Foreclosures | Mortgages | Financing
Mortgage applications reported a very quiet week, echoing other industry reports. As for what did change, all mortgage interest rates on mortgage products declined. Here’s what the latest news from the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey found. …read more
From:: Real Estate Wire
Shares of Google parent Alphabet Inc. fell 0.8% in premarket trade Wednesday, after the stock was downgraded to underperform at Wedbush. “Paid search monetizes better than other digital media because its traffic is a good proxy for “self-identified consumers,” analysts wrote in a note. “GOOGL’s recent mobile search ad changes push the traffic mix to paid from organic, which has decelerated sharply.” That creates “potential disequilibrium” in monetizing these consumers, as advertisers weigh the cost of search ads against return on investment, they wrote. Wedbush lowered its price target on the stock to $700. Alphabet shares have risen 29% in the last year, versus the S&P 500’s 14%.
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From:: Stock Market News
The latest in a series of settlements that date back to the financial crisis will cost the Royal Bank of Scotland $1.1 billion, which it will pay to the National Credit Union Administration in order to settle claims related to faulty mortgage-backed securities sold to U.S. credit unions. …read more
From:: Real Estate Wire
Wells Fargo & Co. said Tuesday afternoon that one executive has left the company and an investigation is being launched after a scandal that involved employees opening up accounts in unwitting customers’ names. The bank said that independent directors, working with law firm Shearman & Sterling LLP, will investigate the retail banking sales practices of the bank. The bank also said that the company’s head of community banking, Carrie Tolstedt, had left the company and would not receive any severance nor $19 million in unvested equity awards. Chief Executive John Stumpf has recused himself from all matters involving the inquiry and agreed to forfeit outstanding equity awards that would be worth $41 million at current share prices, Wells Fargo said. Stumpf also agreed to forego any salary during the investigation, and neither executive will receive a bonus in 2016. “These initial actions will not preclude additional steps being taken with respect to Mr. Stumpf, Ms. Tolstedt or other executives as a consequence of the information developed in the investigation,” the company’s announcement said. Wells Fargo stock has fallen more than 9% since the controversy first came to light earlier this month.
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From:: Stock Market News
Among dozens of upcoming mortgage-related happenings over the next several months are four events hosted by providers of loan origination systems.
From Oct. 3 through Oct. 5, the 2016 Mortgage Builder User Conference is taking place in New Orleans at the Astor Crowne Plaza New Orleans.
The LOS provider is charging $750 to register for the conference if the purchase is completed by Sept. 30. After that date, the cost to attend is $850.
From:: Financing
Coty Inc. shares jumped in the extended session Tuesday after S&P Dow Jones Indices said the beauty-products maker will replace Diamond Offshore Drilling Inc. on the S&P 500 index . Coty shares rose 4.7% to $24.56 after hours. “Diamond Offshore Drilling is ranked at the bottom of the S&P 500 and has a market capitalization more representative of the mid-cap market space,” S&P said of the index change, which will occur after markets close on Friday. Diamond Offshore shares declined 0.7% to $15.90 after hours.
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From:: Stock Market News
Coty Inc. shares jumped in the extended session Tuesday after S&P Dow Jones Indices said the beauty-products maker will replace Diamond Offshore Drilling Inc. on the S&P 500 index . Coty shares rose 4.7% to $24.56 after hours. “Diamond Offshore Drilling is ranked at the bottom of the S&P 500 and has a market capitalization more representative of the mid-cap market space,” S&P said of the index change, which will occur after markets close on Friday. Diamond Offshore shares declined 0.7% to $15.90 after hours.
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From:: Stock Market News
General Mills said late Tuesday its board of directors has authorized the payment of a quarterly dividend of 48 cents a share, payable Nov. 1 to shareholders of record Oct. 10. The company’s current annualized dividend rate of $1.92 a share represents an increase of 8% over the dividend of $1.78 paid in fiscal 2016, the food company said. Shares of General Mills were flat after hours after ending the regular session up a fraction.
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From:: Stock Market News
Shares of Sonic Corp. skidded in Tuesday’s extended session after the drive-in restaurant issued weak preliminary results for the quarter ended Aug. 31. Sonic reported fourth-quarter earnings per share of 51 cents to 53 cents. On an adjusted basis, Sonic expects EPS of 43 cents to 45 cents versus 47 cents forecast by analysts in a FactSet survey. The restaurant chain also projected same-store sales to decline about 2%. The company is scheduled to release its quarterly earnings on Oct. 24. Shares of Sonic slumped 6.4% after hours.
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From:: Stock Market News
Pier 1 Imports Inc. shares rose more than 5% late Tuesday after the home-goods retailer said its board of directors adopted a shareholders’ agreement aimed at fending off unwanted takeovers. The agreement restricts people or groups from buying 10% or more of the company’s shares, the company said. Hedge fund firm Alden Global Capital LLC last week revealed a 9.5% stake in the retailer, saying that Pier 1, which is searching for a new CEO amid disappointing sales, was at a “critical juncture.” Pier 1’s board “feels it is important to ensure that all shareholders have the opportunity to realize the long-term value of the iconic Pier 1 Imports brand, and to guard against coercive or unfair tactics to gain control of the Company without paying all shareholders an appropriate premium,” Chairman Terry E. London said in the statement. The agreement will not prevent takeovers but may cause “substantial dilution,” which may render more difficult or block a merger that is not supported by the board, Pier 1 said. Shares ended the regular session up 1.7%.
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From:: Stock Market News