Foreclosures | Mortgages | Financing
In a major win for Quicken Loans, a judge granted that the lender’s landmark case against the Department of Justice and the Department of Housing and Urban Development could transfer to the Eastern District Court in downtown Detroit. But this is only the beginning as the one of the top FHA lenders waits to fight back against the government. …read more
From:: Real Estate Wire
President-elect Donald Trump continues to make plans to deport up to 3 million undocumented immigrants. The removal of these immigrants, however, could have severe consequences on the housing market and the economy. …read more
From:: Real Estate Wire
A surge in quarterly residential lending activity was reported by Caliber Home Loans Inc. As well, the mortgage banking firm grew its servicing portfolio and added to its human resources.
Caliber serviced 372,634 mortgages with an aggregate principal balance of $83.698 billion as of Sept. 30. The portfolio increased from 342,001 loans for $76.325 billion the prior quarter.
Those details, along with other operational metrics, were provided by the Irving, Texas-based company as part of the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey.
From:: Financing
Viacom Inc. on Tuesday said it’s agreed to buy Argentina-based TV network operator Television Federal S.A. (Telefe) for $345 million in cash. Telefe reaches 95% of all households in Argentina, according to a news release and the network produces more than 3,000 hours of Spanish-language video content each year. Telefe also has a library of 33,000 hours of local content. Viacom, which operates MTV, Nickelodeon, Comedy Central and Paramount Pictures, hopes this acquisition can help strengthen Viacom International Media Networks position in Latin America. Shares of Viacom are down more than 6% in the year to date, underperforming the S&P 500 Index , which is up more than 6%.
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From:: Stock Market News
Last month, serious delinquency deteriorated on both first mortgages and second mortgages. At the same time, mortgage debt outstanding has been expanding.
Ninety-day delinquency on consumer credit came in at a rate of 0.87 percent as of October. The past-due rate worsened by 3 basis points from a month earlier.
Serious consumer delinquency — which reflects the performance of auto loans, bank cards and first and second mortgages — fell by 7 BPS from a year earlier.
From:: Financing
A potential merger between Viacom Inc. and CBS Inc. is still likely, writes FBR & Co. analysts led by Barton Crockett in a note to clients. But in the interim of a deal, Crockett has downgraded Viacom to market perform from outperform and sees CBS as the principal equity to own. “CBS does not need a merger, as it has a growth story in retransmission, direct over-the-top international licensing, durable ratings and a well-regarded, long-standing CEO in Les Moonves,” Crockett wrote. Viacom on the other hand has been through the ringer. It squashed selling a minority stake in Paramount Pictures, ratings at Viacom-owned networks have failed to instill confidence and the company is under the eye of a untested and temporary CEO in Bob Bakish. “The Redstone family has said it will not consider a bid for Viacom from anyone other than CBS,” Crockett wrote. “We believe [CBS] would not do a deal that required it pay a meaningful premium for Viacom.” Viacom could, however, buy CBS at a premium, Crockett suggests. Viacom shares, down more than 6% in the year to date, were down a little more than 1% on Tuesday and CBS shares fell less than 1%, while enjoying a nearly 25% gain in the year to date. The S&P 500 Index is up more than 6% in the year.
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From:: Stock Market News
Tesaro Inc. shares dropped 11.5% to $131.70 per share in morning trade Tuesday after the company said its public offering of 1.75 million shares would be priced at $135 per share. Tesaro said it expects the offering to close around Nov. 18 and provide net proceeds of about $224.1 million. Tesaro also said it will grant underwriters an option to purchase 262,500 additional common stock shares. Citigroup, Leerink Partners, Credit Suisse and Wells Fargo Securities are acting as bookrunners, and Baird, FBR, Guggenheim Securities, Raymond James, SunTrust Robinson Humphrey, and Wedbush PacGrow are acting as co-managers for the offering, the company said. Tesaro shares rose 151.1% year-to-date, compared with a 6.1% rise in the S&P 500 .
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From:: Stock Market News
Stocks opened flat on Tuesday as the Dow Jones Industrial Average struggled for a seventh straight day of gains. The blue-chip gauge opened 11 points, or 0.1%, lower at 18,857. The S&P 500 index added 4 points, or 0.1%, to 2,168. The Nasdaq Composite Index climbed 20 points, or 0.4%, to 5,236. On Monday, the blue-chip gauge touched a record intraday high after stocks posted their longest losing streaks in years before the Nov. 8 U.S. presidential election.
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From:: Stock Market News
Quicken Loans Inc. has won a battle in its war against the Department of Justice over alleged improper underwriting on government-insured residential loans.
Back in April 2015, the Justice Department sued the Detroit-based company alleging it falsely certified compliance with Federal Housing Administration requirements.
The lawsuit came just days after Quicken filed a preemptive lawsuit claiming that the Justice Department was pressuring it to agree to a False Claims Act settlement.
From:: Financing
Shares of shipping companies rocketed higher in premarket trade Tuesday, continuing a trend fueled by hopes that a Trump presidency will boost commodity prices, which in turn will lift shipping volumes. The top five percentage gainers in premarket trade are all shares of shipping companies, led by Seanergy Maritime Holdings Corp.’s stock , which soared 45%. Shares of TOP Ships Inc. shot up 32%, of Globus Maritime Ltd. climbed 28%, of DryShips Inc. surged 22% and of Euroseas Ltd. jumped 21%. The Baltic Dry Index, which tracks prices for transported cargo, has surged 17% since the U.S. presidential election, and 56% over the past three months. The S&P 500 has lost 1.2% over the past three months.
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