Posted on

House Republicans say no evidence of Trump-Russia collusion, end probe

Republican members of the House Intelligence Committee said late Monday they had found no evidence that the Trump campaign colluded with Russians, and announced an end to their investigation. “We found no evidence of collusion. We found perhaps some bad judgment, inappropriate meetings,” said Rep. Michael Conaway of Texas, according to the New York Times. Conaway said that while there was evidence that Russia meddled in the election and will likely do so again, “We disagree with the narrative that they were trying to help Trump.” That conclusion is contrary to what U.S. intelligence agencies believe. The announcement is likely to be sharply rebutted by Democrats on the panel, who have said the House investigation was been hindered by partisanship. Democrats will not be given a draft of the investigation’s conclusion until Tuesday morning. The announcement has no effect on special counsel Robert Mueller’s separate probe.

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.

…read more

From:: Stock Market News

Posted on

AT&T CEO makes 366 times the average worker

AT&T Inc. Chief Executive Randall Stephenson received $28.7 million in compensation in 2017, which the company said Monday was 366 times the salary of the average AT&T worker. Companies this year are reporting their CEO pay in relation to the compensation of a median worker for the first time as a result of a 2015 rule mandated by the Dodd-Frank act. AT&T reported Monday that its median employee had average compensation of $78,437 in 2017; AT&T excluded nearly 13,000 of its roughly 33,000 overseas workers from the sample used to determine media compensation. Stephenson’s total compensation was largely in-line with his 2016 total of $28.4 million, and includes $1.8 million in base salary, $16.7 million in stock awards, $5.1 million in incentive-plan compensation, $3.4 million in deferred salary and $1.5 million in other compensation. Stephenson has been CEO of AT&T since 2007, and the company’s stock has declined 5.4% in that time, while the Dow Jones Industrial Average has increased 91.9% in that time.

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.

…read more

From:: Stock Market News

Posted on

Advaxis shares drop as cancer-drug study on hold after death

Advaxis Inc. shares sank in the extended session Monday after the biotech company’s cancer-drug study was placed on hold following the death of a patient in the study. Advaxis shares fell 24% after hours, following an initial halting. Shares finished up 0.5% at $2.21 in regular trading Monday. The clinical hold affects the company’s clinical trial for the combination of the drugs Imfinzi and axalimogene filolisbac for the treatment of human papillomavirus-associated cervical cancer and HPV-associated head and neck cancer. “Enrollment and further dosing are on hold in this trial while the company, its partner and the [Food and Drug Administration] work closely with the site investigator to review this event in detail and to resolve this clinical hold,” the company said in a statement.

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.

…read more

From:: Stock Market News

Posted on

Worst Wholesale Mortgage Lenders

A ranking of wholesale mortgage lenders has the likes of Freedom Mortgage Corp. and Stearns Lending LLC listed among the worst wholesalers.

The ranking focuses on “whole-tailers,” lenders that appear to generate both wholesale and retail originations — though their wholesale divisions only exist to feed their retail division.

Such whole-tailers contrast true wholesale lending partners that go out of their way to help mortgage brokers grow their business and maintain past clients.

…read more

From:: Financing

Posted on

Lattice CEO Billerbeck to retire, COO Hawk named as interim chief executive

Lattice Semiconductor Corp. late Monday said its Chief Executive Officer Darin Billerbeck is retiring, effective March 16. The board has named Chief Operating Officer Glen Hawk as interim CEO while it searches for a permanent successor. Lattice has retained executive search firm Egon Zehnder to handle the process. Lattice has struggled to rebound since a proposed acquisition by a fund tied to Chinese government money was blocked by U.S. regulators. Shares of Lattice closed up 0.5% to $6.48 and were unchanged 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.

…read more

From:: Stock Market News

Posted on

Changes to Fannie, Freddie Could Do Harm: Report

By Susanne Dwyer

Microsoft Word - Zillow GSE.docx

Changes to the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are on the table—and although they intend to mitigate risk to taxpayers, they could harm homeowners in the process, according to an analysis by Zillow. Borrowers, in fact, could be burdened by hundreds more on their monthly mortgage payment.

The GSEs’ guarantee is associated with favorable rates (though not explicit, it is implied that the government will not allow the GSEs to fail); however, there could be higher rates and shorter terms if the guarantee is modified. The analysis found:

  • The average borrower’s monthly mortgage payment, now with a 15-year, fixed mortgage on a home at the median value ($206,300), would go up $389 to $1,166 (compared to a 30-year, fixed mortgage, all conditions identical, which has a $777 monthly payment).
  • The average borrower’s monthly mortgage payment, now with a 30-year, jumbo/non-conforming mortgage (generally not guaranteed by the GSEs) on a home at the median (national) value, would go up $20 to $797 (compared to the above 30-year, fixed mortgage scenario).

If Congress follows through on the proposed reforms, affordability could suffer, says Aaron Terrazas, senior economist at Zillow.

“Some GSE reform proposals could lead to the end of the 30-year mortgage as we know it, which has long been the bedrock for financing homeownership in America,” Terrazas says. “If monthly payments do rise and, more importantly, stay elevated, at some point we’d expect home prices to come down a bit in response to this decreased purchasing power, and some long-time owners could opt not to sell to preserve their smaller monthly payments. A shorter loan period would mean the lifetime cost of the home is lower, and some households may be able to absorb the extra monthly cost on their mortgage, but in the nearer term, first-time homebuyers or buyers on the margin could feel a real pinch as homeownership becomes significantly less affordable.”

