Foreclosures | Mortgages | Financing
The U.K. pound surged to a one-year high of $1.3257, after spiking to $1.3283 after the Office for National Statistics said British inflation rose to 2.9% in August. That was above the 2.8% reading expected in a FactSet survey of analysts and compares with an annual rate of 2.6% in July.
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From:: Stock Market News
U.K. Prime Minister Theresa May has spoken to U.S. President Trump about a trade dispute that could result in job losses for a Belfast Bombardier Inc. plant, the BBC reported Tuesday. The dispute involves an order won by the Canadian firm Bombardier in 2016 to supply CSeries planes to Delta Air Lines Inc. . Boeing Inc. complained to the U.S. authorities that its rival got unfair subsidies from Canada to secure the deal. A ruling is expected later this month by the U.S. Department of Commerce, which could hit Bombardier with punitive tariffs if it rules in favor of Boeing, threatening hundreds of jobs in Belfast, where the wings for the CSeries planes are made.
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From:: Stock Market News
Some of President Donald Trump’s top lawyers thought his son-in-law, Jared Kushner, should step down from his post as senior White House adviser in recent months because he posed legal problems related to the Russia election-meddling investigation, according to a Wall Street Journal report late Monday. Kushner’s past contacts with Russian officials and business people and his initial failure to disclose those contacts were especially worrisome, the report said. The lawyers reportedly voiced their concerns to Trump in June and even drafted a statement explaining Kushner’s departure, but their arguments did not persuade Trump. John Dowd, who leads Trump’s legal team, said he did not agree that Kushner needed to go, and argued against it, the Journal reported. Kushner is married to Trump’s oldest daughter, Ivanka.
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From:: Stock Market News
Ratings agency Standard and Poor’s announced Monday that in the wake of the Equifax Inc. breach which put 143 million Americans’ data at risk, it is revising its outlook on the company to negative from stable. The ratings agency did not alter its “BBB+” rating on Equifax’s corporate debt. “The negative outlook reflects substantial uncertainty surrounding the eventual impact of this incident,” Standard and Poor’s said in a news release. While Equifax’s core business is strong and will be able to ride out the attack, Standard and Poor’s said that “substantial litigation and potential finds” coupled with an unknown cost to repair the damage will likely mean debt leverage would remain “above 2x over the next two years.” On Friday, Moody’s Investors Service said that the criminal hack will hurt the company’s earnings growth for the next three to four quarters, as well as its reputation. Moody’s did not change its rating on Equifax debt. Investors continued the selloff of Equifax stock Monday, cutting another 8.2% off its price to $113.12. Equifax stock has declined 4.3% this year, with the S&P 500 index rising 11.1%.
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From:: Stock Market News
Among dozens of upcoming events is an inaugural technology conference for women in the mortgage industry. Las Vegas is the location of a convention for mortgage professionals.
During the final-four months of this year, the Mortgage Conference Calendar maintained by Mortgage Daily has nearly 70 events listed.
The American Bankruptcy Institute’s Commission on Consumer Bankruptcy takes place on Sept. 15 during the National Association of Bankruptcy Trustees 35th Annual Convention.
From:: Financing
In what can only be regarded as a shocking development, the United States is suing the former head of subprime mortgage trading at Deutsche Bank over “systematically and intentionally” lying about the quality of subprime mortgages that backed nearly $1.5 billion in mortgage-backed securities in the run-up to the crisis. Click the headline to read more. …read more
From:: Real Estate Wire
Equifax stock is plummeting as questions mount over the credit reporting agency’s massive data breach. Due to the 143 million potentially impacted U.S. consumers, top government watchdogs and senators are demanding answers on what happened. …read more
From:: Real Estate Wire
A new refinance program has the government-sponsored housing enterprises refinancing real estate loans regardless of the loan-to-value ratio.
Fannie Mae and Freddie Mac have revealed new high-LTV products for borrowers who have existing loans with either secondary mortgage lender.
A borrower benefit provision requires either a lower principal-and-interest payment, a lower interest rate, a shorter term or a more stable product.
From:: Financing
First Data Corp. shares slipped in the extended session Monday after the payment-processing firm announced a large shareholder plans to sell shares in a secondary offering. First Data shares fell 2.9% to $18.31 after hours. The company said New Omaha Holdings LP plans to sell 85 million shares in deal that includes Bank of America Merrill Lynch, Citigroup and KKR as bookrunners. First Data will receive no proceeds from the sale. First Data has about 923 million shares outstanding.
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From:: Stock Market News
Macquarie Infrastructure Corp. said late Monday Chief Executive James Hooke is joining the company’s board and plans to step down as CEO in January. Macquarie has appointed Christopher Frost president and chief operating officer of the company, and anticipates Frost will be appointed CEO after Hooke’s resignation, the company said in a statement. Shares of Macquarie were flat in the late session and ended the regular trading day up 1.2%.
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