Foreclosures | Mortgages | Financing
A Pennsylvania mortgage broker who was convicted of mortgage fraud this week will get a second chance thanks to his lawyer dozing off during trial.
On Monday, a federal jury in Pittsburgh found James Nassida guilty of orchestrating a complex fraud scheme with the help of his sister, Janna Nassida.
Loans originated through Nassida’s former company, Century III Home Equity, allegedly contained fraudulent appraisals with inflated property values.
From:: Financing
Radian Group Inc. reported a record quarter for new business. In addition, the mortgage insurer’s book of business expanded, and delinquency declined.
Pretax income during the three months that ended on Sept. 30 was $127 million at Radian. Earnings tumbled from $157 million three months earlier.
The Philadelphia-based organization revealed the numbers Thursday, along with other operational and financial results, in its third-quarter earnings report.
From:: Financing
Results for the third quarter of 2016 continue to pour in for the mortgage industry. The latest on the ticket is mortgage insurance companies Arch MI and Radian. The results from both company share a common theme: the mortgage insurance business is booming. …read more
From:: Real Estate Wire
The Federal Communications Commission on Thursday said it has adopted new privacy rules for internet service providers that give consumers increased choice, transparency and security for personal data. Under the new rules broadband internet service providers have to have consumers opt-in to use and share internet browsing information, such as history, app usage, geo-location, financial information and health information. For other “non-sensitive information consumers would need to opt-out to not have such information like an e-mail address, for example, gathered, used and shared. The scope of the FCC limits the rules to internet providers and other telecommunications carriers and not websites, such as Alphabet Inc.’s Google.
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From:: Stock Market News
Mortgage rates decreased this week back to near record lows. This decrease erases all gains made in the jump last week. …read more
From:: Real Estate Wire
Shares of ZTO Express debuted on the NYSE below where the China-based package delivery company priced its initial public offering, and extended declines in the first minutes of trade. The first trade of 9.9 million shares at 10:30 a.m. ET was at $18.40, or 5.6% below the $19.50 IPO price, which was above the previously expected range of $16.50 to $18.50. The stock has since extended declines, to trade down 8.3% at $17.89.
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From:: Stock Market News
Natural-gas futures traded nearly flat Thursday after the U.S. Energy Information Administration reported that supplies of the commodity rose 73 billion cubic feet for the week ended Oct.21. That was generally in line with the 75 billion-cubic-foot rise expected by analysts polled by S&P Global Platts. Total stocks now stand at 3.909 trillion cubic feet, up 52 billion cubic feet from a year ago and 182 billion cubic feet above the five-year average, the government said. November natural gas was barely changed from Wednesday’s settlement at $2.731 per million British thermal units. It traded at $2.735 before the data. The contract expires at the day’s settlement. December natural gas traded nearly unchanged at $3.038 per million Btus.
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From:: Stock Market News
Overall, pending home sales increased across the U.S. This was driven by the home sales in the South and West, which outweighed losses in other parts of the country. Buyer demand continues to increase, despite the lack of inventory. …read more
From:: Real Estate Wire
U.S. stocks opened higher on Thursday, boosted by better-than-expected results from a number of major companies, including ConocoPhillips [S: COP] and Twitter [S: TWTR]. Both stocks rose, with Twitter surging 3.9% and Conoco up 1.8%. A drop in weekly jobless claims, the latest positive sign for the labor market, added to the positive tone. The Dow Jones Industrial Average [S: DJIA] rose 51.3 points, or 0.3%, to 18,252. The S&P 500 [S: SPX] gained 7 points, or 0.3%, to trade at 2,146. The Nasdaq Composite Index [S: COMP] opened 23 points higher, for a gain of 0.4%, trading at 5,273.
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From:: Stock Market News
Wal-Mart Stores Inc. said Thursday that it’s adding “holiday helpers” at store checkouts, starting Nov. 4. These staffers will direct customers to the shortest lines, open additional registers and grab items that shoppers forgot to add to their carts, among other duties. The retailer says there are five times as many same-day pickup orders during the holiday shopping weeks, so it is also adding staff to help with pickup service. Wal-Mart shares are up 0.2% in premarket trading, and up 13.5% for the year so far. The S&P 500 Index is up 4.7% for 2016 to date.
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From:: Stock Market News