According to the analysis, the implications in the largest metros:

For more information, please visit www.zillow.com.

DeVita_Suzanne_60x60Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Changes to Fannie, Freddie Could Do Harm: Report appeared first on RISMedia.

…read more

From:: Finance and Economy

Posted on

Changes to Fannie, Freddie Could Do Harm: Report

By Susanne Dwyer

Microsoft Word - Zillow GSE.docx

Changes to the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are on the table—and although they intend to mitigate risk to taxpayers, they could harm homeowners in the process, according to an analysis by Zillow. Borrowers, in fact, could be burdened by hundreds more on their monthly mortgage payment.

The GSEs’ guarantee is associated with favorable rates (though not explicit, it is implied that the government will not allow the GSEs to fail); however, there could be higher rates and shorter terms if the guarantee is modified. The analysis found:

  • The average borrower’s monthly mortgage payment, now with a 15-year, fixed mortgage on a home at the median value ($206,300), would go up $389 to $1,166 (compared to a 30-year, fixed mortgage, all conditions identical, which has a $777 monthly payment).
  • The average borrower’s monthly mortgage payment, now with a 30-year, jumbo/non-conforming mortgage (generally not guaranteed by the GSEs) on a home at the median (national) value, would go up $20 to $797 (compared to the above 30-year, fixed mortgage scenario).

If Congress follows through on the proposed reforms, affordability could suffer, says Aaron Terrazas, senior economist at Zillow.

“Some GSE reform proposals could lead to the end of the 30-year mortgage as we know it, which has long been the bedrock for financing homeownership in America,” Terrazas says. “If monthly payments do rise and, more importantly, stay elevated, at some point we’d expect home prices to come down a bit in response to this decreased purchasing power, and some long-time owners could opt not to sell to preserve their smaller monthly payments. A shorter loan period would mean the lifetime cost of the home is lower, and some households may be able to absorb the extra monthly cost on their mortgage, but in the nearer term, first-time homebuyers or buyers on the margin could feel a real pinch as homeownership becomes significantly less affordable.”

According to the analysis, the implications in the largest metros:

For more information, please visit www.zillow.com.

DeVita_Suzanne_60x60Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Changes to Fannie, Freddie Could Do Harm: Report appeared first on RISMedia.

…read more

From:: Real Estate News

Posted on

Stitch Fix stock drops in late trading after earnings miss

Stitch Fix Inc. shares dropped in the extended session Monday after the company missed earnings expectations. Stitch Fix shares dropped nearly 4% in the extended session after rising almost 7% during regular trading. The company reported fiscal second-quarter net income of $3.6 million, or 2 cents a share, compared with net income of $233,000, in the year-ago period. Revenue increased to $295.9 million from $237.8 million in the year-ago period. Analysts surveyed by FactSet had estimated 6 cents a share on revenue of $291 million. Stitch Fix said it is expecting fiscal third-quarter sales of $300 million to $310 million and full year revenue of $1.19 billion to $1.22 billion. For the fiscal third quarter, analysts model earnings of 5 cents a share on sales of $301 million; Wall Street expects full year sales of $1.2 billion. Since the company’s trading debut in November, Stitch Fix stock has gained 63%, as the S&P 500 index rose 8%.

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.

…read more

From:: Stock Market News

Posted on

NAACP Warns Bill Threatens Anti-Discrimination

Community banks say that a warning from a civil rights group about pending legislation to overhaul the Dodd-Frank Wall Street Reform and Consumer Protection Act is much ado about nothing.

A press release issued over the weekend by the National Association for the Advancement of Colored People warned about the potential elimination of an anti-mortgage discrimination tool.

According to the organization, section 104 of S. 2155, Economic Growth, Regulatory Relief, and Consumer Protection Act, would exempt 85 percent of banks from the reporting requirements of the Home Mortgage Disclosure Act.

…read more

From:: Financing

Posted on

Dow retains losses amid report that Kudlow will interview as possible Cohn replacement

U.S. stocks retained modest losses in late-afternoon trade on Monday, with the Dow down about 100 points, amid reports suggesting that CNBC contributor Larry Kudlow was the leading contender to replace Gary Cohn, who resigned as chief economic advisor to President Donald Trump and his director of the National Economic Council last week. Most recently, the Dow Jones Industrial Average was off about 100 points, or 0.4%, at 25,226, the S&P 500 index was flat at 2,787. The Nasdaq Composite Index , meanwhile, was up 0.5%, trading in record territory at 7,599, as the technology-laden index was before the report on Kudlow. According to CNBC’s Jim Cramer, Kudlow is the leading contender to head NEC and “would take the job if offered it.” A separate report from The Wall Street Journal said Kudlow would interview for the NEC role as soon as this week. Cohn who is expected leave the White House in coming weeks is viewed as departing due to a dispute over tariffs on steel and aluminum imports that he disagreed with. Critics of tariffs have made the case that such duties could spark retaliatory responses from countries, which in turn could hurt the U.S.’s economic expansion. To be sure, Kudlow is’t the only contender for the Cohn post, recent reports also pointed to the Christopher Liddell as under strong consideration. Peter Navarro, the architect of Trump’s tariff program, also is a contender, according to WSJ.

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.

…read more

From:: Stock Market News