Foreclosures | Mortgages | Financing
It’s about to be much harder to get away with real estate crimes in the state of New York, thanks to a series of new task forces that are being charged with combatting tenant harassment, deceptive lending practices, deed theft, bank fraud, and other housing issues in the state. …read more
From:: Real Estate Wire
A former councilman and failed mayoral candidate for the city of Kearney, New Jersey will spend the next five years in prison after pleading guilty for his role in a $13 million mortgage fraud scam that involved using straw buyers to buy condominiums from financially distressed developers. …read more
From:: Real Estate Wire
As was expected, new home-lending activity turned lower during the week that included the July 4th holiday. New jumbo business, however, actually accelerated.
At 167, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily for the week that ended on July 8 was off 11 percent from a week earlier.
But the slowdown was insignificant since there were no seasonal adjustments made to the index, which is based on average per-user rate locks by OpenClose clients.
From:: Financing
Caste & Cooke hired Hutto-Schultz as its new national compliance director. She brings experience from her previous position where she specialized in mortgage regulatory and compliance law. …read more
From:: Real Estate Wire
CBS Radio has filed for an initial public offering worth up to $100 million in shares, according to a government filing Friday. The company holds 117 radio stations mostly in large U.S. metropolitan areas and is a spinoff from CBS Corp. . Currently CBS owns all shares of the company, CBS Radio said in a statement. The new public company will continue to be controlled by CBS and CBS “will be able to exert significant influence over us and our corporate decisions,” owning more than 50% of voting power, CBS Radio said in the filing. CBS Radio’s sales reached $264 million in the first three months of 2016, compared with $271 million in the year-ago period. Revenue fell to $1.23 billion in all of last year, compared with $1.30 billion in 2014. The filing did not specify a stock exchange where the shares would trade or a future stock symbol. Shares of parent CBS were flat in late trading Friday after ending the day up 1.7%.
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From:: Stock Market News
U.S. stocks rallied Friday on the back of robust jobs report, with the S&P 500 finishing a hair’s breadth away from its record close. Labor Department data showed U.S. companies added 287,000 jobs in June, helping to restore confidence in the economy. The S&P 500 rose 32 points, or 1.5%, to end at 2,129.83, coming within a point of its record of 2,130.82 on May 21, 2015. The Dow Jones Industrial Average [s:DJIA] climbed 251 points, or 1.4%, to end at 18,146–reclaiming the key 18,000 level for the first time in two weeks. The Nasdaq rallied 80 points, or 1.6%, to finish at 4,956.
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From:: Stock Market News
An audit report released Friday by the FDIC’s Inspector General said a departing employee of its Office of Complex Financial Institutions took sensitive components of three bank resolution plans without authorization last September and tried to use them to get a job at one of the banks. The report says the employee had personal financial issues, was prone to interpersonal disputes, and had performance issues, which should have heightened precautions by the agency when the employee was leaving. The IG recommended the implementation of an “insider threat program” and improvement of controls over copying of data to external devices like USB drives. Between February and May 2016, the FDIC notified Congress of seven major incidents in which employees took significant quantities of sensitive information from the FDIC without authorization when they departed. Another report issued Friday also criticized the FDIC for not reporting security incidents to Congress, as required, in a timely and complete manner.
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From:: Stock Market News
A recent report from the Mortgage Bankers Association showed that refinance applications jumped to an 18-month high in the wake of Britain’s decision to leave the European Union. Further evidence of the apparent refinance boom came in Friday, when Zillow reported that refinance mortgage requests through its mortgage marketplace skyrocketed since the Brexit. Is a refinance boom upon us? …read more
From:: Real Estate Wire
Viacom Inc. shares extended their recent rally, rising as much as 5% intraday on Friday. On Thursday, shares of Viacom gained steam after media mogul John Malone told reporters the media and entertainment company had great assets that were being undervalued amid the ongoing struggle for control, during an annual media and tech conference in Sun Valley, Idaho. The shares rose 4% Thursday and have soared 16% since closing at five-week low on June 27. The narrative making its way from the conference is of consolidation among companies, and Viacom is rumored to eventually recombine with CBS Corp. . The two companies split in 2006. Viacom is still seeking a minority investment for its film studio Paramount Pictures. Malone said he would have no interest in such an investment as he views the movie business as a tough one.
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From:: Stock Market News
Oil futures finished a bit higher on Friday, but still saw a loss of 7.3% for the week, according to FactSet. Prices found support from an improved U.S. employment picture but energy demand remained at risk in the wake of the U.K.’s decision to exit the European Union. August WTI crude rose 27 cents, or 0.6%, for the session to settle at $45.41 a barrel on the New York Mercantile Exchange.
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From:: Stock Market News