Foreclosures | Mortgages | Financing
On Wednesday, the Consumer Financial Protection Bureau laid down the law on mortgage servicers, warning them that they “cannot hide” behind subpar technology and use that as an excuse to avoid CFPB sanctions. But that’s not all the CFPB is going to be looking into when it is reviewing mortgage servicers. Here is what else the CFPB is going to be looking into going forward. …read more
From:: Real Estate Wire
Shares of Red Hat Inc. fell in Wednesday’s extended session after the open-source software provider posted in-line quarterly earnings and said it will buy API management company 3scale for an undisclosed amount. Red Hat reported fiscal first-quarter earnings rose to $61.2 million, or 33 cents a share, from $48 million, or 26 cents a share, a year earlier. On an adjusted basis, the company known for its Linux OpenStack platform would have earned 50 cents a share. Revenue grew 18% to $567.9 million. Analysts surveyed by FactSet had forecast earnings of 50 cents a share on revenue of $563 million. Red Hat projected second-quarter adjusted earnings per share of 54 cents, which is slightly below analysts’ outlook of 55 cents a share. The company also announced it will buy back up to $1 billion in shares. Red Hat’s stock fell nearly 5% after hours.
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From:: Stock Market News
Bed Bath & Beyond Inc. shares fell late Wednesday after the retailer reported worse-than-expected fiscal first-quarter earnings. Bed Bath & Beyond said it earned $122.6 million, or 80 cents a share, in the quarter, compared with $158.5 million, or 93 cents a share, in the year-ago period. Net sales reached $2.74 billion in the quarter, flat compared with a year ago. Analysts polled by FactSet had expected earnings of 86 cents a share on sales of $2.77 billion. Bed Bath & Beyond kept its fiscal 2016 net earnings expectations between $4.50 a share to just over $5 a share, which include a “slight dilution” anticipated from the all-cash deal to buy One Kings Lane, announced last week. Shares of Bed Bath & Beyond fell 5.3% in late trading after ending the regular session down 0.4%.
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From:: Stock Market News
The Organization of the Petroleum Exporting Countries saw petroleum-export revenues fall nearly 46% in 2015, compared with the year before, to $518.2 billion, according to OPEC’s Annual Statistical Bulletin released Wednesday. That was the lowest level since 2005. Total OPEC crude-oil exports, meanwhile, stood at 23.6 million barrels a day last year, up 1.7% from 2014, with nearly 62% of OPEC’s oil exported to the Asia Pacific region, the report said. World oil demand rose by 1.7% to 93 million barrels a day, with the largest increases taking place in Asia Pacific countries such as India and China. August Brent crude [uk:lcoq6] settled at $49.88 a barrel on London’s ICE Futures, down 74 cents, or 1.5%. August West Texas Intermediate crude fell 72 cents, or 1.4%, to end at $49.13 a barrel on the New York Mercantile Exchange.
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From:: Stock Market News
Consumers are expected to spend an average of $71.34 for the July 4th holiday, about the same as the $71.23 average in 2015, according to the latest study conducted by the National Retail Federation. Though the average spend is about flat, the NRF says more people, 214 million, plan to commemorate the holiday. Total spending is expected to reach $6.8 billion, a 1.4% increase from last year. Nearly two-thirds (65%) will attend a barbeque or picnic, 43% will watch fireworks or participate in a community celebration, and 12% will attend a parade. The NRF surveyed 6,811 consumers between June 1 and June 7.
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From:: Stock Market News
Shares of AMC Networks Inc. slumped 1.9% in afternoon trade Wednesday, after the cable TV network operator was downgraded at Morgan Stanley, citing disappointing new-show launches. The stock was on track to close at the lowest level since Oct. 20, 2014. Analyst Ryan Fiftal cut his rating to equal weight, after being at overweight for the past 10 1/2 months. He slashed his stock price target to $65, which is 11% above current levels, from $78. Fiftal said viewership of all three major new shows launched this year–“Night Manager,” “Preacher” and “Feed the Beast”–was about 50% below what he expected, on average. In addition, ratings on the network’s biggest hit of 2015–“Fear the Walking Dead”–declined 40% this year. “Light viewership of new originals highlights the challenge of replacing ‘The Walking Dead,'” Fiftal wrote in a note to clients. “Additionally, AMC Network’s new schedule was front-half loaded this year, so while recently launched “Preacher” might still build and audience over time, we see limited potential for a major new hit until “The Son” and “The Terror” premiere in 2017.” The stock has tumbled 22% year to date, while the S&P 500 has tacked on 2.2%.
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
Shares of AMC Networks Inc. slumped 1.9% in afternoon trade Wednesday, after the cable TV network operator was downgraded at Morgan Stanley, citing disappointing new-show launches. The stock was on track to close at the lowest level since Oct. 20, 2014. Analyst Ryan Fiftal cut his rating to equal weight, after being at overweight for the past 10 1/2 months. He slashed his stock price target to $65, which is 11% above current levels, from $78. Fiftal said viewership of all three major new shows launched this year–“Night Manager,” “Preacher” and “Feed the Beast”–was about 50% below what he expected, on average. In addition, ratings on the network’s biggest hit of 2015–“Fear the Walking Dead”–declined 40% this year. “Light viewership of new originals highlights the challenge of replacing ‘The Walking Dead,'” Fiftal wrote in a note to clients. “Additionally, AMC Network’s new schedule was front-half loaded this year, so while recently launched “Preacher” might still build and audience over time, we see limited potential for a major new hit until “The Son” and “The Terror” premiere in 2017.” The stock has tumbled 22% year to date, while the S&P 500 has tacked on 2.2%.
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
The Consumer Financial Protection Bureau just fired a shot across the bow of the country’s mortgage servicers after it found that some servicers are using outdated computer systems that can result in running afoul of CFPB rules. “Mortgage servicers can’t hide behind their bad computer systems or outdated technology,” said CFPB Director Richard Cordray. “There are no excuses for not following federal rules.” …read more
From:: Real Estate Wire
Foreclosure inventory decreases to numbers not seen in almost 9 years, while foreclosure starts are at pre-crisis levels. Delinquencies increased monthly in May, but experts from Black Knight aren’t concerned. Here’s why. …read more
From:: Real Estate Wire
The fees that Fannie Mae and Freddie Mac charge lenders to guarantee mortgage loans actually serve as a tax on consumers and prevent more potential borrowers from becoming actual borrowers, a coalition of the nation’s largest housing groups said Wednesday. …read more
From:: Real Estate Wire