Foreclosures | Mortgages | Financing
Almost two years after the settlement was announced, Bank of America is nearly two-thirds of the way done on fulfilling its $7 billion promise of consumer relief required as part of its $16.65 billion settlement with the U.S. Department of Justice and the attorneys general of six states. And by the looks of things, it’s ahead of schedule for fulling the requirement. …read more
From:: Real Estate Wire
Almost two years after the settlement was announced, Bank of America is nearly two-thirds of the way done on fulfilling its $7 billion promise of consumer relief required as part of its $16.65 billion settlement with the U.S. Department of Justice and the attorneys general of six states. And by the looks of things, it’s ahead of schedule for fulling the requirement. …read more
From:: Real Estate Wire
A month-over-month increase was recorded for the 11th District Cost of Funds Index — the fifth month in a row that it has escalated.
COFI, which is utilized to determine rate changes on some adjustable-rate mortgages, was down 1 basis point during April.
The index is based on interest expenses at Federal Home Loan Bank members with headquarters in Arizona, California and Nevada.
From:: Financing
A month-over-month increase was recorded for the 11th District Cost of Funds Index — the fifth month in a row that it has escalated.
COFI, which is utilized to determine rate changes on some adjustable-rate mortgages, was down 1 basis point during April.
The index is based on interest expenses at Federal Home Loan Bank members with headquarters in Arizona, California and Nevada.
From:: Financing
SoftBank Group Corp. said late Tuesday it plans to reduce its stake in Alibaba Group Holding Ltd. . SoftBank said it plans to sell a minimum of $7.9 billion in Alibaba shares to reduce its leverage in the company. Even with the sale, SoftBank will remain the largest shareholder in Alibaba with a 28% stake, the company said. U.S. shares of Alibaba fell 2.3% to $80.10 on heavy volume after hours.
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
Several senior executives at First Mortgage Corporation lied about the performance of the mortgages the company originated so they could pull the mortgages out of mortgage-backed securities guaranteed by Ginnie Mae, then turn right back around and sell the mortgages back into new mortgage bonds, defrauding investors out of $7.5 million, the Securities and Exchange Commission said Tuesday. …read more
From:: Real Estate Wire
Several of the top loan origination system providers have updated their products, integrated with other technology systems and touted new mortgage lender customers.
A report from the American Bankers Association, the 23rd Annual ABA Residential Real Estate Survey Report, ranked the top LOS systems among 159 surveyed banks.
At the top of the ranking was Encompass from Ellie Mae Inc. After that was Point from CalyxSoftware, then D+H’s Mortgagebot and Wolters Kluwer’s ComplianceOne.
From:: Financing
Boyd Gaming Corp. shares rose in the extended session Tuesday after the casino operator said it agreed to sell half of its interest in the holding company that owns the Borgata casino in Atlantic City to MGM Resorts International . Boyd shares surged 4.4% to $19.75 after hours. Under the agreement, Boyd will sell a 50% equity stake in Marina District Development Holding Company LLC for an estimated $900 million. Boyd expects $600 million upfront, after deducting outstanding debt, along with 50% of future property-tax settlement benefits. Boyd expects the deal to close in the third quarter. MGM shares were unchanged at $22.85 after hours.
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 Russell 2000 Index became the first of the widely-watched broader market indexes to close above its April high, which puts in place the bullish technical pattern of higher peaks and higher troughs. The small cap tracker’s close Tuesday at 1,154.79 was just above the April 27 four-month high of 1,154.15, while the May 19 closing low of 1,094.76 was above the April 7 low of 1,092.79. The century-old Dow Theory of market analysis says an uptrend is defined by a pattern in which each successive rally closes higher than the previous rally, and each pullback closes higher than the previous pullback, according to the Market Technicians Association. Meanwhile, the Dow Jones Industrial Average closed Tuesday 309 points below its April 20 high of 18,096.27; the S&P 500 closed 0.3% below its April 20 high of 2,102.40 and the Nasdaq Composite ended 0.2% below its April 18 high of 4,960.02. For Dow Theory enthusiasts, the Dow Jones Transportation Average ended Tuesday 3.8% below its April 20 high of 8,109.19.
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
Staples Inc. said late Tuesday Chief Executive Ron Sargent will step down from his position after the retailer’s shareholder meeting June 14. Shira Goodman, Staples’ president of North America operations, will become interim CEO, the company said in a statement. Staples will select a permanent CEO through a special committee with the support of an executive search firm. Shares of Staples fell 0.3% in late trading after ending the regular trading day up 1%.
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