Foreclosures | Mortgages | Financing
Fewer appraisers are willing to provide valuations on short timetables for low fees — causing some home sales to take longer and cost more.
With the proliferation of appraisal management companies, appraisers are earning lower fees — sometimes less than they earned a decade ago.
In some cases, appraisal fees are being bumped up by more than a thousand dollars in order to lure an appraiser to complete the report quickly.
From:: Financing
Bombing suspect Ahmad Rahami has been taken into custody, NBC News and CNN reported, citing law-enforcement sources. He was apprehended after shooting a police officer in Linden, New Jersey. NBC said the officer wasn’t in life-threatening condition.
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From:: Stock Market News
Ernst & Young audit partners got too close to key clients at two public companies, the Securities and Exchange Commission alleged as it fined the auditor $9.3 million. The SEC said it was the first case of its kind. A senior partner working on the audit of a New York-based public company maintained an improperly close friendship with the chief financial officer, and another partner working in the audit of a second public company was romantically involved with its chief accounting officer, according to the SEC’s investigation. EY didn’t admit or deny the findings. Auditors are prohibited from getting too close to clients because that violates independence rules that are intended to ensure audit firms maintain their objectivity and impartiality during audits. Ernst & Young misrepresented to the public in audit reports issued with the companies’ financial statements that it had maintained its independence throughout these audits, the SEC said. EY’s independence procedures did not specifically ask about close personal relationships with clients that could impair the firm’s independence. In both cases the SEC alleged EY partners became aware of the inappropriate relationships but took no action.
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From:: Stock Market News
Shares of General Motor Co. shot up 3.4% in morning trade Monday, after the automaker was upgraded at Morgan Stanley, which cited expectations that GM can remain relevant and profitable for longer than investors think. Analyst Adam Jones raised his rating to overweight from equal weight, and boosted his stock price target to $37–16% above current levels–from $29. Jones said he believes investors are underestimating how long the current “peak auto” thesis can last and the resulting related levels of mix and profitability. After a “very significant” second-quarter earnings beat, Jones said he believes earnings can be flat the next two years. “If that happens, the market will likely be positively surprised.” The stock has lost 6% year to date, while rival Ford Motor Co. shares have shed 13% and the S&P 500 has gained 5.2%.
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From:: Stock Market News
Builder confidence increased across every region in September as builders saw an uptick in serious buyers, according to the National Association of Home Builders Housing Market Index. The index, which measures builder expectations of current sales and sales within the next six months, shows that builders are confident they can sell the homes they build in this competitive market. …read more
From:: Real Estate Wire
Sarepta Therapeutics Inc. shares hurtled up as much as 82% in morning trade Monday after the Food and Drug Administration granted its
Duchenne muscular dystrophy drug – the first treatment for the degenerative disease – accelerated approval. The drug, eteplirsen, has had an unusually long and controversial history with the FDA. An agency advisory committee voted against recommending approval earlier this year, but the agency then delayed a decision about approval, which was expected months ago. News of a prominent critic of the drug departing from the FDA last week again stoked speculation about a possible approval. Duchenne muscular dystrophy, which mostly affects boys, typically kills patients before the age of 30. Patients and their families were particularly outspoken advocates for the approval of eteplirsen, pushing back against the agency’s concerns at meetings open to the public. Sarepta shares rose 160.7% over the last three months, compared with a 3.9% rise in the S&P 500 .
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From:: Stock Market News
Shares of Lions Gate Entertainment Corp. slumped 2.9% in morning trade Monday, enough to make the top 10 list of biggest NYSE decliners, following a disappointing weekend box office debut of “Blair Witch.” The stock had run up 6.1% on Friday, in anticipation of a strong showing of the sequel to the 1999 classic “The Blair Witch Project.” But the film took in just $9.65 million over the weekend, less than half expectations of $20.5 million, according to BoxOffice.com, while garnering a “D+” rating from CinemaScore. Analyst Eric Wold at B. Riley said the poor opening performance could put downside pressure on fiscal second-quarter estimates, with the poor CinemaScore indicating the likelihood for “weakening trends in the upcoming days/weeks from poor word-of-mouth/reviews.” Lions Gate’s stock has lost 1.7% year to date, while the S&P 500 has gained 5.2%.
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From:: Stock Market News
U.S. stocks opened higher on Monday, boosted by gains in oil prices ahead of key monetary policy decisions expected later this week from the Federal Reserve and the Bank of Japan. Oil prices rose after news that military conflicts in Libya had affected that country’s crude exports, along with comments from Venezuelan President Nicolas Maduro, who said oil-producing nations were nearing an agreement that would stabilize oil markets. The S&P 500 gained 7 points, or 0.3%, to 2,146. The Dow Jones Industrial Average added 65 points, or 0.4%, to 18,195. And the Nasdaq Composite rose 21 points, or 0.4%, to 5,265.
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From:: Stock Market News
TerraForm Power Inc. said Monday it is exploring its strategic alternatives, including a merger or possible sale of the entire business. “We are actively exploring the potential sale of all of TerraForm Power’s equity interests, as well as alternative structures,” Interim Chief Executive Peter Blackmore said in a statement. The company has entered into a confidentiality agreement with former parent SunEdison Inc., which is currently in bankruptcy, to allow it to share information about its options. SunEdison may require the approval of the U.S. Bankruptcy Court for the Southern District of New York on decisions such as how to vote its TerraForm Power shares, said the statement. Sister company TerraForm Global Inc. , which was also spun out of SunEdison, is also reviewing its options, said the statement. Shares of both companies were halted for the news. TerraForm Power shares are up 3.7% in the year so far, while TerraForm Global shares have declined 39%. The S&P 500 has gained 4.7%.
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From:: Stock Market News
WebMD Health Corp. said Monday that its chief executive officer since 2013, David Schlanger, is exiting the company by “mutual agreement,” with Steven Zatz, the company’s president, replacing Schlanger effective immediately. WebMD also said it will be increasing the size of its stock buyback program by about $35 million to $50 million. Zatz has been a senior leader at WebMD and its predecessor companies for nearly two decades and has served as president since 2013, the company said. WebMD shares dropped 16.4% over the last three months, compared with a 3.3% rise in the S&P 500 .
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From:: Stock Market News