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Democrats want “victims of Mnuchin foreclosure machine” to testify at Treasury nominee hearing

Senate Democrats recently began collecting complaints from consumers about Steve Mnuchin and OneWest Bank in preparation for Mnuchin’s confirmation hearing to serve as the next Secretary of the Department of the Treasury. What wasn’t known at the time is what exactly the Democrats planned to do with those complaints. But Friday, the Democrats showed their hand, asking the leadership of the Senate Committee on Finance to allow “victims of Mnuchin foreclosure machine” to testify at Mnuchin’s confirmation hearing. …read more

From:: Real Estate Wire

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Macy’s fires growth officer on the heels of weak holiday sales

Macy’s Inc. said it fired Chief Growth Officer Peter R. Sachse, a 34-year employee. Sachse will be “involuntarily separating” from Macy’s effective Jan. 30, the retailer said in a filing. Sachse’s separation was announced Jan. 9, the company said. Sachse will receive $2.7 million in a lump sum and continued vesting of equity awards through March, the retailer said. The dismissal comes a little over a week afterMacy’s and other department stores reported weak holiday sales and as the company announced store closures. Shares of Macy’s fell 0.1% late Friday after ending the regular trading day down 0.3%.

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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BofA 2016 Mortgage Originations Beat 2015

More residential loans were originated last year at Bank of America Corp. than in the prior year. A quarterly improvement was also made by the home lender.

Prior to income taxes, BofA earned $6.1 billion company wide during the three months ended Dec. 31, 2016. Earnings fell from the third quarter’s $7.3 billion.

The Charlotte, North Carolina-based company disclosed the results along with other operational and financial metrics in its fourth-quarter 2016 earnings report.

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From:: Financing

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Nasdaq closes at new record as broader market ends little changed

The Nasdaq closed at a fresh record Friday following a snap of a five-day streak of new highs while the broader market finished little changed heading into the holiday weekend. The Dow Jones Industrial Average declined 5.27 points to finish at 19,885.73, with shares of Wal-Mart Stores Inc. dragging on the average, for a weekly decline of 0.4%. The S&P 500 index closed up 4.20 points, or 0.2%, at 2,274.64, with the financials and consumer-discretionary sectors the strongest performers, for a weekly of decline of 0.1%. The Nasdaq Composite index finished up 26.63 points, or 0.5%, at 5,574.12, for its sixth record in seven sessions and a weekly gain of 1%.

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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House passes bill helping to pave way for Obamacare repeal

The House of Representatives passed a budget bill Friday that is a procedural step toward repealing the Affordable Care Act. By a vote of 227 to 198, the House approved a budget resolution that instructs committees to write plans for repealing much of the law commonly known as Obamacare. The Senate approved the measure on Thursday.

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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Steve Mnuchin, Trump Treasury pick, to face Senate on Jan. 19

On Friday, the Senate Committee on Finance announced that the confirmation hearing for Steve Mnuchin, the Trump administration’s choice to lead the Department of the Treasury, will take place on Thursday, Jan. 19, 2017. The Democrats are expected to grill Mnuchin for his time with OneWest Bank, which was accused of redlining and illegal foreclosure activities under his leadership. …read more

From:: Real Estate Wire

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Chase’s Staff, Mortgage Originations Increase

Quarterly home-lending volume accelerated at JPMorgan Chase & Co., while the financial institution’s human resource assets have been expanding.

In its fourth-quarter 2016 earnings report, Chase said income before taxes was $8.7 billion. Income was trimmed from $8.9 billion the prior period.

But earnings at the New York-based business improved from the same three-month time frame in 2015, when pre-tax income came to $7.4 billion.

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From:: Financing