Foreclosures | Mortgages | Financing
Nonbank’s share of Federal Housing Administration-backed mortgages crossed $1 trillion for the first time in November. The news, while positive for nonbanks, is causing some in the industry to question the consequences nonbanks face if the industry undergoes any future stress. …read more
From:: Real Estate Wire
This and next year’s expected origination of loans to finance home purchases was modestly elevated. But projected 2017 refinances, however, retreated.
During the first-three months of this year, U.S. residential lenders are predicted to originate $350 billion in mortgages, including purchases and refinances.
National mortgage production is then expected to jump to $431 billion in the second quarter and $418 billion during the following three-month period.
From:: Financing
As the industry adjusts to the Department of Housing and Urban Development’s decision to suspend the reduction of Federal Housing Administration mortgage insurance premiums, consumers are left to face the impact now. Here’s what is means for borrowers. …read more
From:: Real Estate Wire
After seven years with the company, Pioneer Bank’s board of directors named Ron Coben as its next CEO. Here’s more on Coben’s 30-year career, and what he brings to the company. …read more
From:: Real Estate Wire
Home values increased in 2016, along with the number of homes sold throughout the year, leading to an increase of more than 18% in the total value of homes sold. The increase in sales, however, is not being replaced with new inventory as the housing shortage continues to grow. …read more
From:: Real Estate Wire
President Donald Trump’s nominee for secretary of the Department of the Treasury took a beating yesterday from Senate Democrats over OneWest Bank.
Steven Mnuchin, Trump’s pick for Treasury secretary, spent more than five hours on Thursday at a Senate Finance Committee confirmation hearing.
Democrats on the committee grilled Mnuchin on the foreclosure practices at OneWest, which was created to take over failed IndyMac Bank FSB.
From:: Financing
With refinances leading the way, new mortgage activity moved lower in the week that included the Martin Luther King holiday.
In the week that ended on Jan. 20, the U.S Mortgage Market Index from OpenClose and Mortgage Daily landed at 122.
The index, an indication of upcoming residential loan originations, retreated nearly 7 percent compared to the previous week.
From:: Financing
Merck & Co. Inc. will pay $625 million and royalties to Bristol-Myers Squibb Co. and Ono Pharmaceutical Co. Ltd. to settle patent litigation over Merck’s cancer drug Keytruda, the companies said Friday afternoon. As part of the settlement all patent litigation will be dismissed, and the companies have granted certain patent rights to each other. Merck will pay royalties on global Keytruda sales of 6.5% between 2017 and the end of 2023 and 2.5% between 2024 and 2026, with the royalties being split 75/25 between Bristol-Myers and Ono. Merck said the $625 million payment would be recorded in its fourth-quarter and full-year 2016 results, but excluded from its non-GAAP results. In their lawsuit against Merck, Bristol-Myers and Ono, which made cancer drug Opdivo, said its Keytruda sales infringed on various of its global patents. Bristol-Myers shares slumped 2.2% over the last three months, compared with a 1.0% rise in Merck shares and a 6.1% rise in the S&P 500 .
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From:: Stock Market News
The Department of Housing and Urban Development’s decision to suspend the reduction of Federal Housing Administration mortgage insurance premiums didn’t come as a shocker. But while the industry knew the uncertainty surrounding the situation, they’re left divided on the issue. How much disruption will this delay cause? …read more
From:: Real Estate Wire
U.S. stocks closed higher Friday after coming off intraday highs as Donald Trump was sworn in as the 45th president of the U.S. In his inauguration speech, the new president reiterated his protectionist stance but did not offer details on how he would go about pursuing his agenda. The S&P 500 rose 7 points, or 0.3%, to close at 2,271 for a weekly decline of 0.2%. The Dow Jones Industrial Average gained 92 points, or 0.5%, to finish at 19,824, falling 0.3% for the week. The Nasdaq Composite Index advanced 15 points, or 0.3%, to close at 5,555, down shed 0.3% on the week.
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.
From:: Stock Market News