Foreclosures | Mortgages | Financing
President-elect Donald Trump has named his former campaign manager Kellyanne Conway to serve as counselor to the president, Trump’s transition team announced Thursday morning. Trump said in a statement that Conway “played a crucial role” in his victory and that he’s pleased she’ll be part of his senior team in the West Wing.
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From:: Stock Market News
Rite Aid Corp. reported fiscal third-quarter earnings that fell to $15.0 million, or 1 cent a share, from $59.5 million, or 6 cents a share, in the same period a year ago. The drugstore chain, which is being acquired by Walgreens Boots Alliance Inc. , said adjusted earnings per share, which excluded non-recurring items, was 2 cents, below the FactSet consensus of 4 cents. Revenue slipped to $8.09 billion from $8.15 billion, missing the FactSet consensus of $8.23 billion. Same-store sales fell 3.4%, as pharmacy sales fell 4.7% and front-end sales declined 0.4%. “Despite the difficult operating environment created by the extended duration of the merger process with [Walgreens], our third quarter results show solid performance in our front-end business, good cost control and continued strong growth at our pharmacy benefit manager, EnvisionRx,” said Chief Executive John Standley. The stock, which slipped 0.2% in premarket trade, has gained 8% year to date, while Walgreens shares have tacked on 0.8% and the S&P 500 had climbed 11%.
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From:: Stock Market News
The U.K.’s Treasury Committee said Thursday it’s launching a review of the effectiveness and impact of monetary policy after the 2008 global financial crisis. “Interest rates are stuck near zero, the Bank of England has used increasingly unconventional forms of quantitative easing, and inflation has been below the two per cent target for three years,” said Treasury Committee Chairman Andrew Tyrie in a statement. “The efficacy of monetary policy or otherwise, its unintended consequences, and its prospects, need careful examination.” The committee is seeking written submissions on issues ranging from the impact from policy on housing market and financial stability, and on competition, “zombie companies” and productivity. The deadline for submissions is March 5, 2017.
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From:: Stock Market News
Shares of embattled Italian lender Banca Monte dei Paschi di Siena SpA slid 7.2% in early trade after media reports said a state bailout could be announced as soon as Thursday. The bank, which has been racing to raise 5 billion euros ($5.22 billion) by the end of the year, said late Wednesday it had failed to secure an anchor investor for its private rescue deal, according to media reports. That had dissuaded other major investors from supporting the deal, making the €5 billion target almost impossible to reach. BMPS had hoped Qatar’s sovereign wealth fund would inject €1 billion into the bank, but that option is now off the table, Reuters reported, citing people familiar with the rescue plan. Additionally, a debt-for-equity swap offer failed to raise as much capital as hoped. Italy’s parliament on Wednesday approved a €20 billion loan to the country’s ailing banking sector, which also can be used to bailout Monte dei Paschi.
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From:: Stock Market News
ATTOM Data Solutions released a new report showing that affordability is at its lowest point since 2008, and only getting worse as home prices increase and housing inventory goes down. The counties with unaffordable housing compared to their historic averages more than doubled. However, one economist completely disagrees. …read more
From:: Real Estate Wire
Hillary Clinton received the most votes of any losing presidential candidate in U.S. history, according to the final and certified election results announced late Wednesday. Clinton ended up with 65,844,954 votes (48.2%) compared to Donald Trump’s 62,979,879 (46.1%), beating the president-elect by 2.9 million votes. Trump, however, won the presidency with a comfortable Electoral College victory. Trump’s popular-vote deficit of 2.1% was the third-worst of any presidential victor. In a tweet Wednesday, Trump said “I would have done even better in the election, if that is possible, if the winner was based on popular vote,” claiming he would have campaigned differently.
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From:: Stock Market News
The share of mortgages backed by Fannie Mae and Freddie Mac that are originated or serviced by non-bank companies has risen sharply in the last five years.
Non-depository firms that are unaffiliated with commercial banks originated less than 10 percent of single-family loans purchased by Fannie and Freddie in 2010.
But there has been a dramatic shift in loan originations for the government-sponsored enterprises, with non-banks generating nearly half of GSE business in 2015.
From:: Financing
President-elect Donald Trump named the newest addition to his team on Wednesday, announcing billionaire investor Carl Icahn as a special advisor on issues relating to regulatory reform. Although the release is vague on any specific regulations, Icahn is on record saying he does not want to repeal Dodd-Frank. …read more
From:: Real Estate Wire
One of the top GSE reform options on the table leverages the success of Ginnie Mae and was conceived by two industry stalwarts who have the respect and experience to give it a fighting chance. But in order to make the reform possible, there are key changes, especially financially, that would need to happen. …read more
From:: Real Estate Wire
Honda Motor Co. Ltd. said Wednesday that its R&D subsidiary is in discussions for a collaboration with Waymo, the Alphabet Inc. division that has developed technology for self-driving cars. The potential collaboration is the first major news for Waymo since Alphabet announced last week that the Google project would become its own division and look to license the technology it has developed to traditional auto makers, instead of trying to make its own cars. “This technical collaboration between Honda researchers and Waymo’s self-driving technology team would allow both companies to learn about the integration of Waymo’s fully self-driving sensors, software and computing platform into Honda vehicles,” the Japanese auto maker said in its announcement. Honda said it could provide Waymo with vehicles to outfit and test with self-driving technology as part of the collaboration discussions.
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From:: Stock Market News