Foreclosures | Mortgages | Financing
A pair of Utah mortgage firms have agreed to settle for nearly $10 million allegations they violated the False Claims Act on government-insured loans.
Both companies have been approved as Direct Endorsement Lenders for the Federal Housing Administration insurance program since at least 2006.
The lenders, which are both based in Salt Lake City, are accused of knowingly originating and approving FHA loans that didn’t meet applicable requirements.
From:: Financing
AT&T Inc. on Tuesday said it has tied up an exclusive, multi-year deal with singer, songwriter Taylor Swift that will feature the artist’s performances and other content. As part of the deal Swift will headline AT&T’s Saturday night pre-Super Bowl event Feb. 4 in Houston. AT&T didn’t offer specifics on additional projects and partnerships with Swift, but said the performance leading up to Super Bowl 51 is one of many partnerships the two will announce in the coming months. AT&T said in a news release it will share more information on the multi-year relationship in the near future. Shares of AT&T are up more than 16% in the year to date, outperforming the S&P 500 Index , which is up more than 5%.
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From:: Stock Market News
The National Retail Federation said Tuesday that it expects sales for November and December excluding autos, gas and restaurant sales, to increase 3.6% to $655.8 billion. This is higher than the 10-year average growth of 2.5%. Non-store sales, which includes e-commerce, are expected to increase 7% to 10%. The organization believes consumers are in a stronger position from previous years, with steady gains in jobs and incomes. “Increased geopolitical uncertainty, the presidential election outcome and unseasonably warm weather are the main issues at play with the greatest potential to shake consumer confidence and impact shopping patterns,” said NRF Chief Economist Jack Kleinhenz in a statement. Holiday sales increased 3.0% in 2015. Seasonal employment among retailers is expected to grow between 640,000 and 690,000.
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From:: Stock Market News
Nike Inc. said Tuesday that it is launching a limited-edition release of the Nike Mag sneaker that Michael J. Fox wore 30 years ago in the “Back to the Future” film. Only 89 pairs of the shoe will be available through an online draw in partnership with The Michael J. Fox Foundation, most in the U.S. and Canada. Tickets can be purchased through a $10 donation to The Michael J. Fox Foundation between Oct. 4 and Oct. 10. Multiple donations can be made, and winners will be notified on Oct. 17. One pair will be auctioned in a live auction in Hong Kong on Oct. 11, with additional live auctions taking place in London on Oct. 14 and Oct. 17, and Nov. 12 in New York City at The Michael J. Fox Foundation’s gala. The latest edition of the Nike Mag will include the Adaptive Fit system that adjusts to the wearer. Nike first partnered with The Michael J. Fox Foundation in 2011. The foundation seeks to find a cure for Parkinson’s disease. Nike shares are up 0.2% in Tuesday trading, but down 15.6% for the year so far. The S&P 500 Index is up 5.6% for the year to date.
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From:: Stock Market News
Six months after emerging from bankruptcy, Relativity Media is reportedly up for sale, according to The Hollywood Reporter. Citing sources familiar with the matter, the publication said Relativity Chief Executive and founder Ryan Kavanaugh has hired EMP and Zolfo Cooper to assist with the sale and the studio began fielding offers over the weekend. Relativity filed for bankruptcy protection in summer 2015, listing assets of of $560 million and $1.18 billion in liabilities. Since bouncing back from that the studio has released two wide theatrical releases, “The Disappointments Room” and last week’s “Masterminds,” neither of which have performed well.
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From:: Stock Market News
Home prices increased in August from last year and last month. Now, home prices hover just a few percentage points below the April 2006 peak. …read more
From:: Real Estate Wire
U.S. stocks opened slightly higher on Tuesday after worries about the financial health of European banking giant Deutsche Bank helped erase strong gains in premarket trading. The S&P 500 index rose 2 points, or 0.1%, to 2,163.57. The Dow Jones Industrial Average climbed 18 points, or 0.1%, to 18,274. The Nasdaq Composite Index added 13 points, or 0.3%, to 5,315.
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From:: Stock Market News
Trinity Biotech plc shares dropped as much as 50% in premarket trade Tuesday after the company said it withdrew its device application with the Food and Drug Administration on the regulator’s advice. As part of the withdrawal, Trinity also said it would reduce spending by nearly 85%, to $1.5 million from $9 million a year, and that it would close a Swedish facility, eliminating 40 jobs. The Dublin-based developer of diagnostic products said that while it was confident in the Meritas Troponin-I Test and Meritas Point-of-Care Analyzer, it was not sure the point-of-care device could meet the FDA’s standard requiring equivalent performance to the most recently cleared lab-based Troponin product. Trinity said it would spend the next nine to 12 months determining the best move forward for the platform, and would move the technology from the Swedish facility to an existing one in Ireland. Trinity shares rose 15.1% over the last three months, compared with a 2.8% rise in the S&P 500 .
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From:: Stock Market News
TransDigm Group Inc. said Tuesday that it is seeking an additional $650 million term loan, tied to its consideration of a special cash dividend in the range of $1.1 billion and $1.5 billion. The timing and aggregate amount of the dividend is yet to be determined, nor is the dividend or financing definite. The airplane components producer also reconfirmed its guidance. Sales are expected to be at or slightly below the low end of the $3.17 billion to $3.19 billion range. And earnings before interest, taxes, depreciation and amortization are expected to be at or slightly above the midpoint of the range of $1.48 billion and $1.50 billion. The company will announce fiscal third-quarter results on Nov. 14. TransDigm shares are inactive in premarket trading and up 33.2% for the past year. The S&P 500 Index is up 10.8% for the last 12 months.
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From:: Stock Market News
Newell Brands Inc. said Tuesday it is transforming from a holding company to an operating company as part of a strategic review following the completion of the merger of Newell Rubbermaid and Jarden. The company said it will shrink its existing 32 business units into 16 operating divisions, and create a new global e-commerce division. The company will sell off assets equal to about 10% of its portfolio, including most of its tools business, as well as the heaters, humidifiers and fans businesses within its consumer division. The businesses for sale had total 2015 sales of about $1.5 billion. “The combination of Newell Rubbermaid and Jarden has created a unique platform for transformative value creation and the actions we are taking to reshape the company will unlock this opportunity, bringing greater investment and growth to our highest potential categories like writing, home fragrance, baby, food storage & preparation, appliances & cookware, and outdoor & recreation,”
Newell President Mark Tarchetti said in a statement. The company is aiming to sell the assets by the first half of 2017 and will use the proceeds to pay down debt. Shares were not yet active in premarket trade, but are up 16% in the year so far, while the S&P 500 has gained about 6%.
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From:: Stock Market News