broker’s Price Opinions during the time period in question. …read more
From:: Real Estate Wire
Even though there’s an ongoing battle over his unusual authority, Consumer Financial Protection Bureau Director Richard Cordray said he has no plans to stop enforcing existing consumer protection rules. Regardless of who is in power, the CFPB is a law enforcement agency, separate of partisan politics, according to Cordray. …read more
From:: Real Estate Wire
The ghost of Lender Processing Services came back to haunt ServiceLink and Black Knight Financial Services on Tuesday, as the Federal Reserve, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corp. announced that they are fining ServiceLink $65 million for the “improper actions” of LPS that contributed to a massive settlement with the government over industry-wide foreclosure misconduct that occurred after the housing crash. …read more
From:: Real Estate Wire
Texas Instruments Inc. shares fluctuated between gains and losses in the extended session Tuesday after the chip maker topped Wall Street estimates for its latest quarter. Texas Instruments shares declined 0.6% to $76.61 a share at last check after hours, following a 1.8% gain during the regular session. The company reported fourth-quarter earnings of $1.02 a share on revenue of $3.41 billion. Analysts surveyed by FactSet had estimated earnings of 81 cents a share on revenue of $3.32 billion. The company noted that earnings included a benefit of 14 cents a share for items not accounted for its outlook. For the first quarter, Texas Instruments forecast earnings of 78 cents to 88 cents on revenue of $3.17 billion to $3.43 billion. Analysts expect 75 cents a share on revenue of $3.21 billion.
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From:: Stock Market News
The American Petroleum Institute late Tuesday reported an increase of 2.9 million barrels in U.S. crude supplies for the week ended Jan. 20, according to sources. Analysts polled by S&P Global Platts forecast a climb of 1.9 million barrels. The API data also showed a rise of roughly 4.9 million barrels in gasoline supplies and a climb of 2 million barrels in distillates, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. March crude was at $52.91 a barrel in electronic trading, down from thecontract’s settlement of $53.18 on the New York Mercantile Exchange.
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From:: Stock Market News
Shares of Cree Inc. rose nearly 5% late Tuesday after the LED lighting maker reported fiscal second-quarter adjusted earnings and sales above expectations. Cree said it earned $6 million, or 6 cents a share, in the fiscal second quarter, compared with $13 million, or 13 cents a share, for the second quarter of fiscal 2016. Adjusted for one-time items, Cree earned $30 million, or 30 cents a share, in the quarter, compared with $28 million, or 28 cents a share, a year ago. Revenue from continuing operations reached $347 million in the quarter, down from $394 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 8 cents a share on sales of $325 million. Shares of Cree had ended the regular trading session down 0.3%.
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From:: Stock Market News
Bob Evans Farms Inc. announced a pair of acquisitions Tuesday along with an executive change meant to focus the company on grocery store sales, and shares jumped 10% in late trading. Bob Evans said that it would sell its chain of Bob Evans Restaurants to private equity firm Golden Gate Capital for $565 million plus the transfer of certain liabilities, with the cash used to pay down debt and issue a special $7.50-per-share dividend to stockholders. Bob Evans also said it has agreed to purchase Pinelands Farm Potato Company for $115 million financed with debt, beefing up its offerings of refrigerated side dishes for home consumption. Current Chief Executive Saed Mohseni will remain in charge of the restaurant division after the sale, while the president of the Bob Evans foods division, former co-CEO Mike Townsley, will take over the CEO role for Bob Evans Farms. Mohseni called the moves, made after a board review of the company’s business, “a major step in our strategic transformation.” “The sale of Bob Evans Restaurants enables us to concentrate exclusively on BEF Foods, our fastest growing and most profitable segment,” Mohseni said in the announcement. Bob Evans also reaffirmed its forecast of full fiscal-year adjusted earnings at $2.15 to $2.30 a share, established guidance for 2018 fiscal year revenue at $470 million, and said it would target continued quarterly dividends of 34 cents a share. Shares, which closed with a 0.4% loss at $47.95, jumped to nearly $53 in late trading.
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From:: Stock Market News
Gap Inc. said Tuesday that Andi Owen, global brand president for Banana Republic, will leave the company in late February. Gap’s brands include its namesake, Banana Republic and Old Navy. Owen joined Gap Inc. in 1991. Gap Inc. Chief Executive Art Peck will oversee the brand while the search for a new president is conducted. Banana Republic has struggled with same-store sales declines, with the brand reporting a 7% decline for the month of December. Gap shares are down 0.3% in Tuesday after-hours trading, but up 2.2% for the last year. The S&P 500 index is up 19.6% for the past 12 months.
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From:: Stock Market News
Mortgage production, servicing and revenues all declined on a quarter-over-quarter basis at Fifth Third Bancorp. Residential assets, though moved slightly higher.
The Cincinnati-based firm disclosed in its fourth-quarter 2016 earnings report that income before income taxes was $509 million during the final-three months of last year.
Earnings dropped from the previous three-month period, when the total was $694 million. An even bigger decline was recorded from $949 million a year previous.
From:: Financing
The initial public offering for Blackstone Group’s single-family rental operator, Invitation Homes, is one step closer to reality, as the company disclosed the terms of its initial public offering on Monday. Per a filing with the Securities and Exchange Commission, Invitation Homes will offer 77 million shares in its IPO, with an estimated share price of between $18 and $21 per share. …read more
From:: Real Estate Wire