Foreclosures | Mortgages | Financing
United Wholesale Mortgage goes to great lengths to make create a fun, but also driven, work environment at its headquarters. In what may be one of the best examples of UWM’s dedication to its employees, the company’s answer to getting through the day goes a little off track. But according to the CEO, it works. …read more
From:: Real Estate Wire
Buffalo Wild Wings Inc.’s stock surged 5% in afternoon trade Monday, after the company disclosed that Marcato Capital Management has taken a large stake in the restaurant operator. Volume of 1.4 million shares was already nearly triple the full-day average. A regulatory filing disclosed that Marcato, which is run by Richard “Mick” McGuire, who used to work with billionaire investor Bill Ackman, now owns 950,000 shares, or 5.1%, of Buffalo Wild Wings’ shares outstanding. That would be enough to make Marcato the company’s fourth-largest shareholder, according to data provided by FactSet. The stock has run up 15% since it closed at an 18-month low of $129 on April 27. It is still down 7.3% year to date, while the S&P 500 has gained 5.9%.
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From:: Stock Market News
Party chairwoman Debbie Wasserman Schultz will not perform the ceremonial function of calling to order the Democratic National Convention tonight in Philadelphia, according to MSNBC and CNN reports. Wasserman Schultz, a House member from Florida, announced Sunday she’d vacate her party post at the close of the convention in the wake of a WikiLeaks release of emails that strongly suggested the party apparatus sought to pave Hillary Clinton’s path to the Democratic nomination at the expense of main rival Bernie Sanders. When she was jeered at a pre-convention event early Monday for delegates from her home state, concern grew that her presence on stage in the convention hall would be a significant distraction.
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From:: Stock Market News
A deeper look into Black Knight’s latest report on home prices shows a shocking discovery about where the top state, and the top metros lie. While home prices are up monthly across every state, just one area contains eight of the top 10 metro areas. …read more
From:: Real Estate Wire
A small portfolio of mortgage servicing rights on agency residential loans has been acquired by a small bank out of the South.
The acquisition involves MSRs on 452 Fannie Mae and Freddie Mac home loans with an aggregate principal balance of $85 million.
Properties that secure the mortgages are all located in North Carolina, and all of the loans have been described as “high quality.”
From:: Financing
In a message from Chief Executive Howard Schultz published online Monday, Starbucks Corp. announced that Cliff Burrows has been named head of a new retail group within the coffee company, Siren Retail. Burrows has been head of the Americas business for the past eight years. In this new role, he will oversee the global expansion of the company’s Roastery business and development of the Starbucks Reserve stores, as well as building out the elements of the new Princi partnership, including new Princi stores, and the Teavana business. The promotion was part of a larger organizational restructuring that also includes naming John Culver to group president of Starbucks Global Retail. He was previously group president of Starbucks Coffee China/Asia Pacific, channel development and emerging brands. Schultz announced that he will also be working more directly with a number of executives, including Liz Muller, vice president of creative and global design. All changes go into effect on September 1. Starbucks shares are down 0.2% in Monday trading, and down 3.7% for the year so far. The S&P 500 Index is up 5.8% for the year to date.
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From:: Stock Market News
A Texas mortgage banking firm has made it to the three-decade mark thanks to the successful partnership of the husband-wife team that founded and runs the company.
Back in 1986, Royce and Linda Lewis were working for Texas Bank. They had just married, and the Lubbock, Texas, financial institution failed not long after.
So the pair decided that they would use their banking background to start Capital Mortgage Services. Initially, the new business originated loans as a mortgage broker.
From:: Financing
The Federal Bureau of Investigation says it’s investigating a hack into the emails of the Democratic National Committee, which then surfaced on the website WikiLeaks. The FBI said it was investigating the nature and scope of the incident. “A compromise of this nature is something we take very seriously, and the FBI will continue to investigate and hold accountable those who pose a thread in cyberspace,” the bureau said. The hack, which showed DNC officials critical of the presidential campaign of Sen. Bernie Sanders, has been alleged to have come from Russia, though WikiLeaks has refused to identify the source of the material.
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From:: Stock Market News
Book retailer Barnes & Noble Inc. said on Monday “Harry Potter and the Cursed Child – Parts I & II” is the company’s most pre-ordered book since its 2007 predecessor “Harry Potter and the Deathly Hallows.” “Harry Potter and the Cursed Child” book has been marketed as the eighth book in the beloved series, and is a play based on an original story by J.K. Rowling, John Tiffany and Jack Thorne. The book of the play is set for release at midnight July 31 and the play, presented in two parts, opens in London’s West End July 30. The story picks up where the “Harry Potter and the Deathly Hallows” epilogue left off, 19 years after Harry Potter’s final year at Hogwarts.
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From:: Stock Market News
Ocular Therapeutix Inc. shares dropped 7.2% in morning trade Monday after the company said its lead product candidate failed to get Food and Drug Administration approval. The drug, Dextenza, is intended to treat ocular pain after ophthalmic surgery. The FDA did not identify concerns with the drug’s clinical data, instead citing concerns about deficiencies at a company manufacturing facility in its letter and saying that “satisfactory” resolution of those is required for drug approval, according to Ocular. The company said that it had previously responded to the FDA’s manufacturing concerns and that “we await completion of the review.” Ocular shares dropped 62.9% over the last three months, compared with a 4.0% rise in the S&P 500 .
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From:: Stock Market News