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Oil futures settle mixed as traders weigh chances for an output deal

Oil futures settled on a mixed note Tuesday, with West Texas Intermediate crude posting a modest gain but Brent crude finishing marginally lower. Traders weighed the likelihood that major crude producers will reach an agreement to stabilize the market at a meeting next week. Expectations for a pact were fading but on Tuesday, Russia reportedly said it would support a one-year deal to cooperate with the Organization of the Petroleum Exporting Countries. October West Texas Intermediate crude rose 14 cents, or 0.3%, to settle at $43.44 a barrel on the New York Mercantile Exchange on the contract’s expiration day. November WTI crude , which is now the front month, added 19 cents, or 0.4%, to $44.05. November Brent crude edged down by 7 cents to end at $45.88 a barrel on the ICE Futures exchange.

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From:: Stock Market News

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Retail HECM Endorsements Down More Than Wholesale

Although monthly originations of government-insured reverse mortgages were off less than 5 percent at wholesalers, retailers experienced a more than 7 percent drop.

Retail originators of home-equity conversion mortgages were responsible for 2,033 of the 3,350 HECMs endorsed by the Federal Housing Administration during July.

Endorsements from the retail channel retreated from 2,190 the previous month. The decline was even more significant versus a year previous, when the total was 2,694.

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From:: Financing

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Exxon Mobil investigated by SEC for accounting practices, climate change: WSJ

The Securities and Exchange Commission is investigating Exxon Mobil Corp. for how it accounts for assets that have lost value during the recent oil price rout, as well as how it estimates their future value in the face of climate change regulations, The Wall Street Journal reported Tuesday, citing people familiar with the matter. The SEC sought documents in August from the company and its auditor, PricewaterhouseCoopers LLP, the paper said. Some of those documents had already been submitted to the New York Attorney General Eric Schneiderman, who is investigating similar issues. Exxon shares were down 0.9%, but are up 6.6% in the year so far, while the Dow Jones Industrial Average has gained 4.3%.

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From:: Stock Market News

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Serious Mortgage Delinquency Rises

The rate of past-due payments on first mortgages increased and was up even more on second mortgages. But both categories saw a year-over-year drop.

Ninety-day delinquency on consumer credit products — including auto loans, bank cards and first and second mortgages — was 0.85 percent in August.

Serious consumer delinquency deteriorated from the previous month, when it was 0.83 percent. But there was a decline from 0.96 percent a year previous.

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From:: Financing

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Multifamily Drives Down New Building Permits

The annual rate of building permits took a hit last month due to weakened multifamily activity. But completed construction grew from a year earlier.

Building permits were issued on 107,000 privately owned housing units during the month of August 2016 in municipalities that issue building permits.

Activity increased from the downwardly revised 95,100 permits issued in the previous month and was also greater than 98,400 as of a year previous.

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From:: Financing