Foreclosures | Mortgages | Financing
A large portfolio of distressed residential loans has found a buyer. The seller is the Federal Home Loan Mortgage Corp.
Back in late May, Freddie Mac announced that it was seeking buyers for $783 million in deeply delinquent mortgages for sale.
The loans are part of the McLean, Virginia-based company’s investment portfolio, which stood at $334 billion as of April 30.
From:: Financing
Tesla Motors Inc. announced Tuesday that it has made an offer to buy SolarCity Corp. , which would marry Elon Musk’s biggest Silicon Valley startups. Musk is chief executive of Tesla, which makes electric cars and lithium-ion batteries, some of which are built for home usage with systems like the residential solar-power offerings of SolarCity. Musk serves as chairman for SolarCity, which was founded and is run by his cousins, Chief Executive Lyndon Rive and Chief Technical Officer Peter Rive. Tesla offered its own stock in the deal, which values SolarCity at $26.50 to $28.50 a share, according to a blog post from the company posted Tuesday afternoon. SolarCity stock closed at $21.19 Tuesday, but has sold for as much as $84.96 since going public in late 2012. SolarCity shares soared more than 20% in late trading Tuesday to more closely mirror the suggested price, topping $26; Tesla shares dropped more than 10% in after-hours action. Musk owns a 21.3% stake in Tesla and a 22.2% stake in SolarCity, according to FactSet data. The entrepreneur is also chief executive of SpaceX, which is based in Southern California.
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From:: Stock Market News
Oil futures climbed past $50 a barrel in electronic trading Tuesday after the American Petroleum Institute reported that U.S. crude supplies dropped by 5.2 million barrels for the week ended June 17, according to sources. Analysts polled by S&P Global Platts forecast a fall of 1.4 million barrels for crude inventories. The closely watched Energy Information Administration report will be released Wednesday. August crude was at $50.19 a barrel in electronic trading, up from the contract’s settlement of $49.85 on the New York Mercantile Exchange.
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From:: Stock Market News
FedEx Corp. shares slipped in Tuesday’s extended session after the package shipping company announced quarterly results. Fedex reported its fourth-quarter loss narrowed to $70 million, or 26 cents a share, from a loss of $895 million, or $3.16 a share, a year earlier. On an adjusted basis, the company would have earned $3.30 a share. Revenue edged up to $13 billion from $12.1 billion a year ago. Analysts surveyed by FactSet had forecast adjusted earnings of $3.28 a share on revenue of $12.77 billion. Fedex expects continued moderate economic growth and projected adjusted EPS of $11.75 to $12.25 for fiscal 2017. Shares of Fedex fell 2.4% after hours.
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From:: Stock Market News
A sitting U.S. Congressman who was once at the forefront of the government’s post-crisis mortgage relief efforts is now facing serious jail time after being convicted of misappropriating hundreds of thousands of dollars of federal, charitable, and campaign funds. …read more
From:: Real Estate Wire
Oil futures finished with a loss on Tuesday, pressured by uncertainty surrounding the upcoming U.K. Brexit vote and weekly data on U.S. crude supplies. July WTI crude settled at $48.85 a barrel on the New York Mercantile Exchange, down 52 cents, or 1.1%. The July contract expired at the settlement. August WTI crude , which is now the front-month futures contract, settled at $49.85, down 11 cents, or 0.2%.
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
While the appraisals increased slightly since last week, monthly average growth is a big fat, goose egg. Here, the director of analytics at a la mode tells why. Here’s a glimpse into what’s causing appraisal volume to hold steady. …read more
From:: Real Estate Wire
Gold futures dropped on Tuesday to settle at their lowest level in almost two weeks. Investors continued to weigh the potential outcome of the U.K. referendum Thursday that will decide whether the country will stay in the European Union. Gold for August delivery fell $19.60, or 1.5%, to settle at $1,272.50 an ounce.
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
Accurate Group just announced the hire of a former executive from Huntington National Bank. Here’s what Kirk’s focus will be in his new position. …read more
From:: Real Estate Wire
30-year fixed mortgages may not be the way to go if homebuyers can afford a larger monthly payment. In fact, total interest over the life of the loan is over three times higher on a 30-year mortgage than on a 15-year mortgage, and that’s just for a median priced home. Is it time to reignite the debate on the role of the 30-year mortgage in our industry? …read more
From:: Real Estate Wire