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Senate appears poised to head off midnight government shutdown

The Senate appeared poised Friday night to vote for a stopgap spending bill that would head off a government shutdown at midnight. The House approved the measure, which funds government operations through April 28, on Thursday. Senators including Joe Manchin, a West Virginia Democrat, had sought a longer extension of miners’ benefits than is included in the House bill. “We are not going to shut down the government over this issue,” said Sen. Mark Warner of Virginia, a Democrat. Votes are expected later Friday night.

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From:: Stock Market News

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Weekly Mortgage Activity Up Again

New mortgage activity increased for the second consecutive week likely due to anticipation of a rate hike next week by the Federal Reserve.

In the seven-day period that concluded on Dec. 9, the U.S. Mortgage Market Index from Mortgage Daily and OpenClose came in at 157.

The index, an indication of upcoming originations based on average per-user rate locks by OpenClose clients, climbed 22 percent from a week prior.

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From:: Financing

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Solid Mortgage Growth at Finance of America

As quarterly home lending took a giant leap at Finance of America Holdings LLC, the mortgage servicing portfolio expanded and staffing increased.

As of Sept. 30, The Horsham, Pennsylvania-based company serviced 13,821 residential loans with an aggregate principal balance of $2.852 billion.

Finance of America revealed the data and other operational metrics as part of the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey.

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From:: Financing

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Appraisal Regulations, Compliance and Updates

As appraisers urge the nation’s lawmakers to reduce the amount of regulations appraisers are subject to, service providers are helping lenders maintain their own compliance.

In testimony last month before a subcommittee of the House Financial Services Committee, the Appraisal Institute called on Congress to modernize appraisal regulation.

The trade group said the appraisal regulatory structure should be aligned with the real estate and mortgage industries and use a model like the National Mortgage Licensing System.

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From:: Financing

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Former Cantor Fitzgerald mortgage bond trader charged with securities fraud

A former mortgage bond trader at Cantor Fitzgerald stands accused of committing securities fraud by allegedly overcharging customers for residential mortgage-backed securities, a collection of federal agencies announced Friday. Among the victims of this alleged scheme are asset managers and firms affiliated with or subsidiaries of recipients of funds from the Troubled Asset Relief Program, the government said. …read more

From:: Real Estate Wire

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Giuliani no longer under consideration for a position in Trump administration

President-elect Donald Trump’s transition team said Friday that former New York City Mayor Rudy Giuliani had taken himself out of the running for “a position in the new administration.” Giuliani was reportedly under consideration for secretary of state. The Wall Street Journal reported, meanwhile, that Exxon CEO Rex Tillerson has emerged as the top candidate to lead the State Department.

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From:: Stock Market News

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Stocks close at records as Dow logs fifth week of gains

Stocks finished at records Friday as consumer sentiment surged and markets continued their Trump-inspired rally. The Dow Jones Industrial Index finished up 142.04 points, or 0.7%, at 19,756.85, for a weekly gain of 3.1%, the blue-chip average’s fifth week of consecutive gains. The S&P 500 index gained 13.34 points, or 0.6%, to finish at 2,259.53, led by the health-care and consumer-staples sectors, for a weekly gain of 3.1%. The Nasdaq Composite index closed up 27.14 points, or 0.5%, at 5,444.50, for a weekly gain of 3.6%.

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