Foreclosures | Mortgages | Financing
In addition to reducing the size of its residential loan servicing portfolio, Walter Investment Management Corp. cut the size of its staff.
Before income taxes, Walter had a $158 million loss during the three months ended Sept. 30, worsening from $132 million a year earlier.
Those were some of the details disclosed by the Tampa, Florida-based mortgage banking firm in its third-quarter 2016 earnings report.
From:: Financing
The surprises aren’t letting up as U.S. stocks posted a dramatic turnaround from deep overnight losses. The run-up to Donald Trump getting declared as the next president created significant turmoil in the market that more than disappeared the next day. Here’s a spotlight on the top three indices. …read more
From:: Real Estate Wire
The New York Department of Financial Services announced Wednesday that it is fining PHH $28 million for what it calls “shoddy mortgage origination and servicing practices.” In announcing the fine, the NYDFS provided a list of the violations that PHH committed, and it reads like a laundry list of some of the same practices that gave the mortgage business a bad name before, during and after the financial crisis. …read more
From:: Real Estate Wire
Allegations that PHH Mortgage Corp. has been deficient in its mortgage origination and servicing practices in New York have been been settled.
The Multistate Mortgage Committee, a group of several state regulators, conducted an examination of PHH that uncovered weaknesses.
PHH was allegedly found to have failed to provide accurate Good Faith Estimate disclosures to mortgage borrowers for their residential loans.
From:: Financing
Shares of Twitter Inc. tumbled 4% Wednesday after the San Francisco social-media company said COO Adam Bain will step down. Anthony Noto, Twitter’s CFO since July 2014, has been named COO. Twitter has started a search for a new CFO, the company said. Last year, when Twitter was searching for a new CEO, the board allegedly had considered Bain to replace Dick Costolo, who stepped down in June 2015. In January, four Twitter executives left the company, including engineering chief Alex Roetter, part of a seemingly constant churn in the executive ranks for the social-media company. Twitter’s co-founder Jack Dorsey returned to the company as interim CEO after Costolo’s ousting and took over as CEO in October of last year. Twitter shares ended the regular trading day up 4.1%.
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From:: Stock Market News
Novavax Inc. [S; nvax] said Tuesday that it will cut staff by 30% after disappointing results, another wound for a company that lost more than 80% of its value in a single session earlier this year on a disappointing vaccine trial. The company said it would continue to develop the vaccine for a respiratory virus called RSV, with a focus on the still-promising results in infants while continuing to search for a way to make the medicine work for older patients. The company said that it would incur $3 million to $4 million in restructuring charges from the layoffs, while also executing other cost-cutting measures that would reduce cash burn next year by $70 million to $100 million from this year. Novavax reported a quarterly loss of $66.3 million, or 24 cents a share, double the loss reported in the same quarter last year, on revenue of $3.2 million. Shares, which had spiked 17.2% in regular trading on a strong day for biotech stocks after Donald Trump was declared the next president, dropped 13.5% in late trades.
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From:: Stock Market News
Shares of Alexion Pharmaceuticals Inc. were halted late Wednesday after the New Haven, Conn., company said it will delay filing its third-quarter report due to an ongoing investigation into certain sales practices following allegations by a former employee. The investigation has not identified instances where orders of Alexion’s drug Soliris were not placed by customers for patients or any facts that require the company to update its previously reported historical results, Alexion said. Shares of Alexion ended the regular trading session up 6.5%.
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From:: Stock Market News
Mylan Inc. reported a third-quarter earnings loss and missed on revenue after hours on Wednesday. The company reported a loss for the latest quarter of $119.8 million, or 23 cents per share, after a $428.6 million profit, or 83 cents per share, a year ago. The company said the loss was primarily due to a $465 million Department of Justice settlement announced last month. Adjusted earnings-per-share were $1.38, compared with the FactSet consensus of $1.45. Revenue rose to $3.06 billion from $2.70 billion in the year-earlier period, compared with the FactSet consensus of $3.12 billion. Mylan said specialty drug sales declined 4% compared with the year-earlier period, due to lower volume sales of its controversial allergic reaction treatment, the EpiPen, “in anticipation of the authorized generic launch.” Mylan was criticized widely this summer after hiking the price of the EpiPen significantly. Mylan shares rose 1.5% in after hours trade, compared to the S&P 500 close of 1.1%, in a post-election day that turned bullish for pharmaceutical companies’ stocks.
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From:: Stock Market News
While much of the country’s attention is focused on the seemingly unexpected election of Donald Trump, it shouldn’t be lost that the Republican Party also maintained its control of the House of Representatives and the Senate in this election. Now one party will control the legislative and executive branches of the government for at least the next two years. So what does that mean for the financial services industry, given the seismic changes the industry has seen in the last eight years? …read more
From:: Real Estate Wire
President-elect Donald Trump is not going to ask Federal Reserve Chairwoman Janet Yellen to resign before her term ends in February 2018, according to a top adviser. During the campaign, Trump criticized Yellen for politicizing interest rate policy. Judy Shelton, an economist and senior fellow at the Atlas Network, told The Wall Street Journal that Trump won’t ask Yellen to serve a second four-year term. “He’s saying he’d want someone whose thinking is more in keeping with own,” Shelton said. Fed insiders think it is important that Yellen finish out her term and not resign due to political pressure.
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From:: Stock Market News