Foreclosures | Mortgages | Financing
Once a prominent feature of the secondary mortgage market, prime jumbo residential-mortgage backed securities fell out of favor in the aftermath of the housing crisis. While the post-crisis figures paled in comparison to the pre-crisis days, there are still a number of companies actively issuing prime jumbo RMBS deals. But now, there’s one less. …read more
From:: Real Estate Wire
Starbucks Corp. said Thursday it has appointed Leanne Fremar executive creative director, effective October. In this role, Fremar will lead all of the creative development for Starbucks’ global brand initiatves and marketing campaigns, including digital and packaging. Fremar was most recently the executive creative director for the women’s and concept divisions at Under Armour Inc. She has also worked in fashion, for brands like Polo Ralph Lauren . Starbucks shares are up 0.5% in Thursday trading, but down 3.1% for the year to date. The S&P 500 Index is up 6.3% for the year so far.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
CIT Group Inc., the firm now led by former Merrill Lynch chief John Thain, took a hit for hundreds of millions of dollars on its legacy reverse mortgages.
Financial Freedom, the reverse mortgage lending subsidiary of New York-based CIT, was once the largest reverse mortgage lender in the country.
In 2005, Financial Freedom Senior Funding Corp. was a subsidiary of IndyMac Bank FSB. That year, it reported $2.9 billion in reverse mortgage originations.
From:: Financing
Natural-gas futures jumped 8% Thursday, their largest one-day percentage gain of this year, after U.S. government data showed a smaller-than-expected weekly climb in inventories of the fuel. Oil futures, meanwhile, fell for a sixth session in a row on the back of growing U.S. crude supplies and a potential slowdown in oil demand. September natural gas rose 21.3 cents, or 8%, to settle at $2.873 per million British thermal units. September crude lost 78 cents, 1.9%, to settle at $41.14 a barrel.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
An investment banking firm out of New York has decided to pull the plug on its mortgage loan conduit and securitization business.
A challenging market environment for Two Harbors Investment Corp. was cited as the reason for its decision to exit the business.
A statement Thursday said Two Harbors’ board of directors approved a plan to substantially wind down the operation by December.
From:: Financing
The co-founder of Uber today introduced a new platform that considerably boosts transparency in real estate transactions.
The venture, named Haus, is an “open and fair real estate platform” that grants real estate agents and homebuyers access to all of the offers in front of a seller, among other permissions. The platform was developed by Expa, a startup studio helmed by Garrett Camp, co-founder of Uber.
“Most aspects of life have been improved by technology, yet buying or selling a home is still a manual process,” said Camp in a statement. “Haus is creating a platform we believe can revolutionize the way people buy real estate. The open and clear communication creates a more efficient and fair process for everyone involved.”
The goal of the platform is objectivity—it not only notifies agents, buyers and sellers when a new offer is submitted, but also allows them to view the price and terms of the offer, and all other offers, at any given point in the transaction. Names attached to the offers remain confidential.
Access to this information could catalyze bidding wars, with the potential to shortchange sellers, who may receive bids that only just trump the second-best offer.
“We think the openness will create a more efficient market and that the number of offers and price will ultimately be dependent on demand,” Sarah Ham, the general manager of Haus, told TechCrunch. “Bidding wars are a common, almost accepted, part of the real estate process today—but with our approach, buyers will know where they stand.”
To learn more about the platform, visit Haus.com.
From:: Finance and Economy
The co-founder of Uber today introduced a new platform that considerably boosts transparency in real estate transactions.
The venture, named Haus, is an “open and fair real estate platform” that grants real estate agents and homebuyers access to all of the offers in front of a seller, among other permissions. The platform was developed by Expa, a startup studio helmed by Garrett Camp, co-founder of Uber.
“Most aspects of life have been improved by technology, yet buying or selling a home is still a manual process,” said Camp in a statement. “Haus is creating a platform we believe can revolutionize the way people buy real estate. The open and clear communication creates a more efficient and fair process for everyone involved.”
The goal of the platform is objectivity—it not only notifies agents, buyers and sellers when a new offer is submitted, but also allows them to view the price and terms of the offer, and all other offers, at any given point in the transaction. Names attached to the offers remain confidential.
Access to this information could catalyze bidding wars, with the potential to shortchange sellers, who may receive bids that only just trump the second-best offer.
“We think the openness will create a more efficient market and that the number of offers and price will ultimately be dependent on demand,” Sarah Ham, the general manager of Haus, told TechCrunch. “Bidding wars are a common, almost accepted, part of the real estate process today—but with our approach, buyers will know where they stand.”
To learn more about the platform, visit Haus.com.
From:: Real Estate News
Quarterly home-lending jumped by half at Cincinnati-based Fifth Third Bancorp. Residential assets grew, and delinquency declined.
Beginning on April 1 and concluding on June 30, income before income taxes at the bank-holding company was $427 million.
Fifth Third saw earnings slip from $441 million earned in the first quarter. But income increased from $422 million one year earlier.
From:: Financing
Gold futures settled higher Thursday to finish at a roughly two-week high, with prices getting a lift from the U.S. Federal Reserve’s reluctance to raise rates too quickly. Weakness in the dollar and declines among most major U.S. equities also drew investors to gold. December gold rose $6.70, or 0.5%, to settle at $1,341.20 an ounce. That was the highest settlement since July 13, based on the most-active contract, according to FactSet.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Fannie Mae conducted a survey where it collected information on Americans with student debt, and what affect that debt has on homeownership. A college education showed to improve homeownership rates in the end, but may delay it. …read more
From:: Real Estate Wire