Foreclosures | Mortgages | Financing
The Consumer Financial Protection Bureau’s much-maligned consumer complaint database is about to reach 1 million total complaints, CFPB Director Richard Cordray said Tuesday. And, as it turns out, the database proved helpful in levying the $185 million fine against Wells Fargo for opening 2 million fake accounts. …read more
From:: Real Estate Wire
Well, it’s now coming at Wells Fargo from nearly every angle. As the embattled megabank’s CEO, John Stumpf, prepared to be grilled on Capitol Hill on Tuesday over the fake account scandal surrounding the bank, Democratic presidential nominee Hillary Clinton weighed in on the issue, saying that she is “deeply disturbed” by the bank’s conduct, and took the opportunity to defend the Consumer Financial Protection Bureau. …read more
From:: Real Estate Wire
Well, it’s now coming at Wells Fargo from nearly every angle. As the embattled megabank’s CEO, John Stumpf, prepared to be grilled on Capitol Hill on Tuesday over the fake account scandal surrounding the bank, Democratic presidential nominee Hillary Clinton weighed in on the issue, saying that she is “deeply disturbed” by the bank’s conduct, and took the opportunity to defend the Consumer Financial Protection Bureau. …read more
From:: Real Estate Wire
Oil futures climbed in electronic trading Tuesday after the American Petroleum Institute reported a 7.5 million-barrel decline in U.S. crude supplies for the week ended Sept. 16, according to sources. That contradicts the 2.8 million-barrel increase expected by analysts polled by S&P Global Platts. The closely watched Energy Information Administration report will be released Wednesday. November crude was at $44.51 a barrel in electronic trading, up from the contract’s settlement of $44.05 on the New York Mercantile Exchange.
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From:: Stock Market News
Microsoft Corp. said late Tuesday its board of directors approved a quarterly dividend increase to 39 cents a share, a 8% increase over the previous quarter’s dividend. The dividend is payable Dec. 8 to shareholders of record Nov. 17. The board also approved a share buyback program of up to $40 billion. The program has no expiration date, the company said. Microsoft said it is on track to complete its 2016 $40 billion buyback program. Microsoft scheduled its annual shareholder meeting for Nov. 30. Shares of Microsoft rose 1.1% in the late session after ending the regular trading day down 0.2%.
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From:: Stock Market News
Allergan PLC will buy privately-held Akarna Therapeutics for $50 million and milestone payments on the development of AKN-083, a potential treatment for non-alcoholic steatohepatitis, the pharmaceutical giant said late Tuesday. “The acquisition of Akarna adds to our strategic approach to investing in innovation to advance the treatment of NASH for millions of patients who currently do not have therapeutic options to treat the disease,” said Allergan’s Chief Executive Brent Saunders in a statement. Non-alcoholic steatohepatitis is a type of disease where fat accumulates in the liver for no apparent reason. Allergan announced earlier Tuesday that it is buying Tobira Therapeutics Inc. , which is developing its own NASH treatment, for $28.35 a share. Allergan edged up 0.4% after hours.
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From:: Stock Market News
Government-sponsored enterprise refinances have tumbled on a year-over-year basis, with volume from the government’s program sinking.
Primary originators of home loans refinanced 170,323 mortgages backed or owned by Fannie Mae and Freddie Mac during all of July.
Refinance production diminished when compared to one month prior, a month when there were 177,090 residential GSE loans refinanced.
From:: Financing
FedEx Corp. shares rose 1% late Tuesday after the shipping and logistics company reported better-than-expected fiscal first-quarter earnings and sales. FedEx said it earned $715 million in the first quarter, or $2.65 a share, compared with $692 million, or $2.42 a share, in the year-ago period. Adjusted for one-time items, FedEx earned $2.90 a share. Sales reached $14.7 billion in the quarter, up from $12.3 billion a year ago. Analysts polled by FactSet had expected FedEx to report adjusted earnings of $2.78 a share on sales of $14.6 billion. Shares of FedEx had ended the regular session down 2.4%.
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From:: Stock Market News
Shares of Adobe Systems Inc. climbed in Tuesday’s extended session after the software company posted stronger-than-expected quarterly results. Adobe reported third-quarter earnings rose to $270.8 million, or 54 cents a share, from $174.5 million, or 35 cents a share, a year earlier. On an adjusted basis, the maker of Photoshop, Illustrator design software and PDFs would have earned 75 cents a share. Revenue grew to $1.46 billion from $1.22 billion. Analysts surveyed by FactSet had forecast earnings of 72 cents a share on revenue of $1.45 billion. Adobe shares advanced 4% after hours.
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From:: Stock Market News
Driven by purchase financing, residential loan originations during the current quarter are forecasted to be the most of any quarter in nearly four years.
Including refinances and purchase-money production, home-lending volume is expected to reach $595 billion during the third quarter of this year.
Originations are then expected to decline to $485 billion during the final-three months of 2016 and fall further, to $340 billion, in the first-quarter 2017.
From:: Financing