Foreclosures | Mortgages | Financing
With the upcoming acquisition of its much larger rival, Arch Mortgage Insurance Co. will become the biggest mortgage insurance company in the industry.
Arch Capital Group Ltd. said in its second-quarter earnings report that Arch M.I. wrote $6.4 billion in new insurance — more than doubling from a year earlier.
But even with the stunning growth, that was no match for United Guaranty Corp., which parent AIG reported wrote $13.0 billion during the same period.
From:: Financing
Donald Trump’s presidential campaign said Aetna Inc.’s decision to withdraw from 11 of the 15 states where it offers plans through Affordable Care Act exchanges shows the law commonly known as Obamacare is “slowly imploding.” Aetna is the latest major national health insurer to pull back sharply from the law’s marketplaces after steep financial losses. Trump aide Dan Kowalski said in a statement that the Republican nominee has vowed to replace Obamacare and that “under a Trump presidency the government will work for the people again.”
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From:: Stock Market News
The Securities and Exchange Commission said it’s barred the former head trader in residential mortgage-backed securities at Goldman Sachs from the securities industry. The SEC says it’s fined Edward Chin $400,000 after alleging he concealed the prices at which Goldman bought the securities and then re-sold at higher prices. The SEC also said Chin misled purchasers by saying he was negotiating a transaction between customers when he actually was selling out of Goldman’s inventory. The customers in these trades were primarily advisers to hedge funds. Chin’s misconduct began in 2010 and ended when he left the firm in 2012, the SEC alleged. Chin didn’t admit or deny the findings.
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From:: Stock Market News
While nothing can be done to prevent natural disasters, servicers can do something to help homeowners after they occur. Fannie Mae reminds servicers of what they can do for families affected by the recent flooding in Louisiana. Will Freddie follow suit? …read more
From:: Real Estate Wire
Housing starts increased monthly and annually in July. Trulia’s chief economist tells homebuyers to sit tight, relief is on the way. That being said, the 12-month rolling total was flat or less than the previous month for the fourth month in a row. …read more
From:: Real Estate Wire
U.S. stocks slumped Tuesday, pushing the three main benchmarks off records set Monday, as the dollar weakened against most major currencies. The Dow Jones Industrial Average retreated 44 points, or 0.2%, to 18,591, the S&P 500 index gave up 4 points, or 0.2%, at 2,185, while the Nasdaq Composite Index, slipped 14 points, or 0.3%, at 5,247. The dollar, as gauged by the U.S. ICE Dollar Index , was down 0.6% at 94.68. Against the yen , the buck dipped below the psychologically significant level of ¥100, but had recovered somewhat. In companies news, Home Depot Inc. was trading modestly higher after the do-it-yourself retailer reported same-store sales up by 5.4% in the second quarter.
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From:: Stock Market News
Anthera Pharmaceuticals Inc. stock rose 7.3% in pre-market trade Tuesday after the company said an independent expert advisory group gave a positive review of a late-stage clinical trial of its cystic fibrosis drug. The group, the Data and Safety Monitoring Board, said it had “no concerns” with data to date on the phase 3 clinical trial for Sollpura in cystic fibrosis patients with pancreatic insufficiency and voted that the study continue without protocol or charter changes. Shares of Anthera dropped 7.9% over the last three months, compared with a 6.0% rise in the S&P 500 .
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From:: Stock Market News
TJX Cos. shares fell 2.1% in premarket trading after the off-price retail company forecast earnings that are below FactSet estimates. For the latest quarter, net income totaled $562.17 million, or 84 cents per share, up from $549.34 million, or 80 cents per share, for the same period last year. The FactSet estimate was 81 cents. Revenue for the second quarter totaled $7.88 billion, up from $7.36 billion last year and beating the FactSet consensus of $7.84 billion. Same-store sales increased 4%, beating the FactSet consensus for a 3.5% increase. TJX sees third-quarter EPS in the range of 83 cents and 85 cents, below the 90 cents per share FactSet estimate. TJX expects wage increases to negatively impact EPS growth by 3%. TJX raised its full-year same-store sales outlook to an increase between 3% and 4%, in the range of FactSet expectations for an increase of 3.8%. The retailer sees full-year EPS in the range of $3.39 to $3.43, below the FactSet consensus of $3.48. TJX shares are up 17.2% for the past year while the S&P 500 Index is up 4.7% for the same period.
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From:: Stock Market News
Cintas Corp. announced Tuesday that it will buy G&K Services Inc. in a deal that values the uniform and facilities services company at about $2.2 billion. Under terms of the deal, Cintas will pay $97.50 for each G&K share outstanding, representing a 19% premium to Monday’s closing price. The deal, which is expected to close in the next four to six months, is expected to add to Cintas’ earnings in the second full year after closing. Annual synergies are expected to be in the range of $130 million to $140 million. G&K shares, which were halted for news until 9:00 a.m. ET, had run up 31% year to date through Monday, while the S&P 500 had gained 7.2%. Cintas shares, which were still inactive in premarket trade, had climbed 18% so far this year.
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From:: Stock Market News
Athletic apparel marker Wolverine Worldwide said Tuesday its board has approved a $300 million share buyback program. The four-year program replaces the company’s 2014 program. Shares were not yet active in premarket trade, but are up 45% in the year to date, while the S&P 500 has gained 7%.
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From:: Stock Market News